Archive · 23 Sep 2026
Elevate Campuses IPO Opens With Mixed Brokerage Views
Elevate Campuses is a company that provides places for students to live and owns some school buildings.
It runs student accommodation under the Good Host Spaces and ScholarZ brands.
The company is opening its shares to the public through an IPO.
Before the IPO, large investors bought shares worth Rs 945 crore.
The company made more money and profit in FY26 than in FY25.
Several brokerages think the shares could be useful for people who can invest for a long time.
SBI Securities was more cautious because the company still has substantial debt and appears expensive by some measures.
The grey market premium suggests that the shares may rise only slightly when they first list.
Elevate Campuses raised Rs 945 crore from 40 anchor investors at Rs 362 per share before its IPO opened.
The company operates student accommodation under the Good Host Spaces and ScholarZ brands and owns K-12 school assets.
Elevate Campuses reported FY26 revenue of Rs 603.39 crore and net profit of Rs 173.76 crore.
Brokerages mostly recommended subscribing for the medium-to-long term, while SBI Securities gave the issue a neutral rating.
The grey market premium was reported at only Rs 5-6, implying a possible 1-2 per cent listing gain.
- Who
- Elevate Campuses, a Mumbai-based education infrastructure company, along with participating anchor investors and brokerage firms.
- What
- Elevate Campuses has opened its IPO after raising Rs 945 crore from anchor investors and is seeking public investment in its education infrastructure business.
- When
- The IPO opened on the date of the reports; the shares are scheduled to list on September 30, Wednesday.
- Where
- The company is based in Mumbai, and its shares are scheduled to list on the BSE and NSE.
- Why
- The company is raising funds to strengthen its balance sheet, repay debt and support growth in student accommodation and K-12 education assets.
Cautious View
Positive View
Valuation and debt
Cautious View
SBI Securities rated the issue Neutral, citing elevated overall debt and post-issue valuation of 88.6 times adjusted P/E and 19.4 times EV/EBITDA. It recommended tracking the company for several quarters after listing.
Positive View
BP Equities cited valuations of 20.3 times P/E and 13.8 times EV/EBITDA and recommended subscribing, saying the company’s scale and earnings growth supported the issue.
Long-term growth prospects
Cautious View
The cautious view is that execution and future performance should be demonstrated after listing before investors commit at the issue valuation.
Positive View
Sushil Finance, Master Capital Services, Ventura Securities and Kunvarji Financial Services recommended subscribing for medium- to long-term investors, citing the company’s scale, occupancy, institutional relationships, managed-assets model and growth opportunities.
Use of IPO proceeds
Cautious View
SBI Securities noted that the company’s debt remains elevated even though the proposed Rs 750 crore debt repayment could help reduce leverage.
Positive View
Sushil Finance highlighted that the IPO is a 100 per cent fresh issue, meaning the funds would strengthen the balance sheet and support growth rather than provide an exit for existing shareholders.
- Anchor fundraising
- Rs 945 crore raised from 40 anchor investors
- Anchor allocation price
- Rs 362 per equity share
- FY26 revenue and profit
- Revenue of Rs 603.39 crore and net profit of Rs 173.76 crore
- FY25 revenue and profit
- Revenue of Rs 394.13 crore and net profit of Rs 49.74 crore
- Student accommodation portfolio
- 78,542 beds, with reported occupancy of 89.37 per cent
- Issue allocation
- 75 per cent for QIBs, 15 per cent for NIIs and 10 per cent for retail investors
- Grey market premium
- Reported at Rs 5-6, indicating a possible 1-2 per cent listing gain
- Book-running lead managers
- JM Financial, IIFL Capital Services and Morgan Stanley India