Elevate Campuses IPO recorded a cumulative subscription of 0.21x on Day 2, with Retail demand ticking up to 0.19x while QIB interest remained flat at 0.18x.

Subscription Status

The issue continued to witness muted response on the second day of bidding. The overall subscription moved from 0.20x on Day 1 to 0.21x by the close of Day 2. While the total multiple remained largely unchanged, there was a slight uptick in retail participation and a marginal increase in bHNI bids.

Category-wise Breakdown

Qualified Institutional Buyers (QIBs) showed no incremental interest, maintaining a steady subscription level of 0.18x throughout the day. Non-Institutional Investors (NIIs) displayed mixed trends; Big HNIs (bHNI) increased their bids slightly from 0.02x to 0.04x, while Small HNIs (sHNI) remained unchanged at 0.44x. Retail investors were the only category showing a notable, albeit small, increase in momentum, rising from 0.13x on Day 1 to 0.19x on Day 2. Employee subscriptions remained at 0x.

Intra-day Timeline

On Day 2, subscription levels stabilized early in the day. The most significant intra-day movement occurred in the Retail category, which jumped from 0.17x at 11:15 IST to 0.19x by 12:15 IST. QIB levels did not fluctuate during the observed period.

Offer Details

The Elevate Campuses IPO is open for subscription from September 23, 2026, to September 25, 2026. The price band is set between ₹343.00000 and ₹362.00000 per share, with a minimum bid quantity of 41 shares.

About the Company

Elevate Campuses Limited operates an institutionalized platform for student accommodation across Higher Educational Institutions (HEIs) in India and Dubai, alongside K-12 school assets. As of March 31, 2026, the Pre-Acquisition Group operated 20,368 owned beds and 55,487 managed beds across 16 cities, serving a total capacity of 80,255 students under the 'Good Host Spaces' and 'ScholarZ' brands. The company integrates these businesses through its 'Elevate Platform'.

Financial Highlights

The company reported strong growth in revenue and profitability for FY2026. Revenue from operations grew by 53.76% YoY to ₹5,686.33 million, with a restated profit of ₹1,737.59 million.

Objects of the Issue

The company intends to utilize the net proceeds for the following purposes:

• Payment of Purchase Consideration: ₹1,100.00 crores towards acquiring K-12 Entities and Campuses from fellow subsidiaries of Promoters.
• Repayment of Borrowings: ₹750.00 crores towards repayment or prepayment of outstanding borrowings availed by the company and certain subsidiaries.
• Inorganic Growth: Funding unidentified acquisitions and strategic initiatives in student accommodation and K-12 segments.
• General Corporate Purposes: Marketing, brand building, capital expenditure, and working capital requirements.

Risk Factors

Key risks highlighted in the offer documents include:

• High Revenue Concentration: 61.46% of FY2026 revenue came from just three HEIs.
• Occupancy Dependency: Owned Portfolio occupancy declined from 99.92% in AY2024 to 89.37% in AY2026.
• High Indebtedness: Total borrowings stood at ₹41,205.34 million as of March 31, 2026, with 66.61% at floating rates.
• Acquisition Risks: Significant portion of proceeds allocated to K-12 asset acquisitions with ongoing operational issues.

What's Next

Allotment is scheduled for September 28, 2026, with listing expected on September 30, 2026.