Elevate Campuses IPO
Elevate Campuses shares listed on BSE and NSE on 30 September 2026 after an IPO priced at ₹362, an issue of ₹2,100 crore.
- Minimum investment
- ₹14,8421 lot of 41 shares, at the issue price
- Issue price
- ₹362
- Lot size
- 41 shares
- Issue size
- ₹2,100 croreFresh issue only
- Bidding
- 23 Sep to 25 Sep
- Listing
- 30 SepBSE, NSE
Dates
Elevate Campuses IPO dates
RHP cover page and Terms of the Issue (p. 612 to 613)- 22 SepAnchor bidding
- 23 SepBidding opens
- 25 SepBidding closes, UPI by 5 pm
- 28 SepAllotment
- 29 SepRefunds and demat credit
- 30 SepListing
- Today6 Nov
Read before you apply
Elevate Campuses IPO review: read before you apply
Worth checking
- SeriousMost of the money buys assets from the promoter group
₹1,100 crore, or 52.38% of the issue, goes to buy school companies from fellow subsidiaries of the promoters, all ultimately controlled by Hillhouse Investment funds. The valuation reports put their equity value at ₹1,115.71 crore as of 31 March 2026 (Risk factor 3; Objects of the Issue).
- SeriousFY26 profit includes a one-time gain
Profit before tax of ₹203.76 crore in FY26 includes an exceptional gain of ₹104.92 crore, mainly from selling the hostel at T.A. Pai Management Institute. Before exceptional items and tax, profit was ₹98.84 crore (RHP, Restated Consolidated Summary Statement; Risk factor 53).
- Debt rose sharply in FY26
Borrowings rose from ₹1,206.60 crore in March 2025 to ₹4,120.53 crore in March 2026, and finance costs to ₹239.10 crore. Net debt to EBITDA was 4.98, or 6.23 without the one-time gain (RHP, Basis for Issue Price, KPIs, p. 164).
- Few universities give most of the revenue
Three universities gave 61.46% of FY26 revenue, with O.P. Jindal Global University alone at 36.97%. Owned-bed occupancy fell from 99.47% to 89.37% in the 2025-26 academic year (Risk factors 1 and 2).
- No listed peer to compare with
The RHP says no listed company in India has a comparable business, so it gives no peer P/E or peer KPIs (Risk factor 34; Basis for Issue Price).
- Promoter shares may be pledged again
Genius Bidco's shares were pledged to Deutsche Bank for a loan. The pledge was released for the IPO, but may be re-created after listing if the loan is still outstanding (Risk factor 14).
Strengths
- Revenue growing fast
Revenue from operations grew 28.0% a year from FY24 to FY26 to ₹568.63 crore (our calculation from the Restated Consolidated Summary Statement).
- Large bed base
It had 20,368 owned beds and 55,487 managed beds in March 2026. The CBRE report says its portfolio is about 2.1 times the next largest professionally managed operator (RHP, Basis for Issue Price, p. 158).
- Occupancy guarantees
For owned hostels under university contracts, other than County and Woodstock, it has a blended minimum occupancy guarantee of about 87.55% (RHP, Our Business, p. 315).
- Profitable in all three years
Profit was ₹39.69 crore in FY24, ₹49.74 crore in FY25 and ₹173.76 crore in FY26 (RHP, Restated Consolidated Summary Statement).
- Part of the money cuts debt
₹750 crore of the issue is set aside to repay or prepay borrowings (RHP, Objects of the Issue).
What Elevate Campuses does
Elevate Campuses owns, runs and manages student hostels on university campuses under the Good Host Spaces and ScholarZ brands. It also provides dining, laundry, gym, security and other services. In September 2025 it bought two school buildings in Dubai, which it leases to school operators.
It was formerly called Good Host Spaces and started operations in FY18. It is based in Mumbai. Its promoters, Genius Bidco Holdings and Genius Rajkot Investment Holdings of Singapore, are ultimately controlled by funds of Hillhouse Investment and own all its shares before the IPO.
