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Rays of Belief Ltd

NSE & BSE · Mainboard IPO
Listed NSE & BSE Mainboard Live Chart
Issue Price
₹239
₹239
GMP (Grey Market)
+₹10
+4.18%
Est. Listing Price
₹249
Based on GMP
Min. Investment
₹14,818
1 lot × 62 shares
Subscribed
107.71x
Over-subscribed
IPO Details
Open Date
01 Sep 2026
Close Date
03 Sep 2026
Allotment
04 Sep 2026
Listing Date
08 Sep 2026
Exchange
NSE & BSE
Price Band
₹239
Listing Price
See chart
Allotment Status
Price Band
₹239
Per share
Face Value
₹10 per share
 
Lot Size
62 Shares
per lot
Issue Size
52,30,000 shares (agg. up to ₹125 Cr)
Total offering
Issue Type
Bookbuilding IPO
 
Min Investment
₹14,818
1 lot
Pre-IPO Holding
1,56,71,682 shares
Promoters
Post-IPO Holding
2,09,01,682 shares
Promoters
P/E (Pre)
75.63x
 
P/E (Post)
100.84x
 
EPS (Pre)
₹3.16
 
EPS (Post)
₹2.37
 
UPI Deadline
5:00 PM on 03 Sep 2026
Mandate
GMP
+₹10
+4.18% est.
Anchor AllotmentMon, 31 Aug 2026
Basis of AllotmentFri, 04 Sep 2026
Refund InitiationMon, 07 Sep 2026
Demat CreditMon, 07 Sep 2026
Listing DayTue, 08 Sep 2026
UPI Mandate Deadline5:00 PM on 03 Sep 2026
Sale TypeFresh capital only
Fresh Issue Shares52,30,000 shares (agg. up to ₹125 Cr)
QIB Quota50% of Net Issue
HNI / NII Quota15% of Net Issue
Retail Quota35% of Net Issue
Check AllotmentClick here →
Subscription Rate Final
Rays of Belief Ltd IPO subscribed 107.71 times overall. Retail: 195.86x. QIB: 9.06x. NII: 279.11x. By 03 Sep 2026.
QIB
9.06x
Over
NII/HNI
279.11x
Over
Retail
195.86x
Over
Total
107.71x
Over
Category Subscription Shares Offered % of Total Amount (₹Cr)
QIB
Over 9.06x
1,830,310
— ₹43.74
NII / HNI
Over 279.11x
784,500
— ₹18.75
Retail
Over 195.86x
523,000
— ₹12.50
Total 107.71x
3,137,810
100% ₹74.99
IPO Shares Offered
Rays of Belief Ltd IPO total issue size: ₹74.99 Cr. Retail: ₹12.50 Cr. QIB: ₹43.74 Cr. NII: ₹18.75 Cr.
CategoryShares OfferedAmount (₹Cr)Size (%)
QIB 1,830,310 ₹43.74
58.33%
NII 784,500 ₹18.75
25.00%
Retail 523,000 ₹12.50
16.67%
Total 3,137,810 ₹74.99
100.00%
* Based on upper price band ₹239 per share
Basis of Allotment
QIB NII Retail Total
Ex. Anchor Anchor Total QIB Below ₹10L Above ₹10L Total NII
Allocation (shares) — — — — — 784,500 523,000 1,307,500
Allotment price (₹) 239 239 239 239 239 239 239 239
No. of applications — — — — — — — —
No. of shares applied — — — — — — — —
Amount collected (₹Cr) — — — — — — ₹12.50 ₹12.50
Times subscribed 9.06x — — — — 279.11x 195.86x 107.71x
Shares allotted — — — — — 784,500 523,000 1,307,500
No. of allottees — — — — — — — —
* Upper price band ₹239 · ** Anchor allotment excluded from public shares
Lot Size & Investment
Lot Size
62
Shares per Lot
Issue Price
₹239.00
Upper Band
Min Investment
₹14,818
1 Lot
ApplicationLotsSharesAmount
Retail (Min — 2 Lots)2124₹29,636
Retail (Max — 13 Lots)13806₹192,634
S-HNI (Min — 14 Lots)14868₹207,452
B-HNI (Min — 68 Lots)684,216₹1,007,624
* Issue Price ₹239 × Lot Size 62 shares
IPO Schedule
Anchor
31 Aug 2026
✓ Done
IPO Open
01 Sep 2026
✓ Done
IPO Close
03 Sep 2026
✓ Done
Allotment
04 Sep 2026
✓ Done
Refunds
07 Sep 2026
✓ Done
Demat Credit
07 Sep 2026
✓ Done
Listing Day
08 Sep 2026
✓ Done
Rays of Belief Ltd — Live Price LIVE
₹239.00
INR · BSE
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Issue ₹239.00 GMP: +₹10 Live Price
About Rays of Belief Ltd
Incorporated in 2017, Rays of Belief Ltd. is a for-profit social enterprise providing personalised intervention plans for children with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays.The Company started its first centre in Gurgaon in 2018 and has since expanded from 71 centres in Fiscal 2023 to 136 centres as of March 31, 2026, under its brand name Mom’s Belief. These centres are spread across 57 cities and 20 states and union territories in India, with a strong presence in Tier 2 cities. The network includes 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres, helping extend developmental care to underserved and semi-urban areas.The Company primarily serves children aged 18 months to 12 years, while specialised programs are available for children up to 15 years, focusing on vocational and life skills. Its multidisciplinary services include early intervention, parental guidance, occupational therapy, language therapy and family support programs.The centres are equipped with 150+ teaching tools, while home-based learning kits provide access to 2,000+ teaching tools, supported by regular follow-ups and progress monitoring. As of March 31, 2026, the Company had a team of 340+ full-time clinical professionals.In June 2025, Rays of Belief Ltd. acquired Mom's Belief US, Inc. as its wholly owned subsidiary and Allergy and Immunology Virginia, LLC as its step-down subsidiary in the USA. The acquisition added three centres in Virginia, located in Salem, Lynchburg and Roanoke.
Objects of the Issue
1
Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals
2
School Collaboration Centres
3
Centre for Excellence and Research
4
Upskilling Academy
5
Technology (hardware) costs
6
Expenditure for lease payments for existing centres in India
7
Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA
8
Expenditure for brand awareness and inclusive outreach programs
9
Funding inorganic growth through unidentified acquisition and General corporate purposes
Rays of Belief Ltd Financials (Amount in ₹ Crore)
Revenue from Operations
₹30.8
31 Mar 2024
₹36.5
31 Mar 2025
₹82.1
31 Mar 2026
Profit After Tax (PAT)
₹0.9
31 Mar 2024
₹5.9
31 Mar 2025
₹5.0
31 Mar 2026
Particulars31 Mar 202631 Mar 202531 Mar 2024
Revenue from Operations 82.06 36.54 30.76
EBITDA 11.91 3.02 1.49
Profit After Tax (PAT) 4.96 5.88 0.85
Net Worth 30.81 15.02 5.78
Total Assets 50.89 26.12 12.89
Reserves & Surplus 15.22 14.70 5.47
Borrowings 3.61 4.36 N/A
EBITDA Margin (%) 14.59 — —
PAT Margin (%) 6.07 — —
P/BV Ratio
15.67
RoE
21.64
RoCE
29.74
RoNW
21.64
PAT Margin
6.07
EBITDA Margin
14.59
Debt/Equity
0.12
Issue Structure & Shareholding
Total Shares Offered52,30,000
Net Offer to PublicN/A
Reserved for Market MakerN/A
Pre-Issue Promoter Holding1,56,71,682 shares
Post-Issue Promoter Holding2,09,01,682 shares
P/BV Ratio15.67
RoE21.64
RoCE29.74
Debt / Equity0.12
Script CodeN/A
Registrar & Lead Managers
Book Running Lead Managers
Mefcom Capital Markets Ltd
GMP Disclaimer: Grey Market Premium data is unofficial and unregulated. It does not guarantee actual listing price.
IPO Subscription FAQs
How much Rays of Belief Ltd IPO subscribed? ▲

