Elevate Campuses IPO: Dates, Price Band, GMP and What the Prospectus Shows

Elevate Campuses' IPO, at a price band of ₹343–₹362 a share for a total of ₹2,100 crore, was open from 23 September 2026 to 25 September 2026 and listed on 30 September 2026.

This page sets out what the filings actually say — the dates, the money, the ratios the prospectus discloses and the grey-market number doing the rounds — and is deliberately clear about which of those is a fact and which is a rumour. Live status, subscription and documents for this issue sit on its IPO Center page.

The offer, in the numbers that decided what applicants paid

• Price band: ₹343 to ₹362 per share, face value ₹1
• Lot size: 41 shares
• Minimum application: ₹14,842 at the upper band — one lot
• Total issue: ₹2,100 crore
• Type: Book Building
• Registrar: KFin Technologies Limited
• Book-running lead managers: JM Financial Limited, IIFL Capital Services Limited and Morgan Stanley India Company Private Limited

A retail application was capped at ₹2,00,000, so the most a retail applicant could put in was 13 lots — ₹1,92,946 at the upper band. Bidding above that moves an application into the non-institutional category, where the allotment maths is different. QIB, NII and retail categories explains what changes.

What the company says it will do with the money

The prospectus lists these objects for the fresh issue:

• Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses
• Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable of availed by our Company and certain of our Subsidiaries, namely GHS Shoolini, GHS Sonipat, Souk HIS UAE and Souk NLCS UAE, through investment in such Subsidiaries; and
• Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes,

Objects are a commitment, not a forecast. They are disclosed in the offer document, monitored after listing, and changing them later needs shareholder approval — which is why they are one of the more reliable things in a prospectus.

Who the shares are reserved for, and what that tells you

The issue reserves 75% for qualified institutional buyers, 15% for non-institutional investors and 10% for retail.

That 75/15/10 split is not a preference — it is the structure SEBI's ICDR Regulations require when an issuer does not meet the profitability and net-asset track record for the standard route. It leaves retail with a tenth of the book, so retail oversubscription tends to run higher here than on a 35% issue, and the allotment is correspondingly harder.

The financials the prospectus actually discloses

These are the ratios from the company's own red herring prospectus, for the financial year ended 31 March 2026. We checked each of them against that document rather than taking them from an aggregator.

• Earnings per share: ₹19.65
• Net asset value per share: ₹432.62
• Return on net worth: 18.17%

At the upper band of ₹362, the issue was priced at about 18.4 times FY26 earnings. That is roughly 0.8 times the disclosed net asset value of ₹432.62 a share. Both are arithmetic on the two numbers above, not a valuation opinion — a multiple only means something next to comparable companies, which is what peer comparison in an IPO is for.

How it listed

It listed at ₹355.1 against an issue price of ₹362 at the upper band — a loss of 1.9% on day one. That is the exchange's price, not an estimate, and what happens after the first session is a different question from how the IPO went. IPO listing gains explained covers why the two are easy to confuse.

The dates that follow the close

• Bidding opened: 23 September 2026
• Bidding closed: 25 September 2026
• Basis of allotment: 28 September 2026
• Refunds initiated: 29 September 2026
• Shares credited to demat: 29 September 2026
• Listing: 30 September 2026

If you applied, the next thing that happens is the basis of allotment. An application whose UPI mandate was never approved does not reach it at all, which is worth ruling out before reading a "not allotted" result as bad luck — UPI mandate failures explains how to tell.

Allotment is decided by the registrar, KFin Technologies Limited, and in an oversubscribed retail category it is a lottery on lots rather than a proportionate cut. How to check your allotment status and the basis of allotment cover both halves of that.

Reading this after the close

Nothing on this page is a recommendation. It is the filing, the arithmetic on it, and one unofficial number clearly labelled as such. IPO risks for retail investors is worth reading precisely when an issue is being written about enthusiastically.

Figures come from the company's red herring prospectus and from NSE's issue data as at the dates stated, and issues change: bands are revised, dates move, and an issue can be withdrawn. CAPITA1 is an information service, not a broker, and is not registered with SEBI as an investment adviser — nothing here is investment advice.