Elevate Campuses IPO Day 3: Subscribed 0.25x; Retail demand leads at 0.32x
- Elevate Campuses IPO closed at 0.25x overall subscription on Day 3.
- Retail investors led demand with a subscription of 0.32x.
- QIB interest remained flat at 0.18x throughout the issue period.
- NII (bHNI) category saw the highest institutional uptake at 0.49x.
*this image is generated using AI for illustrative purposes only.
Elevate Campuses IPO concluded its three-day subscription period on September 25, 2026, with an overall subscription of 0.25x. Retail investors led the demand at 0.32x, while Qualified Institutional Buyers remained at 0.18x.
Subscription Status
The issue witnessed a gradual increase in subscription levels over the three-day period, though it remained significantly undersubscribed throughout. The total subscription moved from 0.20x on Day 1 to 0.25x by the close of Day 3.
| 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 | 0.18x | 0.10x | 0.49x | 0.32x | 0.25x |
Category-wise Breakdown
Retail investors emerged as the strongest category, driving the total subscription upward despite flat institutional interest. The Non-Institutional Investor (NII) segment showed mixed performance, with big High Net-worth Individuals (bHNI) increasing their stake slightly, while small HNIs remained steady.
- Retail: Subscribed at 0.32x, showing consistent growth from 0.13x on Day 1.
- NII (bHNI): Reached 0.49x, the highest among institutional categories, up from 0.02x on Day 1.
- NII (sHNI): Held steady at 0.10x, down from a peak of 0.46x on Day 2.
- QIB: Remained unchanged at 0.18x across all three days.
- Employees: No subscription recorded (0x).
Intra-day Timeline on 25-09-2026
| 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 |
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 might the severe undersubscription by Qualified Institutional Buyers influence Elevate Campuses' post-listing stock performance and liquidity?
What strategic adjustments will the company implement to mitigate the 61.46% revenue concentration risk from its top three higher education institutions?
Given the decline in owned portfolio occupancy to 89.37%, what specific operational measures will management take to restore occupancy levels and stabilize revenue?
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