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Rays of Belief IPO
Rays of Belief IPO
Overview
Rays of Belief IPO is a book build issue of ₹125.00 crores. The issue is entirely a fresh issue of 0.52 crore shares of ₹125.00 crore. Rays of Belief IPO opens for subscription on Sep 1, 2026 and closes on Sep 3, 2026. The allotment for the Rays of Belief IPO is expected to be finalized on Sep 4, 2026. Rays of Belief IPO will list on NSE and BSE with a tentative listing date fixed as Sep 8, 2026. Rays of Belief IPO is set issue price band at ₹227 to ₹239 per share. The lot size for an application is 62 shares. The minimum amount of investment required by an individual investor (retail) is ₹14,818 (62 shares) (based on upper price). Mefcom Capital Markets Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Total Shares
52,30,000
Issue Size
₹125 Cr
Price Band
₹227 – ₹239
Lot Size
62 shares
Min. Investment
₹14,818
Max. Investment
₹1,92,634
Open Date
01 Sep, 2026
Close Date
03 Sep, 2026
Allotment
04 Sep, 2026
Listing
08 Sep, 2026
Max. Investment
₹1,92,634
Announced
01 Sep, 2026
Opening Date
01 Sep, 2026
Closing Date
03 Sep, 2026
Basis of Allotment
04 Sep, 2026
Initiation of Refunds
07 Oct, 2026
Credit of Shares
07 Sep, 2026
Listing Date
08 Sep, 2026
Live GMP
Est. Listing: ₹252
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About Rays of Belief IPO
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 br
Rays of Belief IPO Share Price
Issue Breakdown
Shareholding
Dilution: 33.4% increase in shares
Rays of Belief IPO Financial Health
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.
Rays of Belief IPO Lot Size
Investors can bid for a minimum of 62 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 62 | ₹14,818 |
| Retail (Max) | 13 | 806 | ₹1,92,634 |
| S-HNI (Min) | 14 | 868 | ₹2,07,452 |
| S-HNI (Max) | 67 | 4154 | ₹9,92,806 |
| B-HNI (Min) | 68 | 4216 | ₹10,07,624 |
(All values in CR)
Rays of Belief IPO Valuations
| Metric | Value |
|---|---|
| ROE | 21.64 |
| ROCE | 29.74 |
| Debt/Equity | 0.12 |
| RoNW | 21.64 |
| PAT Margin | 6.07 |
| EBITDA Margin | 14.59 |
| NAV | 15.67 |
| Price to Book Value | - |
(All values in CR)
Rays of Belief IPO Strength & Risk
Rays of Belief IPO – Strengths
- Largest for-profit NDD intervention network in India by number of centres.
- Strong centre network: 136 centres across 57 cities and 20 states/UTs as of March 31, 2026.
- Comprehensive care model: Provides multidisciplinary and client-focused intervention programmes.
- Established track record: Served more than 58,000 children since commencement of operations.
- Research and digital focus: Focus on R&D, digital therapies and technology adoption.
- Experienced clinical team: More than 340 full-time clinical professionals.
- Asset-light model: Leased centres support expansion with relatively lower upfront infrastructure investment.
Rays of Belief IPO – Risks
- Leased premises risk: Most centres operate from leased properties, creating renewal and relocation risks.
- Dependence on skilled professionals: Limited availability of specialised NDD professionals could constrain expansion.
- Licensed professional dependence: Partnerships with licensed professionals are important for a significant portion of centre operations.
- Related-party revenue exposure: 25.56% of FY26 revenue came from support services provided to promoter-group entities.
- US business integration risk: The recently acquired US centres expose the company to new market, regulatory and operational risks.
Rays of Belief IPO Subscriptions Status
Rays of Belief IPO subscribed 107.71 times. The public issue subscribed 195.86 times in the retail category, 9.06 times in QIB (Ex Anchor), and 279.11 times in the NII category by September 3, 2026 5:29:43 PM (Day 3).
