Elevate Campuses
Elevate Campuses is an education infrastructure firm that owns, operates, and manages on-campus student accommodation for higher education institutions in India. It operates under the brands Good Host Spaces and ScholarZ, with a significant portfolio of owned and managed student accommodation campuses.
Price Band
₹362
Lot Size
41 Shares
Issue Size
₹2,100.00 Cr
Fresh Issue
₹2,100.00 Cr
OFS
Nil (100% Fresh)
Registrar
AI Sentiment Score
Listing Price
₹355.10
vs Issue: ₹362 (-1.91%)
📅 IPO Timeline
✓
Open
Sep 23, 2026
✓
Close
Sep 25, 2026
✓
Allotment
Sep 28, 2026
✓
Refund
Sep 29, 2026
✓
Demat
Sep 29, 2026
✓
Listing
Sep 30, 2026
📈 Grey Market Premium (GMP) Trendline
Daily consensus GMP movement (₹) recorded across market sources
✨ AI Analysis & Prediction
🔒 Final Reconciled Estimate
Locked post-listing with actual debut performance
Elevate Campuses displays an established operational footprint with expanding revenue streams (73.5% CAGR) and a defensible value proposition.
💪 Strengths
- Demonstrated operational revenue trajectory with resilient top-line growth (73.5% CAGR).
- Established customer relationships and market position across target industry sectors.
- Sound operational capital returns with Return on Capital Employed (ROCE) at 9.18%.
⚠️ Weaknesses
- Exposure to input cost fluctuations and broader macroeconomic supply chain cycles.
- Working capital requirements to support continuous capacity expansion.
- Competitive landscape from both established incumbents and specialized regional players.
🚀 Opportunities
- Industry tailwinds from rising domestic capex and infrastructure spending.
- Operating leverage potential allowing margin expansion as manufacturing utilization rises.
- Geographic diversification and entry into higher-margin specialized product lines.
🛡️ Threats
- Sectoral regulatory shifts and evolving statutory compliance requirements.
- Aggressive pricing actions by domestic competitors impacting gross margins.
- Broader market equity volatility and liquidity fluctuations.
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses; | ₹1,100.00 |
| Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable of availed by our Company and certain of our Subsidiaries, namely GHS Shoolini, GHS Sonipat, Souk HIS UAE and Souk NLCS UAE, through investment in such Subsidiaries; and | ₹750.00 |
| Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes, | ₹250.00 |
📊 Financial Overview & Growth Trajectory
Multi-year operational scale & net profitability trajectory
| Metric | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue (₹ Cr) | Rs 109.00 Cr | Rs 347.00 Cr | Rs 370.00 Cr | Rs 569.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs -67.00 Cr | Rs 40.00 Cr | Rs 50.00 Cr | Rs 174.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 60.00 Cr | Rs 215.00 Cr | Rs 243.00 Cr | Rs 405.00 Cr |
| Borrowings (₹ Cr) | Rs 1,171.00 Cr | Rs 992.00 Cr | Rs 1,208.00 Cr | Rs 4,129.00 Cr |
| Total Assets (₹ Cr) | Rs 1,839.00 Cr | Rs 2,076.00 Cr | Rs 2,395.00 Cr | Rs 5,746.00 Cr |
| ROE % | 0.00% | 0.00% | 0.00% | 0.00% |
| ROCE % | 9.18% | 9.18% | 9.18% | 9.18% |
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 |
Company P/E
169.0x
Industry P/E
194.3x
Debt/Equity
4.35
⚖️ Valuation Benchmark Range
🟢 Attractively Priced vs Industry Peers
Industry 194.3x
IPO 169.0x
0x (Deep Value)
262x (High Multiple)
📋 Live Subscription Status
QIB
2.66x
NII
0.87x
Retail
0.90x
Total
1.85x
🎯 Retail Allotment Probability
100% Odds
100% (Guaranteed 1 lot for all valid applications)
SEBI Rule: Under SEBI lottery allotment rules, applying for multiple lots under Retail does NOT increase your lottery odds. All valid retail applicants have identical 1-lot odds per PAN.
Updated: Sep 30, 2026 3:04 PM
💼 Issue Structure & Reservation Quota
Capital Structure
₹2,100.0 Cr
Issue Size
Fresh (100%)
Reservation Quota
100%
Allocation
QIB (75%)
NII (15%)
Retail (10%)
QIB
75.00%
Retail
10.00%
NII
15.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Elevate Campuses has shown consistent revenue growth over the past few years, with a notable increase in profitability in FY26. The company is focused on expanding its accommodation offerings and has a strong presence in the Indian education sector. The absence of listed peers makes direct valuation comparisons challenging.
The Elevate Campuses IPO is a fully fresh issue aimed at raising ₹2100 crores. The IPO has a price band of ₹343 to ₹362 per share and is set to list on BSE and NSE. The institutional demand is moderate, with QIB subscription at 2.66x, while retail and HNI demand is lower. The grey market premium indicates a slight positive sentiment, but the overall subscription levels suggest cautious investor interest.