Elevate Campuses IPO
Elevate Campuses Limited (ELEVATE) · mainboard IPO on NSE and BSE · Book Building. Listed on 30 September 2026.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +1.8% (likely range -6% to +2%), day's high +5.7%, chance of a gain 51%. Actual: -1.9% at the open, +3.0% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 1,83,67,347 | 4,63,16,552 | 2.52x | |
| NII (HNI) total | 91,83,673 | 77,58,512 | 0.84x | |
| Big NII (above ₹10 lakh) | 61,22,449 | 50,61,450 | 0.83x | |
| Small NII (₹2-10 lakh) | 30,61,224 | 26,97,062 | 0.88x | |
| Retail | 61,22,448 | 62,11,705 | 1.01x | |
| Total | 3,36,73,468 | 6,02,86,769 | 1.79x |
Bids on NSE and BSE together, as published by NSE, as of 25 Sep 2026, 07:00 PM. Shares offered exclude the anchor portion. 9% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Elevate Campuses's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Juniper HotelsFeb 2024 | 2.96x | 0.85x | 1.28x | 2.08x | ₹1,895 Cr | +1.4% | +11.5% |
| Paradeep PhosphatesMay 2022 | 3.01x | 0.82x | 1.37x | 1.75x | ₹1,637 Cr | +4.8% | +12.5% |
| Horizon Industrial ParksAug 2026 | 1.85x | 0.98x | 0.96x | 1.45x | ₹2,737 Cr | +0.4% | +0.4% |
| PhysicswallahNov 2025 | 2.70x | 0.48x | 1.06x | 1.81x | ₹3,684 Cr | +33.0% | +48.6% |
| KalpataruJun 2025 | 3.12x | 1.31x | 1.29x | 2.26x | ₹1,703 Cr | 0.0% | +9.4% |
| Carraro IndiaDec 2024 | 2.21x | 0.60x | 0.71x | 1.12x | ₹1,317 Cr | -7.5% | -3.1% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| JM Financial | 109 | +22.8% | 75% |
| IIFL Capital Services | 94 | +19.3% | 71% |
| Morgan Stanley India Company | 24 | +13.9% | 67% |
Offer documents (NSE)
Frequently asked
What is the Elevate Campuses IPO price band and lot size? ₹343–362 per share, with a lot of 41 shares, so the smallest retail bid is ₹14,842.
How many times has it been subscribed? 1.79x overall: QIB 2.52x, NII 0.84x, retail 1.01x.
How did it list? It opened at ₹355, -1.9% against the issue price of ₹362, and closed its first day -10.8%.
