Elevate Campuses IPO Subscription Day 3: Issue Subscribed 0.46 Times

Mumbai, September 25: Elevate Campuses IPO closed for subscription on Friday, September 25, with the issue receiving bids for 1,46,35,442 shares against 3,19,06,077 shares offered to investors, translating into an overall subscription of 0.46 times.

The QIB (Ex Anchor) category saw the highest subscription at 0.68 times, while the NII portion was subscribed 0.19 times. Retail investors subscribed to 0.20 times of the shares reserved for them.

With the bidding window now closed, the focus shifts to the Elevate Campuses IPO allotment, which is scheduled to be finalised on September 28.

Elevate Campuses IPO Subscription Status

The QIB (Ex Anchor) portion received bids for 1,18,32,887 shares against 1,74,03,315 shares on offer. The category was subscribed 0.68 times.

The NII category attracted bids for 16,28,889 shares, compared with 87,01,657 shares available, resulting in a subscription of 0.19 times.

Within the NII segment, the portion for applications above ₹10 lakh was subscribed 0.22 times, while the portion for applications below ₹10 lakh saw subscription of 0.12 times.

The retail category received bids for 11,73,666 shares against 58,01,105 shares reserved for retail investors, taking the subscription to 0.20 times.

Overall, investors bid for 1,46,35,442 shares, while the total amount of bids stood at around ₹529.803 crore, based on the upper end of the price band.

Day-wise Elevate Campuses IPO Subscription

Date	QIB (Ex Anchor)	NII	NII (> ₹10L)	NII (< ₹10L)	Retail	Total
Sep 23 (Day 1)	0.19x	0.32x	0.47x	0.02x	0.14x	0.21x
Sep 24 (Day 2)	0.19x	0.35x	0.49x	0.07x	0.25x	0.24x
Sep 25 (Day 3)	0.68x	0.19x	0.22x	0.12x	0.20x	0.46x

The final subscription figures were updated at 5:01 PM on September 25, 2026.

Elevate Campuses IPO Details

Elevate Campuses IPO is a book-built issue of ₹2,100 crore, comprising an entirely fresh issue of 5.80 crore shares.

The IPO had a price band of ₹343 to ₹362 per share and a lot size of 41 shares. At the upper end of the price band, the minimum investment required for a retail investor was ₹14,842.

The issue opened for subscription on September 23, 2026, and closed on September 25, 2026.

The company has proposed to list its shares on both the BSE and NSE, with a tentative listing date of September 30, 2026.

JM Financial Ltd. is the book-running lead manager, while KFin Technologies Ltd. is the registrar to the issue.

Elevate Campuses IPO Reservation

Of the total issue size of 5,80,11,049 shares, 75% was reserved for QIBs, 15% for NII investors and 10% for retail investors.

The QIB portion included 45% of the total issue allocated to anchor investors, leaving 30% of the total issue for QIB investors excluding the anchor portion.

Investor Category	Shares	% of Total Issue
QIB	4,35,08,287	75.00%
NII	87,01,657	15.00%
Retail	58,01,105	10.00%
Total	5,80,11,049	100.00%

Elevate Campuses IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	41	₹14,842
Retail (Max)	13	533	₹1,92,946
S-HNI (Min)	14	574	₹2,07,788
S-HNI (Max)	67	2,747	₹9,94,414
B-HNI (Min)	68	2,788	₹10,09,256

Elevate Campuses IPO Anchor Investors

Elevate Campuses raised ₹945 crore from anchor investors ahead of the IPO.

The anchor bidding took place on September 22, 2026, with 2,61,04,972 shares allotted to anchor investors.

The lock-in period for 50% of the anchor shares ends on October 28, 2026, while the lock-in period for the remaining shares ends on December 27, 2026.

Elevate Campuses IPO Allotment and Listing

Now that the Elevate Campuses IPO is closed for subscription, investors will be watching the allotment process.

The tentative Elevate Campuses IPO allotment date is September 28, 2026. Refunds are scheduled for September 29, while shares are expected to be credited to successful applicants on the same day.

The IPO is tentatively scheduled to list on the BSE and NSE on September 30, 2026.

About Elevate Campuses Ltd.

Incorporated in 2005, Elevate Campuses Ltd. is an education infrastructure company involved in owning, operating and managing on-campus student accommodation for higher education institutions 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 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 and 14 managed campuses with 55,487 beds.

Conclusion

The Elevate Campuses IPO closed for subscription on September 25 with an overall subscription of 0.46 times.

The QIB (Ex Anchor) segment received the strongest demand at 0.68 times, while the NII and retail categories ended at 0.19 times and 0.20 times, respectively.

With the issue now closed, investors will next track the Elevate Campuses IPO allotment on September 28, followed by the tentative listing on September 30, 2026.

Source:

• https://www.nseindia.com/market-data/issue-information?symbol=ELEVATE&series=EQ&type=Active