Elevate Campuses IPO Day 3: Subscribed 1.77x; QIB demand surges to 2.52x
- Elevate Campuses IPO subscribed 1.77x overall by Day 3 close.
- QIB category led demand with 2.52x subscription.
- Retail investors subscribed 0.94x, showing strong late-day interest.
- Issue price band is ₹343.00 - ₹362.00 per share.
*this image is generated using AI for illustrative purposes only.
Elevate Campuses IPO closed its three-day subscription period on September 25, 2026, with an overall subscription of 1.77x. Qualified Institutional Buyers surged to 2.52x, driving the final tally up significantly from earlier levels.
Subscription Status
The issue witnessed a dramatic late-day acceleration in demand, particularly from institutional investors. While the issue remained undersubscribed throughout the first two days, QIB interest more than quadrupled on the final day, pushing the total subscription from 0.24x at noon to 1.77x by close. The final day saw a complete reversal in momentum compared to the sluggish opening two days.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 23-09-2026 | 0.18x | 0.02x | 0.44x | 0.13x | 0.20x |
| Day 2 | 24-09-2026 | 0.18x | 0.06x | 0.46x | 0.23x | 0.23x |
| Day 3 | 25-09-2026 | 2.52x | 0.85x | 0.83x | 0.94x | 1.77x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB) emerged as the strongest category on Day 3, recording a 1300.0% jump from their opening level. Non-Institutional Investors (NII) showed mixed performance, with small HNIs leading the NII segment at 0.83x. Retail investors maintained steady growth, ending at 0.94x.
- QIB: Surged to 2.52x, a significant increase from the 0.18x recorded on Days 1 and 2.
- NII (sHNI): Reached 0.83x, showing strong interest relative to other categories.
- Retail: Closed at 0.94x, up from 0.29x at the start of Day 3.
- NII (bHNI): Increased to 0.85x, showing a 962.5% rise from the day's opening.
- Employees: No subscription recorded (0x).
Intra-day Timeline on 25-09-2026
The most significant movement occurred between 2:15 PM and 4:15 PM IST, when QIB subscription jumped from 0.75x to 2.52x, and Retail interest ticked up from 0.38x to 0.94x by close.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.18x | 0.08x | 0.29x | 0.24x |
| 12:15 | 0.18x | 0.10x | 0.32x | 0.25x |
| 13:15 | 0.38x | 0.15x | 0.36x | 0.38x |
| 14:15 | 0.75x | 0.20x | 0.38x | 0.60x |
| 15:15 | 2.09x | 0.37x | 0.43x | 1.36x |
| 16:15 | 2.52x | 0.76x | 0.59x | 1.70x |
| 17:15 | 2.52x | 0.85x | 0.94x | 1.77x |
Offer Details
- Company: Elevate Campuses
- Price Band: ₹343.00 - ₹362.00
- Issue Size: ₹14,063 crore - ₹5,00,000 crore
- Min Bid Qty: 41 shares
- Open Date: 2026-09-23 10:00:00
- Close Date: 2026-09-25 17:00:00
About the Company
Elevate Campuses Limited operates as an independent platform for owning, operating, and managing on-campus 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 managed 20,368 owned beds and 55,487 managed beds across 16 cities, serving a capacity of 80,255 students under brands like 'Good Host Spaces' and 'ScholarZ'.
Financial Highlights
The company reported significant growth in revenue and profitability for FY2026 compared to previous years.
| Metric | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 568.63 | 369.81 | 347.00 |
| Total Revenue (₹ crore) | 603.39 | 394.13 | 362.61 |
| Profit Before Tax (₹ crore) | 203.76 | 79.63 | 62.13 |
| Total Profit (₹ crore) | 173.76 | 49.74 | 39.69 |
| Total Assets (₹ crore) | 5773.35 | 2421.20 | 2104.74 |
Objects of the Issue
- Acquisition of K-12 Assets: ₹1,100.00 crore towards payment of purchase consideration for acquiring K-12 Entities and Campuses from fellow subsidiaries of Promoters.
- Debt Repayment: ₹750.00 crore towards repayment or prepayment of outstanding borrowings for specific subsidiaries to reduce indebtedness.
- Inorganic Growth: Funding for 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
- Revenue Concentration: 61.46% of FY2026 revenue derived from just three HEIs (O.P. Jindal Global University, Manipal University Jaipur, and Shoolini University).
- Occupancy Dependency: Owned Portfolio occupancy declined from 99.92% in AY2024 to 89.37% in AY2026, impacting revenue stability.
- High Indebtedness: Total borrowings stood at ₹41,205.34 million as of March 31, 2026, with 66.61% at floating rates, exposing the company to interest rate volatility.
- Integration Risks: Acquisition of K-12 assets involves operational issues such as rent adjustment notices and statutory approval discrepancies.
How will the last-minute surge in QIB demand influence Elevate Campuses' listing price and first-day trading volatility?
Can the company effectively mitigate its high revenue concentration risk by diversifying its client base beyond the top three HEIs post-IPO?
What impact will the repayment of ₹750 crore in debt have on Elevate Campuses' interest coverage ratio and future borrowing capacity?
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