Elevate Campuses Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- ₹0.76 crore
- Face value
- ₹1
- Issue method
- Book Building
- Fresh issue
- ₹0.76 crore
- Symbol
- ELEVATE
- ISIN
- INE147X01013
Subscription
1.36×overall subscribed
| Investor category | Applications | Shares bid | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | — | 3,44,83,665 | 1.88× |
| Foreign Institutional Investors(FIIs) | — | 2,02,79,010 | — |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 16,57,466 | — |
| Mutual funds | — | 63,40,158 | — |
| Others | — | 62,07,031 | — |
| Non Institutional Investors | — | 61,29,623 | 0.67× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 37,67,162 | 0.62× |
| Corporates | — | 5,94,254 | — |
| Individuals(Other than RIIs) | — | 31,33,876 | — |
| Others | — | 39,032 | — |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 23,62,461 | 0.77× |
| Corporates | — | 16,728 | — |
| Individuals(Other than RIIs) | — | 20,99,692 | — |
| Others | — | 2,46,041 | — |
| Retail Individual Investors(RIIs) | — | 50,37,629 | 0.82× |
| Cut Off | — | 41,16,113 | — |
| Price bids | — | 9,21,516 | — |
| Total | — | 4.57 | 1.36× |
About the company
Incorporated in 2005, Elevate Campuses Ltd. is an education infrastructure company engaged in owning, operating and managing on-campus student accommodation for higher education institutions (HEIs) and owning K-12 school assets. The Company operates its student accommodation business under the Good Host Spaces and ScholarZ brands. As of March 31, 2026, the Company’s Pre-Acquisition Group had a student accommodation capacity of 80,255 students across 15 cities in India and one city in the United Arab Emirates. Its portfolio included seven owned student accommodation campuses with 20,368 beds across six Indian cities and 14 managed campuses with 55,487 beds. The Company provides operational services covering deal sourcing, site selection, development, asset acquisition, asset repositioning and community engagement. It also provides community and campus technology services, including media coverage of HEIs and community events.
Financial snapshot
| Particulars | FY25 | FY26 |
|---|---|---|
| Revenue | ₹368.81 cr | ₹568.63 cr (54.18%) |
| PAT | ₹52.65 cr | ₹173.76 cr (230.03%) |
| PAT Margin | 14.28 % | 30.56 % (114.01%) |
| EBITDA | ₹259.32 cr | ₹545.00 cr (110.17%) |
| EBITDA Margin | 70.31 % | 95.84 % (36.31%) |
| ROE | 7.49 % | 18.17 % |
| ROCE | 10.02 % | 6.42 % |
| D/E | 1.72 | 4.31 |
What to consider
Business strengths
- Leading Institutionalized Education PlatformElevate is positioned as one of the largest institutionalized and independent education platforms in India, with the trust of leading education groups. Its established relationships provide a strong foundation for expanding its education infrastructure and accommodation portfolio.
- Strong Operational & Asset Management CapabilitiesThe company has developed operational capabilities and asset management expertise across its education-focused portfolio. This supports efficient management of student accommodation assets and relationships with educational institutions.
- Focus on Student Experience & Well-BeingElevate places strong emphasis on delivering a superior student experience and promoting student well-being. Its focus on accommodation and related student services supports a comprehensive campus experience.
Key risks
- Dependence on Student OccupancyThe group derived 100% of its revenue from operations from the student accommodation business during the last three Financial Years. Any inability to maintain healthy occupancy rates could adversely affect its business, financial condition, results of operations and cash flows.
- High Dependence on Key HEIsThe group derived 89.00%, 88.60% and 87.50% of its operating revenue from its three largest higher education institutions (HEIs) in FY2025, FY2024 and FY2023, respectively. Any adverse development affecting these institutions could materially impact the group's financial performance.
- Regional ConcentrationThe group derived 100% of its operating revenue during the last three Financial Years from HEIs and other student accommodation assets located in the northern and southern regions of India. Any adverse regional developments could negatively affect its business, financial condition, results of operations and cash flows.