Elevate Campuses IPO draws 22% subscription, grey‑market premium near 1%

⚡ Key Financial Takeaways

Overall subscription stood at 22% by early afternoon on Sept 24, with 73.48 lakh bids against 3.37 crore shares on offer.

Retail investors subscribed 21% while the non‑institutional investor (NII) segment saw 31% subscription.

Anchor investors were allotted 2.61 crore shares at Rs 362 per share, the upper end of the price band.

The IPO aims to raise Rs 1,100 crore for K‑12 acquisitions, Rs 750 crore for debt repayment, and the balance for further inorganic growth.

Grey‑market premium was about 1% on the morning of Sept 24, suggesting a largely flat listing price.

💡 Why It Matters

Elevate Campuses is the largest on‑campus student housing provider in India, a sector that has attracted significant private‑equity interest as enrolment numbers rise. The IPO’s modest subscription levels and near‑flat grey‑market premium highlight cautious investor sentiment toward new listings in the education‑real‑estate space. Successful capital raising will enable the company to expand its K‑12 footprint and reduce debt, potentially strengthening its market position and influencing future valuations of similar asset‑light education platforms.

Subscription snapshot As of 1:50 pm on September 24, the Elevate Campuses IPO had attracted bids for 73.48 lakh equity shares against the 3.37 crore shares on offer, translating to a 22 percent overall subscription. The non‑institutional investor (NII) category was subscribed at 31 percent, while retail investors subscribed at 21 percent.

Anchor book and institutional backing Ahead of the public issue, the company raised Rs 945 crore through an anchor book that involved 40 investors. Elevate Campuses allotted 2.61 crore shares to these anchors on September 22 at the top of the price band (Rs 343‑362 per share). Domestic mutual funds received 1.65 crore shares worth roughly Rs 600 crore, with participation from SBI Mutual Fund, HDFC AMC, WhiteOak Capital, Mirae Asset, Bandhan MF, PGIM India, Edelweiss and Groww MF. Global investors such as Citigroup, BofA Securities, Societe Generale, Integrated Core Strategies (Asia), Amundi Funds and Norway’s Government Pension Fund Global also joined the anchor book.

Grey‑market activity InvestorGain reported that Elevate Campuses shares were trading at a premium of nearly 1 percent in the grey market on the morning of September 24. While the grey‑market premium (GMP) is an unofficial indicator and can shift before listing, the modest premium suggested that the listing price may be close to the upper end of the price band.

Use of IPO proceeds The company plans to deploy the Rs 1,100 crore raised from the IPO as follows: - K‑12 and campus acquisitions: Rs 1,100 crore will fund purchases of K‑12 entities and campuses owned by subsidiaries of the promoters. - Debt repayment: Rs 750 crore will be used to retire borrowings of Elevate Campuses and its wholly‑owned subsidiaries, including GHS Shoolini, GHS Sonipat, Data Ram Sons, Souk HIS UAE and Souk NLCS UAE. - Inorganic growth and general purposes: The remaining amount will support further acquisitions (details not disclosed) and routine corporate needs.

Company profile Elevate Campuses operates student accommodation facilities located on or near higher‑education institutions and also holds K‑12 assets. The firm has a footprint in 15 Indian cities and one city in the United Arab Emirates. As of March 2026, it owned seven student‑accommodation campuses with a total capacity of 20,368 beds across six Indian cities, plus two K‑12 assets in Dubai. Its managed portfolio comprised 14 campuses with 55,487 beds under management.

Deal advisors JM Financial, IIFL Capital Services and Morgan Stanley India acted as the merchant bankers for the offering.

--- *The information above is based on data released by the National Stock Exchange and the company’s prospectus. The grey‑market premium is unofficial and does not guarantee the final listing price.*

🏛️ Background & Context

Student accommodation in India has grown rapidly, driven by increasing higher‑education enrolment and a shortage of quality on‑campus housing. Elevate Campuses, with a presence in 15 Indian cities and the UAE, has positioned itself as a key player by offering managed living spaces. The IPO follows a broader trend of education‑related real‑estate firms tapping public markets to fund expansion and debt reduction.

👁️ What To Watch Next

Investors should monitor the final listing price on the day of debut, the actual GMP movement, and post‑listing trading volumes. Subsequent disclosures about the specific K‑12 acquisitions and any further debt‑repayment milestones will also be critical for assessing the company’s growth trajectory.