Elevate Campuses shares off to a tepid start, list at 2% discount

Elevate Campuses IPO listing: Elevate Campuses witnessed a muted debut on Wednesday as the stock listed at a 2 per cent discount to the offer price amid weak grey market trends and a tepid response to the offer.

Elevate Campuses shares opened at ₹356.50 on the BSE, a discount of 1.52 per cent against the offer price of ₹362. Meanwhile, on the National Stock Exchange (NSE), the stock witnessed a 1.91 per cent decline to ₹355.10. 

Ahead of the listing, Elevate Campuses shares were trading at ₹368.5 in the grey market, signalling an upside of 1.80 per cent. 

Elevate Campuses IPO details

The initial public offering (IPO) of Elevate Campuses saw a tepid response as it received bids for 60.28 million shares compared with 33.67 million shares, resulting in 1.79 times bids, according to data available on NSE. 

The qualified institutional buyer (QIB) portion was subscribed 2.52 times, the non-institutional investor (NII) quota was booked 0.84 times, and the retail segment received 1.01 times bids.

Its IPO was entirely a fresh share sale of ₹2100 crore, with the funds raised marked for purchase of K-12 entities and campuses, repayment of debt, funding acquisitions, and general corporate purposes. The price band for the offer was set at ₹343-362.

Elevate Campuses, an education infrastructure company, is engaged in owning, operating, and managing on-campus student accommodation for higher education institutions (HEIs) and owning K-12 school assets.

Revenue from operations increased from ₹347.0 crore in FY24 to ₹369.8 crore in FY25 and ₹568.6 crore in FY26. EBITDA increased from ₹214.6 crore to ₹242.8 crore and ₹405.3 crore, while PAT rose from ₹39.7 crore to ₹49.7 crore and ₹173.8 crore, respectively.