Rays of Belief IPO: dates, price band, lot size and GMP
Rays of Belief IPO listed on 8 Sep at ₹239 (NSE, BSE). Issue dates 1 – 3 Sep 2026, price band ₹239, lot 62 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Listing: Rays of Belief listed on 8 Sep 2026 on NSE, BSE at ₹239, ₹0 (0.0%) against the ₹239 upper band. Rays of Belief IPO listing date, price and gain · Recently listed IPOs
Updated 17 Oct 2026, 22:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 208 IPOs on its calendar; the Rays of Belief IPO has a price band of ₹239, a lot of 62 shares and no grey-market premium reported yet as of 17 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 1 – 3 Sep 2026 |
| Price band | ₹239 |
| Lot size | 62 shares |
| Issue size | ₹125.00 Cr |
| Fresh issue | ₹125 Cr |
| Subscription | 107.71x |
| Registrar | Kfin Technologies Ltd. |
| Lead managers | Mefcom Capital Markets Ltd. |
| Status | Listed |
Timeline
- Issue opens: 1 Sep
- Issue closes: 3 Sep
- Allotment: 4 Sep
- Refunds: 7 Sep
- Demat credit: 7 Sep
- Listing: 8 Sep
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 9.06x |
| NII | 279.11x |
| sNII | 229.7x |
| bNII | 303.82x |
| Retail | 195.86x |
| Total | 107.71x |
Last updated 3 Sep 2026, 6:55 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Market cap at the upper band | ₹499.55 Cr |
| P/E (pre-issue) | 75.63x |
| P/E (post-issue) | 100.84x |
| Fresh issue (shares) | 52,30,000 |
| Total shares offered | 52,30,000 |
| Promoter holding pre-issue | 91.72% |
| Promoter holding post-issue | 68.77% |
| Promoters | Nitin Bindlish, Carving Futures Pte.Ltd. |
| Lead managers | Mefcom Capital Markets Ltd. |
| Registrar phone | 040-79615565 |
| Registrar email | robl.ipo@kfintech.com |
| Company website | momsbelief.com |
| Anchor bid date | 31 Aug 2026 |
| Anchor lock-in ends (50%) | 4 Oct 2026 |
| Anchor lock-in ends (remaining) | 3 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 62 | ₹14,818 |
| Retail (maximum) | 14 | 868 | ₹2,07,452 |
| sNII (minimum) | 14 | 868 | ₹2,07,452 |
| bNII (minimum) | 68 | 4,216 | ₹10,07,624 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 40% | 20,92,190 | |
| QIB | 35% | 18,30,310 | Not less than 75% of the Issue size |
| NII (HNI) | 15% | 7,84,500 | Not more than 15% of the Issue |
| sNII | 5% | 2,61,500 | |
| bNII | 10% | 5,23,000 | |
| Retail | 10% | 5,23,000 | Not more than 10% of the Issue |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 1 Sep | 0.00x | 0.39x | 0.90x | 0.13x | 6.51x | 1.18x |
| Day 2 · 2 Sep | 0.01x | 2.07x | 3.98x | 1.12x | 18.67x | 3.63x |
| Day 3 · 3 Sep | 9.06x | 279.11x | 229.70x | 303.82x | 195.86x | 107.71x |
Key ratios as of 31 Mar 2025
| EPS (pre-issue) | ₹3.16 |
|---|---|
| EPS (post-issue) | ₹2.37 |
| P/E (pre-issue) | 75.63x |
| P/E (post-issue) | 100.84x |
| RoNW | 56.56% |
| RoCE | 7.49% |
| RoE | 56.56% |
| PAT margin | 16.15% |
| EBITDA margin | 8.28% |
| Price / book | 0.88x |
| NAV per share | ₹272.01 |
| Debt / equity | 0.29 |
| Market cap (upper band) | ₹499.55 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 50.89 | 26.12 | 12.89 | +94.8% |
| Total Income | 82.06 | 36.54 | 30.76 | +124.6% |
| Profit After Tax | 4.96 | 5.88 | 0.85 | −15.6% |
| EBITDA | 11.91 | 3.02 | 1.49 | +294.4% |
| NET Worth | 30.81 | 15.02 | 5.78 | +105.1% |
| Reserves and Surplus | 15.22 | 14.7 | 5.47 | +3.5% |
| Total Borrowing | 3.61 | 4.36 | — | −17.2% |
About Rays of Belief
Rays of Belief Limited is the parent company of Mom’s Belief , a child development and therapy organization focused on supporting children with autism and other developmental challenges. The company adopts evidence-based approaches to develop personalized intervention programs aimed at improving children's developmental, behavioural, communication, and functional abilities. Through its Integrated Learning Centres, Rays of Belief provides children with access to multidisciplinary support in an inclusive and nurturing environment.
Its programs are delivered by professionals specializing in areas such as child psychology, speech and language, behavioural therapy, and occupational therapy, with an emphasis on the child's overall development and emotional well-being. Key Services: Occupational Therapy: Helps children develop motor skills, coordination, independence, and abilities required for everyday activities. Speech Therapy: Focuses on improving speech, language development, communication, and expressive abilities. Special Education: Provides personalized educational interventions tailored to children's individual learning requirements and developmental needs.
Applied Behaviour Analysis (ABA): Uses structured, behaviour-based techniques to support skill development and address behavioural challenges. Language and Communication Therapy: Supports the development of verbal, non-verbal, and social communication skills. Adult Counselling: Provides guidance and emotional support to parents and caregivers in addressing challenges associated with supporting children with developmental needs.
Objects of the issue
- Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals — ₹26.88 Cr
- School Collaboration Centres — ₹5.54 Cr
- Centre for Excellence and Research — ₹2.45 Cr
- Upskilling Academy — ₹2.05 Cr
- Technology (hardware) costs — ₹4.44 Cr
- Expenditure for lease payments for existing centres in India — ₹14.45 Cr
- Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA — ₹10.13 Cr
- Expenditure for brand awareness and inclusive outreach programs — ₹10.21 Cr
- Funding inorganic growth through unidentified acquisition and General corporate purposes — ₹38.55 Cr
- Issue Expenses — ₹16.2 Cr
Net proceeds: ₹130.89 Cr
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Rays of Belief IPO listing day: listed at ₹239 (0.0% vs the upper band), 8 Sep 2026
- Rays of Belief IPO GMP today and trend
- Rays of Belief IPO subscription status, day by day
- Rays of Belief IPO allotment status and how to check
Frequently asked questions
When does the Rays of Belief IPO open and close?
The issue is scheduled for 1 – 3 Sep 2026.
What is the Rays of Belief IPO price band?
The price band is ₹239 per share with a lot size of 62 shares.
How big is the Rays of Belief IPO?
The total issue size is ₹125.00 Cr.
When will Rays of Belief list?
The tentative listing date is 8 Sep on the main board.
How do I apply for the Rays of Belief IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Rays of Belief · as filed with SEBI · nsearchives.nseindia.com
- Red herring prospectus (RHP), Rays of Belief · as filed · sebi.gov.in
- Registrar allotment page, Kfin Technologies Ltd. · allotment 4 Sep · ipostatus.kfintech.com
- NSE public issues page · listing 8 Sep · nseindia.com
- BSE public issues page · listing 8 Sep · bseindia.com
- Rays of Belief company website · momsbelief.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 8 Sep, 04:03 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Rays of Belief IPO”, https://buyunlistedshares.com/ipo/rays-of-belief-ipo, as of 17 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. In the market since 2002. Data as of 17 Oct 2026.
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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