Elevate Campuses IPO reaches full subscription in India bidding

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Elevate Campuses IPO subscription

Highlights

Elevate Campuses IPO in India fully subscribed by 2:45 p.m. IST, receiving bids for 33.91 million shares versus 33.67 million on offer.
Company targets a valuation up to 61.01 billion rupees with an IPO price band of 343–362 rupees per share, raising 9.45 billion rupees from anchor investors including Norway's Government Pension Fund Global.
IPO proceeds will fund acquisition of 16 school infrastructure assets across Dubai, Hyderabad, Chennai, and Pune, with FY26 revenue 61% tied to major university contracts.

Subscription momentum and offer structure

As reported by Reuters, exchange data show Elevate Campuses receives bids for 33.91 million shares, compared with 33.67 million fresh shares on offer as of 2:45 p.m. IST on Friday.

The Mumbai-based company is seeking a valuation of up to 61.01 billion rupees at the top end of its IPO price band of 362 rupees per share, with the lower end set at 343 rupees. Qualified institutional buyers bid for 1.48 times their allotted portion, while the non-institutional and retail segments are subscribed 0.47 times and 0.41 times, respectively.

Earlier this week, Elevate Campuses raised 9.45 billion rupees from anchor investors including Norway's Government Pension Fund Global, Tata AIG, SBI Mutual Fund, and HDFC Mutual Fund.

Expansion plan and education assets exposure

IPO proceeds are earmarked to fund the acquisition of 16 school infrastructure assets across Dubai, Hyderabad, Chennai, and Pune. In Dubai, the company currently owns two assets.

Elevate Campuses is owned by entities of Singapore-based private equity firm Hillhouse Investment, an early backer of Tencent and JD.com that has also invested in Indian consumer and technology companies such as Swiggy and CRED. The company operates a REIT-like hybrid model, owning and managing on-campus student housing under its Good Host Spaces and ScholarZ brands, while leasing school infrastructure to private operators under long-term agreements.

Its housing portfolio is tied to institutions including O.P. Jindal Global University, Manipal University Jaipur, and Shoolini University, which together account for more than 61% of its FY26 revenue.

Our earlier coverage of Rentomojo Limited’s listing on the National Stock Exchange highlighted rising investor interest in India’s sharing-economy business models, particularly furniture rental and usage-based consumption. The report also noted that multiple same-day listings across sectors were being watched as a gauge of broader capital-market sentiment and participation.

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