Listing and subscription
Elevate Campuses IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹362
- Listing price
- ₹355.1
- Gain at open
- −1.9%
- Day close
- ₹322.95
Subscription
- Total
- 1.79x
- Retail
- 1.01x
- Updated
- 25 Sep 2026, 5:00 pm IST
- QIB75% of offer2.52x
- NII15% of offer0.84x
- Big NII0.83x
- Small NII0.88x
- Retail10% of offer1.01x
- Total1.79x
As of 25 Sep 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Elevate Campuses IPO price band, lot size and issue size
RHP cover page, The Issue (p. 79) and Issue Structure (p. 616). The issue is under Regulation 6(2), so at least 75% is for QIBs and not more than 10% for retail.| Issue price | ₹362 |
| Lot size | 41 shares |
| Issue size | ₹2,100 crore at the upper price |
| Fresh issue | ₹2,100 crore |
| Offer for sale | Nil |
| Face value | ₹1 per share |
| Issue type | Book built, fresh issue only |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Issue (p. 133 to 134)| Object of the issue | ₹ crore |
|---|---|
| Buying K-12 school companies and campuses from fellow subsidiaries of the promoters | 1,100.00 |
| Repaying debt of the company and five subsidiaries, including prepayment penalties | 750.00 |
| Unidentified acquisitions, other strategic initiatives and general corporate purposes (not more than 35% of the issue; amount set after issue expenses) |
Minimum and maximum investment
Our calculation: at ₹362 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 41 | ₹14,842 |
| Retail (max) | 13 | 533 | ₹1,92,946 |
| Small NII (min) | 14 | 574 | ₹2,07,788 |
| Small NII (max) | 67 | 2,747 | ₹9,94,414 |
| Big NII (min) | 68 | 2,788 | ₹10,09,256 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Summary Statement and Basis for Issue Price (p. 160 to 161)Set to the issue price, ₹362. Change it to see what you would be paying for.
- Market cap
- ₹6,101 cr
- P/E (FY26, diluted)
- 20.7x
- Price to book
- 6.4x
- Market cap to sales
- 10.7x
Based on FY26, diluted EPS of ₹17.47, 16.85 crore shares, net worth of ₹956.29 crore (March 2026) and revenue of ₹568.63 crore. Diluted EPS of ₹17.47 is from Basis for Issue Price and reflects the updated conversion of debentures and preference shares; the restated statements show ₹17.81. Shares are after the IPO (our calculation at the issue price of ₹362). The RHP gives no peer or industry P/E because it has no listed peers.
Financials
Elevate Campuses financials
RHP, Restated Consolidated Summary Statement (p. 82 to 86) and KPIs (p. 163 to 164), ₹ croreRevenue and EBITDA before exceptional items
Revenue grew 28.0% a year from FY24 to FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 347 | 369.81+6.6% | 568.63+53.8% |
| Total income | 362.61 | 394.13+8.7% | 603.39+53.1% |
| EBITDA before exceptional items | 230.20 | 267.08 | 440.08 |
| EBITDA margin (on total income) | 63.48% | 67.76% | 72.93% |
| Finance costs | 109.23 | 125.54 | 239.10 |
| Profit after tax | 39.69 | 49.74+25.3% | 173.76+249.3% |
| Diluted EPS (₹) | 4.48 | 5.63 | 17.47 |
| Total equity | 655.77 | 699.78 | 956.29 |
| Total borrowings | 984.71 | 1,206.60 | 4,120.53 |
| Cash from operations | 264.45 | 218.72 | 297.08 |
Consolidated restated figures. FY26 profit includes an exceptional gain of ₹104.92 crore; FY25 and FY24 include exceptional losses of ₹10.67 crore and ₹10.07 crore. FY26 diluted EPS is from Basis for Issue Price. Total borrowings are current plus non-current borrowings (our calculation from the balance sheet).
The small figures under revenue and profit are the change from the previous full year, our calculation.
Key performance indicatorsPAT margin (on total income), Return on net worth, Return on adjusted capital employed and more
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| PAT margin (on total income) | 10.95% | 12.62% | 28.80% |
| Return on net worth | 6.05% | 7.11% | 18.17% |
| Return on adjusted capital employed | 9.72% | 9.90% | 6.42% |
| Net debt to EBITDA | 3.32 | 2.71 | 4.98 |
| Owned beds | 17,995 | 17,995 | 20,368 |
| Owned-bed occupancy | 99.92% | 99.47% | 89.37% |
| Managed beds | 3,783 | 47,377 | 55,487 |
| Universities served | 4 | 15 | 17 |
Bed, occupancy and university figures are for academic years 2023-24, 2024-25 and 2025-26 (the last up to 31 March 2026). FY26 net debt to EBITDA includes a ₹109.44 crore gain on sale of a hostel; without it the RHP gives 6.23.
RHP, Basis for Issue Price, KPIs (p. 160 to 164)
Company
About Elevate Campuses
Business
RHP, Risk Factors 1 and 4, Our Business and Objects of the Issue (p. 134)Until FY25 almost all revenue came from owned student hostels. In FY26, rent from the Dubai schools added 29.34% of revenue, all from outside India. After the planned school purchases, FY26 revenue would have been ₹806.93 crore on a pro forma basis, according to the RHP.
Revenue by business, FY26
- Owned beds, March 2026
- 20,368
- Managed beds, March 2026
- 55,487
- Owned-bed occupancy, 2025-26
- 89.37%
- Revenue from outside India, FY26
- 29.34%
Key risks
RHP, Risk Factors- OccupancyRevenue depends on keeping hostel beds filled.
