Elevate Campuses IPO

Easy to miss in the prospectus

• The disclosed net asset value of ₹432.62 per share is not comparable to the ₹343-362 band and does not mean the issue was priced below book. It divides net worth of ₹9,562.89 million by the 2,21,04,372 equity shares outstanding at 31 March 2026, while the numerator already includes the ₹66.31 million of compulsorily convertible preference shares that became 6,63,13,116 equity shares in September 2026. On the 11,05,19,988 shares outstanding before the issue, the same net worth is ₹86.53 a share.
• Basic earnings per share of ₹19.65 is struck on a weighted average of 88.42 million shares - the 22.10 million equity shares plus the 66.31 million preference shares - not on the 110.52 million outstanding before the issue, and not on the 168.53 million after it. On post-issue capital the same FY26 profit is ₹10.31 a share.
• Every multiple in this record is computed, because the RHP left them blank. It was dated 17 September 2026, before the price band was fixed, so its P/E table, its post-issue NAV table and its share counts all read [●]. The P/E of 17.46 to 18.42 here is the ₹343-362 band over the disclosed basic EPS of ₹19.65; price-to-sales of 9.58 to 10.11 and market capitalisation of ₹6,100.82 Cr are the band over the post-issue count of 16,85,31,037 shares and FY26 total income. None of these figures appears in the prospectus.
• Price-to-book is left blank deliberately. The ₹1,050 Cr of compulsorily convertible debentures sitting inside FY26 borrowings converted to equity in September 2026, after the balance-sheet date, so neither the 31 March 2026 net worth nor the pre-issue share count describes the capital structure the issue was priced against, and no post-conversion book value is disclosed as at any date.
• revenueCr in this record holds total income, not revenue from operations. The issuer defines every margin KPI - EBITDA margin, profit margin - on total income, and the three FY24-FY26 EBITDA margins of 60.71%, 65.06% and 90.32% reproduce exactly on that base. Revenue from operations was ₹347.00 Cr, ₹369.81 Cr and ₹568.63 Cr; other income was 4.30%, 6.17% and 5.76% of the total.
• The issuer's headline EBITDA includes exceptional items, by its own definition - profit plus tax, depreciation, amortisation and finance costs. That is why FY26 EBITDA of ₹545.00 Cr on a 90.32% EBITDA margin jumps from ₹256.40 Cr the year before: ₹104.92 Cr of it is the exceptional gain. The RHP separately discloses earnings before interest, tax, depreciation, amortisation and exceptional items of ₹440.08 Cr, ₹267.08 Cr and ₹230.20 Cr for FY26, FY25 and FY24, at 72.93%, 67.76% and 63.48% of total income. The rising trend is real; the step change is not.
• No final subscription figure is recorded here because the sources disagree and none could be traced to an exchange tally. Chittorgarh and IPOJi both report 1.89 times overall, with QIBs at 2.66, non-institutional at 0.89 and retail at 1.07; Trendlyne reports 1.79 overall on 2.52, 0.84 and 1.01; Kotak Neo reports 1.72 overall on 2.52, 0.81 and 0.66; and a Business Standard headline reports 0.43 times. Each of the first three sets is internally consistent against the category portions, which suggests they are snapshots taken at different moments rather than one of them being wrong.
• Two different diluted EPS figures for FY26 appear in the same document: ₹17.81 in the restated statement of profit and loss, and ₹17.47 in "Basis for Issue Price", which the notes say reflects the conversion ratio the board updated on 6 September 2026 and is "not derived from RFS".
• Return on net worth of 18.17% is on closing net worth, which is what the issuer's note specifies, not the average-net-worth basis SEBI disclosures more often use. On average net worth the FY26 figure would be 20.98%. Return on capital employed of 6.42% is the issuer's "return on adjusted capital employed", whose denominator adds borrowings, deferred tax liabilities, deferred purchase consideration, contingent consideration and the non-controlling interest liability to total equity - a much wider base than net worth.
• The three-year series is not like-for-like. FY26 absorbs the September 2025 acquisition of the two Dubai schools, which contributed ₹166.81 Cr from nil, and the April 2025 acquisition of ScholarZ; it also loses the T.A. Pai business that was sold. The RHP's own pro forma columns, which illustrate the proposed K-12 acquisitions, show a quite different company - FY26 total income of ₹847.26 Cr and profit of ₹207.00 Cr - and are explicitly illustrative only.
• Grey market quotes, which are unofficial and unregulated, peaked at ₹16 a share and were around ₹5, roughly 1%, immediately before listing. No dated series is recorded here because none could be sourced consistently. The issue listed below its price in any case.
• The listing price recorded is the NSE debut of ₹355.10, a 1.91% discount; the BSE debut was ₹356.50, a 1.52% discount. NSE was the designated stock exchange for the issue. The stock closed its first day at ₹322.95, roughly 9% below where it opened.
• The current price of ₹329.85 is the 12 October 2026 close, the last settled session. It reconciles with the ₹5,559 Cr market capitalisation reported for that date on the post-issue count of 16,85,31,037 shares, which is the cross-check used to confirm that share count. The RHP leaves both the post-issue count and the post-issue promoter holding as placeholders; the 65.58% recorded here is the pre-issue 11,05,19,988 shares over that post-issue count, and matches the figure reported independently.
• The campus locations listed are those the RHP names, not a complete seven-campus register: the prospectus discloses the owned portfolio as seven campuses across six Indian cities without tabulating them in one place. The Woodstock and County assets are owned but vacant, and sit outside the blended minimum occupancy guarantee.
• The peer table is empty on purpose. The RHP carries its own risk factor on having no comparable listed peer in India and warns that the absence may affect investors' ability to assess its relative performance.
• The market-share, bed-count and addressable-market claims - 2.1 times the next largest operator, 0.85% of 12.66 million students - all come from a CBRE report the company commissioned and paid for exclusively for this offer.
• The company was incorporated on 8 April 2005 as Woodstock Ambience Private Limited in Bengaluru and became Good Host Spaces in 2018, but it dates its own operations to FY2018. The 2005 incorporation year in the CIN is real history, not an error.