Elevate Campuses IPO Subscribed 22% on Day 2 Amid Subdued Demand and Muted GMP

The initial public offering (IPO) of student accommodation and K-12 platform Elevate Campuses Ltd witnessed muted investor interest on its second day of bidding, with the issue subscribed 22% so far. Bidding across investor categories moved at a measured pace following a slow start on the opening day.

The public issue opened for subscription on September 23 and is scheduled to conclude on September 25, 2026.

Bidding and Subscription Breakdown

On Day 1 of the bidding process, the Rs 2,100-crore issue was subscribed 20% overall, receiving bids for 67.94 lakh shares against an offer size of 3.36 crore shares.

Day 1 Category-Wise Demand:

• Non-Institutional Investors (NIIs): Subscribed 30% against the 91.83 lakh shares reserved for the category.
• Qualified Institutional Buyers (QIBs): Subscribed 18% against 1.83 crore shares on offer.
• Retail Individual Investors (RIIs): Subscribed 13% against the 61.22 lakh shares allocated.

Momentum remained subdued into Day 2, lifting the cumulative subscription figure marginally to 22% as institutional investors largely held back bids for the final day.

Grey Market Premium and Issue Pricing

Shares of Elevate Campuses were commanding a grey market premium (GMP) of around Rs 5 per share, representing an upside of approximately 1.38% over the upper end of the price band. Unofficial trades indicate an estimated listing price of roughly Rs 367 per share.

The company fixed its price band between Rs 343 and Rs 362 per equity share. The minimum bid size is set at 41 equity shares, requiring a minimum retail commitment of Rs 14,842 at the upper end of the band.

Anchor Book and Issue Details

Prior to the issue opening, Elevate Campuses raised Rs 945 crore from 20 anchor investors on September 22.

The public offering is entirely a fresh issue of 5.80 crore equity shares, with no offer for sale (OFS) component by existing shareholders. At the upper price band of Rs 362, the company commands a post-issue market valuation of approximately Rs 6,100 crore.

Key IPO Timelines:

• Issue Close Date: September 25, 2026
• Basis of Allotment: September 28, 2026
• Listing Date: September 30, 2026 (NSE and BSE)

Objects of the Issue and Financial Profile

Elevate Campuses, backed by global private equity firm Hillhouse Investment, operates student housing facilities near higher education institutions alongside K-12 education assets across India and the UAE. As of March 31, 2026, the company operated seven owned student accommodation campuses with 20,368 beds, managed an additional 14 campuses comprising 55,487 beds, and held a portfolio of 18 schools.

The company plans to deploy roughly Rs 1,000 crore from the net proceeds to acquire 16 K-12 entities and campuses from its promoter group and related entities. A further Rs 750 crore will be utilized for the prepayment or repayment of outstanding borrowings, while the balance is earmarked for general corporate purposes and inorganic growth opportunities.

JM Financial, IIFL Capital Services, and Morgan Stanley India Company are acting as the book-running lead managers, with KFin Technologies serving as the registrar for the issue.

Tags: Elevate Campuses IPO NSE BSE SEBI Real Estate