Rays of Belief IPO
Rays of Belief IPO is priced at ₹227–₹239 per share with an issue size of ₹125 crore. The IPO opens on Sep 1, 2026 and closes on Sep 3, 2026, with a lot size of 62 shares and a minimum investment of ₹14,818.
Rays of Belief Limited IPO
- IPO Dates
- Sep 1, 2026 – Sep 3, 2026
- Price band
- ₹227-239 per equity share
- Minimum Investment
- ₹14,818
- Issue size
- ₹125 Cr
- Lot size
- 62
- Allotment Date
- Sep 4, 2026
- Listing
- Sep 8, 2026
- Listing At
- BSE, NSE
IPO timeline
-
Sep 1, 2026
Open Date
Completed
-
Sep 3, 2026
Close Date
Completed
-
Sep 4, 2026
Allotment Date
Completed
-
Sep 8, 2026
Listing Date
Upcoming
Unofficial pre-listing indicator
Rays of Belief IPO GMP Today: ₹10
Rays of Belief IPO GMP today is ₹10 per share (a 4% premium over the ₹239 upper price band) as of 6 Sep 2026, 6:45 AM IST. The indicative listing price is ₹249 (₹239 upper price band + ₹10 GMP). GMP rose ₹3 from the previous recorded quote.
- Current GMP
- ₹10
- GMP percentage
- 4%
- Upper price band
- ₹239
- Indicative listing price
- ₹249
During the recorded period, Rays of Belief IPO GMP ranged from ₹5 to ₹27. The latest GMP is ₹10, up from ₹7.
Rays of Belief IPO GMP trend (day-wise) 53 observations
| Date & time | GMP | Change | GMP % | Indicative price |
|---|---|---|---|---|
| ₹10 | +₹3 | 4% | ₹249 | |
| ₹7 | ₹0 | 3% | ₹246 | |
| ₹7 | −₹1 | 3% | ₹246 | |
| ₹8 | ₹0 | 3% | ₹247 | |
| ₹8 | −₹3 | 3% | ₹247 | |
| ₹11 | ₹0 | 5% | ₹250 | |
| ₹11 | −₹2 | 5% | ₹250 | |
| ₹13 | ₹0 | 5% | ₹252 | |
| ₹13 | +₹1 | 5% | ₹252 | |
| ₹12 | ₹0 | 5% | ₹251 |
Rays of Belief IPO Subscription Details
View Subscription DetailsRays of Belief IPO subscription status shows demand across QIB, NII, and retail categories, helping investors understand participation levels.
Last updated:Rays of Belief IPO Essentials
Rays of Belief IPO Details
Rays of Belief IPO is priced at ₹227-239 per share with a total issue size of 125 crore. The IPO has a lot size of 62 shares and will be listed on BSE and NSE.
- Issue price
- ₹227-239 per equity share
- Lot size
- 62 shares
- Face value
- ₹10 Per Equity Share
- Issue size
- 52,30,000 shares(agg. up to ₹125 Cr)
- Total issue size
- 52,30,000 shares
(aggregating up to ₹125 crore) - Fresh issue
- 52,30,000 shares
(aggregating up to ₹125 crore) - Retail Portion
- 10%
- Listing at
- BSE, NSE
- Listing date
- Registrar
- Kfin Technologies Limited
- Lead manager
-
Mefcom Capital Markets Limited
Market Lot Size
Investors can bid for a minimum of 62 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 62 | ₹14,818 |
| sHNI(min) | 14 | 868 | ₹2,07,452 |
| bHNI(min) | 68 | 4216 | ₹10,07,624 |
Rays of Belief IPO Reservation
Rays of Belief IPO reservation details show category-wise allocation of shares. Out of the total 5230000 shares, approximately 35% are reserved for QIB, 15% for NII, 10% for retail investors, and 40% for anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 2092190 (40%) | |
| QIB Shares Offered | 1830310 (35%) | |
| NII (HNI) Shares Offered | 784500 (15%) | |
| bHNI > ₹10L | 523000 (10.01%) | 603 |
| sHNI < ₹10L | 261500 (5%) | 301 |
| Retail Shares Offered | 523000 (10%) | 8,435 |
| Total Shares Offered | 5230000 (100%) |
Rays of Belief IPO Analytics
Rays of Belief IPO category-wise subscription trends show day-wise participation across QIB, NII, and retail investors.
Rays of Belief IPO Subscription Status
Rays of Belief IPO subscription status shows demand across retail, NII, and QIB categories, helping investors understand overall participation trends.
The IPO is currently subscribed 107.71x, indicating strong demand across investor categories.
| As on | QIB |
NII
bHNI
sHNI
|
Retail | Total |
|---|---|---|---|---|
| Shares Offered / Reserved | 18,30,310 |
7,84,500
5,23,000
2,61,500
|
5,23,000 | 31,37,810 |
|
Day 1
01-09-26 05:00 PM
|
0.00 x |
0.39x
0.13x
0.90x
|
6.51 x | 1.18 x |
|
Day 2
02-09-26 05:00 PM
|
0.01 x |
2.07x
1.12x
3.98x
|
18.66 x | 3.63 x |
|
Day 3
03-09-26 05:00 PM
|
9.06 x |
279.11x
303.82x
229.70x
|
195.86 x | 107.71 x |
|
Total No. of Applications
|
bHNI | sHNI | Retail |
|---|---|---|---|
| 15,64,635 (Approx) | 62.1x | 223.19x | 173.06x |
Rays of Belief Valuations
Returns
- ROE
- 21.64%
- ROCE
- 29.74%
- RoNW
- 21.64%
- PAT Margin
- 6.07%
Fundamentals
- Debt / Equity
- 0.12
- Market Cap
- Cr.
