Elevate Campuses Limited’s ₹2,100 crore IPO is open from 23 September 2026 to 25 September 2026, in a price band of ₹343 to ₹362 per share, with a lot size of 41 shares. The issue is entirely a fresh issue with no offer for sale, so every rupee reaches the company. This article covers the issue structure, what a retail application costs, the company’s financials, and the valuation math the offer document leaves blank.
Key IPO Details
| Parameter | Details |
|---|---|
| IPO Dates | 23 September 2026 to 25 September 2026 |
| Anchor Book | 22 September 2026, ₹945 crore raised from anchor investors |
| Face Value | ₹1 per equity share |
| Price Band | ₹343 to ₹362 per equity share |
| Lot Size | 41 shares (minimum ₹14,842 at the cap price) |
| Issue Type | Book-built, entirely a fresh issue, no offer for sale |
| Total Issue Size | ₹2,100 crore (5,80,11,049 equity shares) |
| Fresh Issue | ₹2,100 crore |
| Offer for Sale | Not applicable |
| Listing Exchanges | BSE, NSE |
| Allotment Date | 28 September 2026 (tentative) |
| Credit to Demat | 29 September 2026 (tentative) |
| Listing Date | 30 September 2026 (tentative) |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | JM Financial Limited, IIFL Capital Services Limited, Morgan Stanley India Company Private Limited |
Sources: The company’s Draft Red Herring Prospectus dated 29 September 2025, and live price band and date announcements verified against multiple financial news sources on 23 September 2026. Bidding, allotment and listing schedules are tentative and can shift.
One flag: the DRHP filed in September 2025 proposed a fresh issue of up to ₹2,550 crore. The issue that opened is ₹2,100 crore, ₹450 crore smaller, consistent with (but not confirmed as) the Pre-IPO Placement the DRHP said it might consider. Check the final RHP’s cover page for confirmation.
Reservation Split
| Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not less than 75% of the net issue |
| Non-Institutional Investors (NII) | Not more than 15% of the net issue |
| Retail Individual Investors (RII) | Not more than 10% of the net issue |
This split applies because the issue is made under Regulation 6(2) of the SEBI ICDR Regulations, since the company does not meet the profitability track record under Regulation 6(1)(a), pushing QIB allocation to the higher 75% floor instead of the usual 50%.
What a Retail Application Actually Costs
- One lot (41 shares) at the floor price of ₹343 costs ₹14,063.
- One lot at the cap price of ₹362 costs ₹14,842. Funds get blocked at the cap price regardless of which price you bid at.
- The maximum a retail investor can apply for is 13 lots, worth ₹1,92,946, staying under the SEBI cap of ₹2,00,000 for retail applications.
- A 14th lot would cost ₹2,07,788, which crosses ₹2 lakh and moves the application into the small non-institutional investor (sNII) category instead of retail.
About the Company
Incorporated in 2005 in Bengaluru as Woodstock Ambience Private Limited, renamed Good Host Spaces in 2018 and Elevate Campuses in September 2025 ahead of listing, the company is registered in Lower Parel, Mumbai. Its promoters, Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd., are ultimately controlled by funds of Hillhouse Investment. Elevate owns, operates and manages on-campus student accommodation for higher education institutions (HEIs) under the Good Host Spaces and ScholarZ brands, and separately owns K-12 school assets in India and Dubai.
Facts that matter to an investor:
- As of 31 August 2025, per the DRHP, the Owned Portfolio comprised five student accommodation campuses (16,934 beds) across four Indian cities, plus 16 K-12 Assets in eight Indian cities and two in Dubai. The Managed Portfolio added 14 more campuses (49,338 beds).
- Occupancy across the Owned Portfolio averaged 99.47% in Academic Year 2024-25, well above the CBRE Report’s estimated 85-90% national average for this segment.
- Revenue is concentrated: three HEIs contributed 89.00%, 88.60% and 87.50% of revenue from operations in FY2025, FY2024 and FY2023 respectively, with one HEI in Haryana alone accounting for 51.40% of FY2025 revenue and Manipal University Jaipur (MUJ) for 31.60%.
- K-12 is a new line for this company. Historically, 100% of the Balance Sheet Date Group’s revenue from operations came from student accommodation; the K-12 exposure arrives through the acquisitions this IPO is partly funding.
- The company has entered a concession agreement with IIT Madras and, through its recent Dubai acquisitions (of what the DRHP refers to as Souk HIS and Souk NLCS UAE), holds two K-12 school assets in Dubai, its first assets outside India.