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (Rs Cr.) |
|---|---|---|---|---|
| Anchor | 1.00 | 20,92,190 | 20,92,190 | 50 |
| QIB (Ex Anchor) | 9.06 | 18,30,310 | 1,65,76,630 | 396.18 |
| NII | 279.11 | 7,84,500 | 21,89,64,780 | 5 |
| bNII (> ₹10L) | 303.82 | 5,23,000 | 15,88,98,374 | 3 |
| sNII (< ₹10L) | 229.70 | 2,61,500 | 6,00,66,406 | 1 |
| Retail | 195.86 | 5,23,000 | 10,24,36,214 | 2 |
| Total | 107.71 | 31,37,810 | 33,79,77,624 | 8 |
Rays of Belief IPO GMP
Rays of Belief IPO last GMP is ₹13, last updated Sep 3rd 2026 05:01 PM. With the upper price band of ₹239.00, Rays of Belief IPO's estimated listing price is ₹252 (cap price + today's GMP). The expected percentage gain/loss per share is 5.44%. >> Rays of Belief IPO Retail Subject to Sauda: ₹600 >> Rays of Belief IPO Small HNI Subject to Sauda: ₹8400 Based on grey market activity over the last 15 sessions, The current GMP of ₹13 indicates a bearish outlook. During this period, the GMP ranged from a low of ₹0.00 to a high of ₹48.00.
Last updated 03 Sep, 2026 · Source: aggregated grey-market dealers
| Date | IPO Price | GMP | Sub2 Sauda | Est. Listing | Est. Profit | Updated |
|---|---|---|---|---|---|---|
| 03 Sep, 2026 | 239 | ₹13▼ | - | ₹252 (5.44%) | 806 | 03 Sep, 2026 |
| 02 Sep, 2026 | 239 | ₹42▲ | - | ₹281 (17.57%) | 2604 | 02 Sep, 2026 |
| 01 Sep, 2026 | 239 | ₹38▼ | - | ₹277 (15.90%) | 2356 | 01 Sep, 2026 |
| 31 Aug, 2026 | 239 | ₹48▲ | - | ₹287 (20.08%) | 2976 | 31 Aug, 2026 |
| 30 Aug, 2026 | 239 | ₹35▲ | - | ₹274 (14.64%) | 2170 | 30 Aug, 2026 |
| 29 Aug, 2026 | 239 | ₹26▼ | - | ₹265 (10.88%) | 1612 | 29 Aug, 2026 |
| 28 Aug, 2026 | 239 | ₹29▲ | - | ₹268 (12.13%) | 1798 | 28 Aug, 2026 |
| 27 Aug, 2026 | 239 | ₹10▼ | - | ₹249 (4.18%) | 620 | 27 Aug, 2026 |
| 26 Aug, 2026 | 239 | ₹18▲ | - | ₹257 (7.53%) | 1116 | 26 Aug, 2026 |
| 25 Aug, 2026 | 239 | ₹0 | - | ₹239 (0.00%) | - | 25 Aug, 2026 |
| 24 Aug, 2026 | 239 | ₹0 | - | ₹239 (0.00%) | - | 24 Aug, 2026 |
| 23 Aug, 2026 | 0 | ₹0 | - | ₹ (0.00%) | - | 23 Aug, 2026 |
| 22 Aug, 2026 | 0 | ₹0 | - | ₹ (0.00%) | - | 22 Aug, 2026 |
| 21 Aug, 2026 | 0 | ₹0 | - | ₹ (0.00%) | - | 21 Aug, 2026 |
| 20 Aug, 2026 | 0 | ₹0 | - | ₹ (%) | - | 20 Aug, 2026 |
Disclaimer: GMP is an unofficial signal from grey-market dealers and is not regulated by SEBI. Use it alongside subscription data and other research for informed decision-making.
How to Apply for Rays of Belief IPO
Login to Your Trading App
Open Zerodha, Upstox, Groww, Angel One, or any brokerage app.
Go to IPO Section
Find Rays of Belief IPO under the IPO section. Select it and enter your bid details — choose lot size and price (cut-off price recommended).
Enter UPI ID and Submit
Provide your UPI ID linked to your bank account and submit the application.
Approve Mandate on UPI App
Open your UPI app (Google Pay, PhonePe, Paytm, BHIM) and approve the IPO payment request.
Application Confirmed
Your funds will be blocked in your account until the IPO allotment process is completed.
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