Rays of Belief Financials( In Crs.)
| 31-Mar-26 | 31-Mar-25 | 31-Mar-24 | |
|---|---|---|---|
| Assets | 50.89 | 26.12 | 12.89 |
| Revenue | 82.06 | 36.54 | 30.76 |
| Profit After Tax | 4.96 | 5.88 | 0.85 |
| Net Worth | 30.81 | 15.02 | 5.78 |
| Reserves & Surplus | 15.22 | 14.70 | 5.47 |
| Total Borrowing | 3.61 | 4.36 | N/A |
Rays of Belief Company & Offer Insights
About Rays of Belief
Ray of Belief is a profit-based social enterprise which provides personalized intervention programs for children suffering from Neurodevelopmental Disorders (NDDs), such as Autism Spectrum Disorder (ASD), Attention Deficit Hyperactivity Disorder (ADHD), Down’s Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delay. The objective of Ray of Belief is to ensure that there is better knowledge, accessibility, quality of care, and affordability of care along with empowering parents to facilitate their child’s progress.
The company began its first centre in Gurgaon in 2018, and as of September 30, 2025, it operates 136 centres in 57 different cities in India operating under the name of Mom’s Belief. The centers are mostly located in Tier 2 cities and help increase awareness among the population living there.
As per records, the company has catered to over 56,500 children since 2018. This is particularly aimed at children between the age group of 18 months and 12 years, whereas specific interventions up to the age of 15 are aimed at vocational and life skill training.
These include sensory equipment, puzzles, and worksheets. In June 23, 2025, the company purchased Mom's Belief US Inc., its wholly-owned subsidiary, which has 3 centers operating in Salem, Lynchburg, and Roanoke cities in Virginia.
Rays of Belief Promoter(s)
Nitin Bindlish, Carving Futures Pte. Limited are the company's promoters of Rays of Belief.
Rays of Belief IPO Issue Objectives
- •
- Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals
- •
- School Collaboration Centres
- •
- Centre for Excellence and Research
- •
- Upskilling Academy
- •
- Technology (hardware) costs
- •
- Expenditure for lease payments for our existing centres in India
- •
- Investment in our Subsidiary, Mom’s Belief US Inc., for making lease / license payments for our existing centres in the USA
- •
- Expenditure for brand awareness and inclusive outreach programs
- •
- Funding inorganic growth through unidentified acquisition and General corporate purposes
Rays of Belief IPO - Anchor Investors
Rays of Belief Limited finalised its anchor investor allocation on August 31, 2026, raising ₹50.00 crore from 5 institutional investors at an anchor price of ₹239 per share. The anchor book comprises 20,92,190 equity shares.
The allocation was split evenly between Viney Growth Fund and LRSD Securities Pvt Ltd, each receiving 30.00%, followed by Nova Global Opportunities Fund PCC – Touchstone at 20.00%, and 31 Degrees North Fund – 31 Degrees North Fund I and Visionary Value Fund, each at 10.00% of the anchor portion.
Rays of Belief IPO - Peers Comparison
| P/B Ratio | P/E Ratio | RoNW | Revenue(in Cr.) | |
|---|---|---|---|---|
| No Listed Peer | N/A | N/A | N/A | N/A |
Rays of Belief IPO - Strengths and Risks
Rays of Belief IPO strengths and risks highlight key business factors, financial position, and market sentiment that may impact investor interest.
Strengths
Risks
Contact Information
Contact Details
Rays of Belief
+91 124 407549
J-1919, Basement, Chittaranjan Park, New Delhi, Delhi - 110019.
Registrar Contact Details
Kfin Technologies Limited
04067162222, 04079611000
Frequently Asked Questions
Click any question to reveal the answer
Rays of Belief IPO is a book-built IPO worth ₹125 crore. The price band is ₹227–₹239 per share. The IPO opens on Sep 1, 2026 and closes on Sep 3, 2026. It will be listed on BSE and NSE. Kfin Technologies Limited is the registrar.
The price band of Rays of Belief IPO is ₹227 to ₹239 per share.
The lot size of Rays of Belief IPO is 62 shares.
The minimum investment for Rays of Belief IPO is approximately ₹14,818 based on the upper price band .
Rays of Belief IPO opens on Sep 1, 2026 and closes on Sep 3, 2026.
The allotment date of Rays of Belief IPO is Sep 4, 2026.
Rays of Belief IPO is expected to be listed on Sep 8, 2026, on BSE and NSE .
Rays of Belief IPO GMP today is ₹10 per share (a 4% premium over the ₹239 upper price band) as of 6 Sep 2026, 6:45 AM IST. The indicative listing price is ₹249 (₹239 upper price band + ₹10 GMP). GMP rose ₹3 from the previous recorded quote.
Rays of Belief IPO valuation snapshot: P/E N/A, EPS ₹/-, P/B N/A, RoNW 21.64%, and market cap Cr.
To apply for Rays of Belief IPO, open the IPO Ji app or website, select the IPO, choose your demat account, enter the quantity, and submit the application.
You can check the live subscription status of Rays of Belief IPO on IPO Ji or stock exchange websites. It shows real-time demand across retail, NII, and QIB categories.
Pre-apply allows investors to submit their IPO application before the bidding period starts. The order is placed automatically when the IPO opens.
If you pre-apply for Rays of Belief IPO, your order will be placed when the IPO bidding starts, and a UPI mandate request will be generated.
You can check Rays of Belief IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Rays of Belief IPO allotment status on IPO Ji for quick and easy access.