Elevate Campuses’ Rs. 2,100-crore IPO drew bids for about 5% of the shares on offer by midday on September 23, its first day of subscription. The Hillhouse-backed company has priced the issue at Rs. 343–Rs. 362 per share. Bidding remains open until September 25.
Investors bid for 15,98,836 shares against 3,36,73,468 shares available as of 12:08 p.m. IST, according to NSE data. The retail portion had reached 7% subscription, while non-institutional investors had subscribed to 12% of their allocation.
A later update, at 12:40 p.m., still placed overall subscription at 5%. It put retail subscription at 8% and non-institutional subscription at 13%. The qualified institutional buyer portion had received no bids at that time. These figures are midday snapshots, and the totals may change before the issue closes.
The IPO consists entirely of new equity shares, with no offer-for-sale component. At the top of the Rs. 343–Rs. 362 price band, the company plans to raise Rs. 2,100 crore. The minimum bid is 41 shares, which costs Rs. 14,842 at Rs. 362 per share. The company is expected to list on the NSE and BSE on September 30, subject to the completion of the offer process.
Elevate Campuses plans to use the proceeds to acquire K-12 education entities and campuses, repay borrowings and meet other corporate needs. It has set aside Rs. 750 crore for debt repayment or prepayment. Before the public issue opened, the company raised Rs. 945 crore from anchor investors.
Elevate Campuses owns and manages student accommodation at higher education institutions. It also owns K-12 school assets. Its services include housing, dining, safety, and campus operations.
As of March 31, 2026, its owned student accommodation portfolio covered seven campuses with more than 20,000 beds. It also managed 14 campuses with more than 55,000 beds. The company reported capacity to serve 80,255 students across 15 Indian cities and one city in the UAE as of FY26.
SBI Securities pointed to planned additions of 2,128 beds at IIT Madras and UPES Dehradun, alongside growth in the managed portfolio and K-12 assets. Those additions form part of its growth plans; they do not form part of the midday subscription figures.
SBI Securities assigned a ‘neutral’ call. It said debt would remain elevated despite the planned Rs. 750-crore repayment and wanted to track the company’s performance after listing.
Swastika also gave the IPO a ‘neutral’ call, citing leverage, client concentration and the proposed use of proceeds for an acquisition involving a related party. These are the brokerages’ assessments.
Swastika said Elevate Campuses’ FY26 profit after tax of Rs. 173.8 crore included an exceptional gain of about Rs. 105 crore from an asset sale. It estimated profit excluding that gain at around Rs. 68 crore to Rs. 70 crore and said the valuation looked demanding on that basis.
Meanwhile, a reported grey market price of Rs. 367 suggested a premium of Rs. 5 over the top of the IPO band. Grey market prices are unofficial and do not determine the listing price.
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