- University concentrationThree universities give over 60% of revenue.
- Related-party purchaseThe school purchase from promoter-linked firms may not deliver the expected benefits.
- Contract riskUniversity and school operator agreements can end early or be renegotiated.
- Late paymentsDelays in rent or management fees from universities and school operators hurt cash flow.
- Debt and interest ratesMost borrowings are at floating rates and carry covenants.
- New K-12 businessThe group has a short track record in owning school assets.
- Staff attritionEmployee attrition was 56.43% in FY26.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO holdings are our calculation at the issue price of ₹362.
The two promoters own all shares before the IPO. Average cost per share is ₹147.92 for Genius Bidco and ₹475.06 for Genius Rajkot. No one sells shares in the IPO. After-IPO holdings are our calculation at the issue price of ₹362.
| Shareholder | Before IPO | Selling (shares) | After IPO (ours) |
|---|---|---|---|
| Genius Bidco Holdings Pte. Ltd. (promoter) | 80.00% | Nil | 52.46% |
| Genius Rajkot Investment Holdings Pte. Ltd. (promoter) | 20.00% | Nil | 13.12% |
RHP, Capital Structure (p. 120 to 127)
IndustryOff-campus managed student beds, academic year 2025-26: About 75,000 beds
- Off-campus managed student beds, academic year 2025-26
- About 75,000 beds
- Greenfield opportunity, academic year 2025-26
- About 2.3 lakh beds
- Demand-supply gap for organised providers
- 2,26,578 beds
The report states these in million beds (0.075 and 0.23 million); lakh is our conversion.
CBRE report 'Industry Report on the K-12 Education & Student Accommodation Section in India' in the RHP, commissioned and paid for by the company (p. 222 and p. 226)
LitigationAgainst the company: tax: 1 · Against directors: criminal and tax: 5 · Against subsidiaries: tax: 3
| Type | Cases | Amount |
|---|---|---|
| Against the company: tax | 1 | ₹9.68 crore |
| Against directors: criminal and tax | 5 | ₹0.25 crore |
| Against subsidiaries: tax | 3 | ₹27.90 crore |
| Against K-12 entities to be acquired: tax and regulatory | 18 | ₹12.99 crore |
RHP, Risk Factor 36 (summary of outstanding litigation, p. 52 to 53)
Company detailsLegal name, registered office, CIN and website
| Legal name | Elevate Campuses Limited |
| Former name | Good Host Spaces Limited |
| Incorporated | 2005, as Woodstock Ambience Private Limited, in Bengaluru |
| Promoters | Genius Bidco Holdings Pte. Ltd., Genius Rajkot Investment Holdings Pte. Ltd. |
| Brands | Good Host Spaces, ScholarZ |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Elevate Campuses IPO allotment status
Out from 28 Sep 2026- Open the registrar's pageKFin Technologies Limited is the registrar. Open its allotment page.
- Select Elevate Campuses LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Elevate Campuses IPO FAQs
When does the Elevate Campuses IPO open and close?
The Elevate Campuses IPO opens on Wednesday, 23 September 2026 and closes on Friday, 25 September 2026. Anchor bidding is on 22 September 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Elevate Campuses IPO price band and lot size?
The price is ₹362 per share. The lot size is 41 shares, so the minimum bid is 41 shares, or ₹14,842 at the upper price.
What is the Elevate Campuses IPO size?
The Elevate Campuses IPO is of ₹2,100 crore at the upper end of the price band. It is a fresh issue only by None. There is no offer for sale.
What is the Elevate Campuses IPO allotment date?
Allotment is on Monday, 28 September 2026. Refunds and demat credit are expected on 29 September 2026.
What is the Elevate Campuses IPO listing date?
Elevate Campuses shares are due to list on BSE and NSE on Wednesday, 30 September 2026.
Who is the registrar of the Elevate Campuses IPO?
KFin Technologies Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Elevate Campuses do?
Elevate Campuses is a Mumbai-based owner and manager of on-campus student hostels at Indian universities, which also owns school buildings in Dubai leased to school operators.
Does Elevate Campuses get money from the IPO?
Yes. It is a fresh issue of up to ₹2,100 crore, with no offer for sale, so all the money goes to the company.
Who is selling shares in the Elevate Campuses IPO?
No one. There is no offer for sale; the promoters keep all their shares.
What will Elevate Campuses do with the IPO money?
₹1,100 crore to buy school companies from promoter-linked firms and ₹750 crore to repay debt. The rest is for acquisitions and general corporate purposes.
What does Elevate Campuses do?
It owns, runs and manages on-campus student hostels at universities in India and owns two school buildings in Dubai that it leases to school operators.
When does the Elevate Campuses IPO open and close?
It opened on 23 September 2026 and closed on 25 September 2026. The shares listed on BSE and NSE on 30 September 2026.
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