Elevate Campuses IPO Opens: 10 Key Things To Know Before You Subscribe

1. IPO date

Elevate Campuses' IPO opened for subscription today, September 23, 2026 and closes on September 25, 2026. The issue is entirely a fresh issue with no offer-for-sale component.

2. IPO size

An integrated education infra platform aims to raise Rs 2,100 crore through a fresh issue of 5.8 crore equity shares.

3. Price band

The IPO has been priced in the range of Rs 343-362 per share with a face value of Rs 1 each.

4.Lot size and minimum investment

Investors can bid for a minimum of 41 shares. At the upper price band of Rs 362, the minimum investment required is Rs 14,842.

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5. Objects of the issue

The company plans to use the IPO proceeds to acquire K-12 entities and campuses from promoter-group companies, repay and prepay borrowings, fund inorganic growth opportunities and support general corporate purposes.

6. BRLMs

The book-running lead managers are JM Financial, IIFL Capital Services and Morgan Stanley India, while KFin Technologies is the registrar to the offer.

7. Financial performance

• On a pro-forma basis, revenue from operations rose to Rs 806.9 crore in FY26 from Rs 610.5 crore in FY25, while net profit increased sharply to Rs 207 crore from Rs 68.1 crore.
• EBITDA stood at Rs 616.9 crore in FY26, translating into a strong EBITDA margin of 76.5%.

8. About the company

Elevate Campuses is an integrated education infrastructure platform focused on student accommodation and K-12 assets. As of March 2026, it had capacity for 80,255 students, including 20,368 owned beds, 55,487 managed beds, and K-12 assets with capacity for 4,400 students across India and the UAE.

9. Growth strategy and key risks

Key strategies:

The company plans to expand through both organic and inorganic routes, including acquisitions, greenfield and brownfield developments, management contracts, off-campus student housing, K-12 infrastructure opportunities, and technology-led solutions to improve operational efficiency.

Key risks

• Occupancy levels are critical, with the owned student accommodation portfolio contributing nearly 66% of FY26 revenue.
• Revenue concentration is high, with O.P. Jindal Global University, MUJ and Shoolini University contributing 61.5% of FY26 revenue.
• The company has significantly increased borrowings, with total debt rising to Rs 4,120.5 crore in FY26.
• More than half of the IPO proceeds will be used for promoter-group asset acquisitions, creating execution and integration risks.
• Business performance depends on the reputation and enrolment trends of partner educational institutions.

10. Valuation

At the upper price band, Elevate Campuses is valued at 29.5x FY26 earnings and 17.28x FY26 EV/EBITDA, implying a post-issue market capitalization of around Rs 6,101 crore.

Anand Rathi has assigned a"Subscribe - Long Term" rating, citing the company's scaled education infrastructure platform, diversified portfolio, asset-light expansion strategy, and strong industry growth potential.