Rays of Belief Ltd IPO is subscribed 107.71 times by Sep 03, 2026. Retail: 195.86x. QIB: 9.06x. NII: 279.11x.

Investor CategorySubscription
Qualified Institutional (QIB)9.06x
Non Institutional (NII/HNI)279.11x
Retail Individual195.86x
Total Subscription107.71x
What is Rays of Belief Ltd IPO retail subscription status? ▼

The Rays of Belief Ltd IPO retail category is subscribed 195.86 times as of 03 Sep 2026. The retail portion is oversubscribed.

How to subscribe Rays of Belief Ltd IPO? ▼

Subscribe via your broker app using ASBA or UPI. Opens 01 Sep 2026 and closes 03 Sep 2026. Min investment: ₹14,818 (1 lot = 62 shares). UPI mandate: 5:00 PM on 03 Sep 2026.

How many times Rays of Belief Ltd IPO subscribed? ▼

The Rays of Belief Ltd IPO subscribed 107.71x overall. QIB: 9.06x, NII: 279.11x, Retail: 195.86x. Applications: from NSE/BSE.

How to check Rays of Belief Ltd IPO allotment? ▼

Check allotment on the registrar website (Kfin Technologies Ltd) at https://ipostatus.kfintech.com/. Enter your PAN, application number or DP/Client ID. Allotment date: 04 Sep 2026. Refunds: on 07 Sep 2026.

When Rays of Belief Ltd IPO will be listed? ▼

The Rays of Belief Ltd IPO listing date is 08 Sep 2026, Tuesday. Listed on: NSE & BSE. Issue price: ₹239. Estimated listing: ₹249. GMP: +₹10.

When Rays of Belief Ltd IPO close? ▼

The Rays of Belief Ltd IPO closes on 03 Sep 2026, Thursday. UPI mandate: 5:00 PM on 03 Sep 2026. Allotment: 04 Sep 2026. Listing: 08 Sep 2026.