- Rays of Belief IPO was subscribed 107.71 times on its final day of bidding
- Non-institutional investors led the demand for the IPO's subscription
- Grey Market Premium stood at Rs 12, implying a 5.02% expected listing gain
Rays of Belief IPO concluded its third and final day of bidding on Thursday, Sept. 3, with the issue getting booked 107.71 times on Thursday. The demand for the IPO was led by non-institutional investors, while the latest grey market trend points to a premium listing of 5.02%.
Rays of Belief Day 3 Subscription Status
The IPO was subscribed 107.71 times on Thursday.
- QIBs: 9.06 times
- NIIs: 279.11 times
- RIIs: 195.87 times
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Rays Of Belief IPO GMP Details
The Grey Market Premium (GMP) for Rays of Belief IPO stood at Rs 12 per share, as of 8:01 p.m. on Thursday. Based on the upper end of the price band at Rs 239, the estimated listing price is Rs 251 (upper price band + GMP), indicating an expected listing gain of 5.02% for allottees.
Rays of Belief IPO Key Details
Rays of Belief IPO is a book-build issue of Rs 125 crore, comprising an entirely fresh issue of 52.30 lakh shares. The issue price band is set at Rs 227 to Rs 239 per share. The lot size for an application is 62 shares. The minimum investment for retail investors is Rs 14,818, based on the upper price band.
Mefcom Capital Markets Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Rays of Belief IPO Key Dates
- Bidding Window: Sept. 1 to 3
- Allotment: Sept. 4
- Credit of Shares: Sept. 7
- Refund: Sept. 7
- Listing Date: Sept. 8
Rays of Belief IPO Use of Proceeds
- Infrastructure upgrade
- Lease payments for existing centres in India
- Investment in subsidiary
- Marketing
- Funding inorganic growth through unidentified acquisition
- General corporate purposes
Company Financials
Rays of Belief Ltd.'s revenue increased by 125% and profit after tax (PAT) dropped by 16% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | FY26 | FY25 |
| Total Income | Rs 82.06 crore | Rs 36.54 crore |
| Profit After Tax | Rs 4.96 crore | Rs 5.88 crore |
| EBITDA | Rs 11.91 crore | Rs 3.02 crore |
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Rays of Belief Business
Incorporated in 2017, Rays of Belief Ltd. is a social enterprise offering personalised intervention plans for children with Neurodevelopmental Disorders, including Autism, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and developmental delays. The company operates under the Mom's Belief brand and has 136 centres across India as of March 31, 2026.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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