Rays of Belief Limited IPO — Subscription & GMP
- Price band
- ₹227 – ₹239
- Lot size
- 62
- Issue size
- ₹74.99 Cr
- Bidding
- 01 Sept 2026 → 03 Sept 2026
- Allotment
- —
- Listing
- 08 Sept 2026
Listing outcome
Official exchange pricesGMP was out by 5.4 percentage points against the buyer — it implied +5.44% and the issue listed 0.00%. Counted in our running GMP accuracy record.
Schedule
- 01 Sept 2026IPO open date
- 03 Sept 2026IPO close date
- 04 Sept 2026Allotment date†
- 04 Sept 2026Funds unblock or debit†
- 08 Sept 2026Tentative listing date
† Derived from the close date using the T+3 working-day timeline. The exchanges publish the open and close dates; the rest are indicative until confirmed, and exchange holidays are not accounted for.
Fundamentals
The business, its valuation and returnsBusiness Model of Rays of Belief Limited
Rays of Belief Limited (operating under the brand name Mom's Belief) is a for-profit social enterprise that provides specialized, organized intervention programs and clinical therapy services for children with neurodevelopmental disorders (NDDs).
- Core Offerings: The company focuses on early intervention and structured developmental support for conditions such as Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, cerebral palsy, and learning disabilities. Its service portfolio includes physical centre-based therapy sessions, online consultations, school integration programs, parent training, and home-based learning therapy kits.
- Operating Network & Asset-Light Model: Rays of Belief operates a large network of physical clinics and learning centers across India, utilizing a leasehold property model to scale its physical infrastructure efficiently without heavy long-term real estate capital commitments.
- Target Demographics: The primary focus is directed toward children aged 18 months to 12 years, alongside specialized life-skills and vocational training modules tailored for older children up to 15 years.
- Revenue Generation: The company generates its revenue through multi-channel streams comprising direct fees for center-based and online therapy sessions, specialized home learning materials, export services, and institutional or school collaboration programs.
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS | ₹3.21 | — |
| P/E ratio | 74.45× | — |
| NAV per share | ₹15.67 | — |
Promoter holding pre/post issue is in the offer document but we do not yet extract it. Left blank rather than estimated.
Read from the company’s offer document filed with SEBI. Figures are the latest reported financial year, as restated in that filing.
Figures are as reported and not independently audited, and are read 45 d ago.
Grey market premium
Unofficial · not from any exchangeSubscription status
Live from NSE · fetched 809 hr ago| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| 1Qualified Institutional Buyers(QIBs) | 18.30 L | 1.50 Cr | 8.18× |
| 1(a)Foreign Institutional Investors(FIIs) | — | 24.34 L | — |
| 1(b)Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 38,812 | — |
| 1(c)Mutual funds | — | 0 | — |
| 2Non Institutional Investors | 7.84 L | 16.94 Cr | 215.93× |
| 2.1Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 5.23 L | 12.75 Cr | 243.79× |
| 2.1(b)Individuals(Other than RIIs) | — | 12.14 Cr | — |
| 2.1(c)Others | — | 48.38 L | — |
| 2.2Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | 2.62 L | 4.19 Cr | 160.22× |
| 2.2(a)Corporates | — | 1.24 L | — |
| 3Retail Individual Investors(RIIs) | 5.23 L | 5.77 Cr | 110.32× |
| 3(a)Cut Off | — | 4.64 Cr | — |
| 3(b)Price bids | — | 1.13 Cr | — |
| Total | 31.38 L | 24.21 Cr | 77.15× |
Source: NSE issue information · BSE public issue
Demand curve
Shares bid at each price point · BSE₹227 → ₹239 · peak 33.85 Cr shares bid
Anchor investors
From NSE's anchor allocation filingAnchor investors are institutions allotted shares one working day before public bidding opens, in exchange for a lock-in. Up to 60% of the QIB portion can go to them, which reduces the QIB shares left for everyone else — and their participation is widely read as a confidence signal.
Anchor allocation report (NSE)
This issue’s anchor letter was filed as a scanned image with no text layer, so the allocation table cannot be read without OCR. We link the filing rather than publish figures we cannot verify.
Allotment status
You will need your PAN, application number or DP/client ID. These links go to the registrar and exchanges directly — UpcomingIPO never asks for those details.
Issue details
- Price band
- ₹227 – ₹239
- Lot size
- 62 shares
- Min. bid quantity
- 62
- Face value
- ₹10.00
- Tick size
- ₹1.00
- Shares offered
- 31.38 L
- Issue size
- ₹74.99 Cr
- Max bid · QIB
- 31.38 L
- Max bid · NII
- 13.07 L
Timeline & process
- Bidding opens
- 01 Sept 2026
- Bidding closes
- 03 Sept 2026
- Bidding hours
- 10.00 AM TO 5.00 PM
- UPI mandate cutoff
- 3rd September 2026
- Allotment
- —
- Listing
- 08 Sept 2026
Intermediaries
- Registrar
- Kfin Technologies Limited
- Sponsor bank
- ICICI BANK
- Lead managers
- Mefcom Capital Markets Limited