Financial Performance
Restated consolidated figures from the DRHP, converted to ₹ crore. These are the last three audited years disclosed in the DRHP (year ended 31 March each year); they predate the company’s FY 2025-26 results, on which the actual price band was likely set.
| Particulars (₹ crore) | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Total Income | 394.13 | 362.61 | 300.92 |
| Revenue from Operations | 369.81 | 347.00 | 292.50 |
| Revenue growth | 6.57% | 18.63% | Not disclosed in the RHP |
| EBITDA | 259.32 | 220.13 | 186.64 |
| EBITDA margin (of Total Income) | 65.80% | 60.71% | 62.02% |
| Profit after tax (PAT) | 52.65 | 39.69 | 29.00 |
| PAT margin (of Total Income) | 13.36% | 10.95% | 9.64% |
| Net worth | 702.71 | 655.77 | 576.99 |
| Return on Net Worth (RoNW) | 7.49% | 6.05% | 5.03% |
| Return on Adjusted Capital Employed | 10.02% | 9.72% | 9.78% |
| Net Debt | 695.29 | 730.31 | 839.98 |
| Net Debt to EBITDA | 2.68x | 3.32x | 4.50x |
Revenue grew at a two-year CAGR of 12.44%, EBITDA at 17.87%, and PAT at 34.74%, so profit outgrew revenue and margins expanded rather than merely held. Leverage eased too: net debt to EBITDA improved from 4.50x in FY2023 to 2.68x in FY2025.
Working capital runs light: trade receivables were just ₹2.37 crore and inventories ₹0.996 crore as of March 2025, since revenue comes from long-term lease-like contracts with HEIs and K-12 operators rather than goods sold on credit. The real balance sheet exposure is the property and finance-lease assets behind those contracts, not receivables risk.
These are historical disclosures and do not indicate future performance.
Valuation Metrics Explained
| Metric | Value |
|---|---|
| Basic EPS (FY2025) | ₹23.81 |
| Diluted EPS (FY2025) | ₹23.81 |
| Weighted average diluted EPS (FY2023-25) | ₹20.04 |
| RoNW (FY2025) | 7.49% |
| Weighted average RoNW | 6.60% |
| Net Asset Value (NAV) per share (31 March 2025) | ₹317.90 |
| Market capitalisation at the cap price | ₹7,201.21 crore (see note below) |
EPS is profit divided by the number of shares. P/E is the share price divided by EPS, showing how many years of current profit you’re paying for. RoNW is profit divided by net worth (equity), showing how efficiently the company turns shareholder money into profit. NAV is net worth divided by shares outstanding, an accounting measure of what each share is backed by.
Working out the P/E
The DRHP leaves every P/E field blank, because it was filed before the price band existed. Using the FY2025 diluted EPS of ₹23.81 against the announced band:
- P/E at the floor price (₹343): 14.41 times
- P/E at the cap price (₹362): 15.21 times
- Price to book at the floor: 1.08 times NAV
- Price to book at the cap: 1.14 times NAV
A meaningful post-issue P/E needs FY 2025-26 earnings, since the company completed several acquisitions (ScholarZ, two Dubai K-12 assets) during that year and is funding more with this issue’s proceeds. Those audited figures are not in the DRHP supplied for this review, and secondary sources report post-issue P/E anywhere from roughly 15 times to over 90 times depending on the year and share count used. Given how widely these disagree, none is reproduced here as fact; the filed RHP’s own Basis for Issue Price section carries the audited number.
How that compares with listed peers
The company states plainly in its DRHP that no listed Indian peer combines K-12 ownership and organised on-campus student accommodation at its scale. So no peer P/E, RoNW or NAV table exists for this issue, which the company’s own risk factors flag: investors have no market benchmark to judge whether the price band is rich or cheap. These ratios are shared for educational understanding, not investment guidance.
Objects of the Issue
Because this is entirely a fresh issue with no offer for sale, all of the money raised goes to the company rather than to selling shareholders.
| Object | Amount (as per DRHP) |
|---|---|
| Payment of purchase consideration for K-12 Entities and Campuses | ₹1,100 crore |
| Repayment/prepayment of borrowings (Company and subsidiaries GHS Shoolini, GHS Sonipat, Souk HIS UAE, Souk NLCS UAE) | ₹750 crore |
| Inorganic growth (unidentified acquisitions) and general corporate purposes | Not disclosed in the RHP (capped at 35% of gross proceeds combined; each sub-object capped at 25%) |
Two things worth knowing about the largest object. First, the K-12 assets are currently owned by entities that are, per the DRHP’s own wording, affiliates of the company’s promoters, since both the K-12 HoldCos and Genius Bidco/Genius Rajkot trace back to Hillhouse Investment. This is a related-party purchase, and the company’s own risk factors flag that roughly 43.14% of gross proceeds go toward it. Second, it is priced off an independent valuer’s report dated 23 September 2025 rather than a market transaction: an aggregate enterprise value of ₹1,824.62 crore, translating to an aggregate equity value, as of 30 June 2025, of ₹1,106.68 crore.
