Elevate Campuses Sets IPO Price Band ₹342-₹362, Targets ₹2,100 Crore Raise

According to the BSE filing, Elevate Campuses will open for subscription on September 23. The company has fixed the IPO price band at ₹342 to ₹362 per equity share, and investors can bid in multiples of 41 shares.

At the upper end of the band, the firm aims to raise ₹2,100 crore, which would place its post‑listing market capitalisation at ₹6,100.82 crore. The anchor‑investor tranche opens on September 22, while the public issue remains open until September 25.

Proceeds will be split into three uses: ₹1,100 crore for acquiring K‑12 assets and campuses from promoter‑group subsidiaries, ₹750 crore to service debt, and the remainder for inorganic growth and general corporate purposes.

The company operates a dual‑model portfolio: 80,255 beds across 16 Indian and Dubai campuses, with 20,368 owned and 55,487 managed under contracts. Occupancy at owned beds fell from 99.92% in FY24 to 89.37% in FY26, while the top three universities still account for 61.46% of FY26 revenue.

Risks include delayed payments from K‑12 operators, a concentrated revenue base—61.46% from O.P. Jindal Global University, Manipal University Jaipur and Shoolini University—and the need to integrate 18 K‑12 assets post‑IPO.