Elevate Campuses IPO subscribed 25% so far on Day 3; check latest GMP

As per the latest business developments, The initial public offering (IPO) of Elevate Campuses, India's largest on-campus student accommodation provider, received 25 percent subscription as of 10:30 am on September 25, as per NSE data.

The offering received bids for 80,74,294 equity shares against 3,36,73,468 shares on offer. The non-institutional investor (NII) portion was subscribed 34 percent, while the retail investor category saw 28 percent subscription.

In the grey market, Elevate Campuses shares were commanding a premium of nearly 1 percent on the morning of September 25, according to InvestorGain, indicating a largely flat stock-exchange debut based on the current unofficial premium.

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The grey market premium (GMP) is an unofficial indicator and can change before stock-exchange debut. It does not guarantee the actual stock-exchange debut price or post-stock-exchange debut returns.

Ahead of the IPO, Elevate Campuses boosted Rs 945 crore through its anchor book from 40 market participants. The firm allotted 2.61 crore equity shares to anchor market participants on September 22 at the upper end of the price range of Rs 343-362 per share.

The anchor allocation included 1.65 crore shares worth Rs 600 crore allotted to eight domestic mutual fund houses through 24 schemes. These included SBI Mutual Fund, HDFC AMC, WhiteOak Capital, Mirae Asset, Bandhan MF, PGIM India, Edelweiss and Groww MF.

The anchor book additionally saw participation from global market participants such as Citigroup, BofA Securities, Societe Generale, Integrated Core Strategies (Asia), Amundi Funds and Government Pension Fund Global.

The IPO opened for subscription on September 23 and will close on September 25. The offering comprises entirely a fresh offering of equity shares.

Elevate Campuses plans to use Rs 1,100 crore from the IPO proceeds to acquire K-12 entities and campuses from fellow subsidiaries of its promoters.

Another Rs 750 crore will go towards repayment of debt availed by the firm and its wholly owned subsidiaries, including GHS Shoolini, GHS Sonipat, Data Ram Sons, Souk HIS UAE and Souk NLCS UAE.

The remaining funds will be deployed towards inorganic expansion through unidentified acquisitions and general corporate purposes.

Elevate Campuses operates student accommodation facilities located on or near elevated education institutions (HEIs) and additionally owns K-12 assets.

The firm has a presence across 15 cities in India and one city in the United Arab Emirates.

As of March 2026, Elevate Campuses owned seven student accommodation campuses with a total capacity of 20,368 beds across six Indian cities. It additionally owned two K-12 assets in Dubai.

Its managed portfolio stood at 14 student accommodation campuses with 55,487 beds under management as of March 2026.

JM Financial, IIFL Capital Services and Morgan Stanley India Firm are acting as the merchant bankers for the Elevate Campuses IPO.