On the debt object: the company and named subsidiaries had ₹1,432.10 crore of outstanding borrowings as of 31 August 2025, of which the ₹750 crore being repaid addresses about 52%. The company’s long-term credit rating stood at A+ as of 31 March 2025, improved from A a year earlier.
The residual for general corporate purposes and unidentified acquisitions is not disclosed in the RHP available for this review. If the ₹1,100 crore and ₹750 crore amounts carry over unchanged into the final ₹2,100 crore issue (down from ₹2,550 crore in the DRHP), roughly ₹250 crore would remain for that bucket, smaller than the ₹700 crore implied by the original plan. This is arithmetic, not a confirmed RHP figure, and should be checked against the actual filed document.
Strengths and Risk Factors
| Strengths | Risk Factors |
|---|---|
| Largest institutionalised on-campus student accommodation platform in India by capacity as of 31 August 2025, about 1.7 times the next-largest player and 5 times the third-largest (CBRE Report) | Three HEIs supplied 89.00% of FY2025 revenue; one HEI in Haryana alone supplied 51.40% |
| Also the largest institutional owner of K-12 school assets in India, about twice the next-largest owner (CBRE Report) | 100% of historical revenue came from the student accommodation segment; K-12 contribution is new and unproven at scale |
| 99.47% average occupancy across the Owned Portfolio in AY2024-25, versus an estimated 85-90% national average | 43.14% of gross issue proceeds fund a related-party acquisition from promoter-affiliated K-12 HoldCos |
| Serves only about 0.83% of an 11.45-million-student addressable market, per the CBRE Report, indicating room to grow | Employee attrition of 21.43%, 18.35% and 33.33% in FY2025, FY2024 and FY2023 |
| No listed Indian peer combines this business mix, giving it category leadership | No listed Indian peer also means no market benchmark exists to sanity-check the asking price |
| Company was non-compliant with the Companies Act’s minimum-shareholder requirement for over a year (April 2024 to July 2025); an adjudication application is pending with the MCA | |
| Promoter Genius Bidco’s entire shareholding is encumbered in favour of an external lender (Deutsche Bank AG, Singapore branch) | |
| The County and Woodstock student accommodation assets stood vacant as of August-September 2025 |
This table summarises the DRHP’s own disclosures and is not a substitute for reading the full Risk Factors section, which runs to roughly 33 numbered factors starting on page 39 of the DRHP.
How to Apply via Findoc
- Log in to your Findoc trading account.
- Go to the IPO section and select the Elevate Campuses IPO.
- Enter your UPI ID, and the quantity in multiples of 41 shares (the lot size).
- Place your bid within the ₹343 to ₹362 price band.
- Approve the UPI mandate request in your UPI app within the stated window.
You can also apply through the bank ASBA route if you prefer not to use UPI. If you do not yet have a demat account, you will need one before the issue closes on 25 September 2026.
Checking Your Allotment
Allotment is expected to be finalised on 28 September 2026 (tentative). You can check status on the registrar KFin Technologies’ website, or directly on the BSE and NSE IPO allotment pages, using your PAN, application number or demat client ID. Refunds for unsuccessful or partial allotments, and share credit for successful ones, are expected around 29 September 2026, ahead of the tentative listing on 30 September 2026.
Key Takeaways
- Entirely a fresh issue of ₹2,100 crore at ₹343-362 per share, lot size 41 shares, bidding open 23-25 September 2026.
- Maximum retail application is 13 lots (₹1,92,946); a 14th lot pushes you into the sNII category.
- FY2023-25 revenue grew at a 12.44% CAGR while PAT grew faster at 34.74%, with leverage easing.
- At FY2025 EPS, the issue prices at 14.41 to 15.21 times earnings and 1.08 to 1.14 times book value; no updated FY2025-26 figures were available in the DRHP reviewed here.
- No listed Indian peer exists, so there is no market benchmark for this valuation.
- Key risks: customer concentration in a handful of HEIs, a related-party acquisition consuming 43.14% of proceeds, and a prior shareholder-count compliance lapse.
This article is for educational and informational purposes only and is not investment advice or a recommendation to buy or sell any security. Investments in securities are subject to market risks; please read all scheme and offer-related documents carefully, including the company’s Red Herring Prospectus, before investing.
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