Rays of Belief IPO listing: listed at ₹239, flat at the issue price
Rays of Belief listed on NSE, BSE on 8 Sep 2026 at ₹239 per share, ₹0 (0.0%) against the upper price band of ₹239. The issue (price band ₹239, bidding 1 Sep 2026 to 3 Sep 2026) was subscribed 107.71x overall. The last grey-market premium we captured before listing was ₹19 on 7 Sep 2026 (daily average of 9 quotes), which implied a listing price of ₹258; the shares listed at ₹239, ₹19 below that.
Updated 6 Oct 2026, 19:02 IST. Dated dealer references.
Listing day facts
| Listing date | 8 Sep 2026 |
|---|---|
| Exchange | NSE, BSE |
| Listing price | ₹239 |
| Upper price band (issue price basis) | ₹239 |
| Gain or loss vs upper band | ₹0 per share (0.0%) |
| Price band | ₹239 |
| Issue dates | 1 Sep 2026 to 3 Sep 2026 |
| Subscription (overall, at close) | 107.71x, as of 3 Sep 2026 |
| Lot size | 62 shares |
| Gain or loss per lot vs upper band | ₹0 |
Grey-market premium against the actual listing
The last grey-market premium we captured before listing was ₹19 on 7 Sep 2026 (daily average of 9 quotes), which implied a listing price of ₹258; the shares listed at ₹239, ₹19 below that.
| Date | GMP | Implied listing price | Actual listing vs implied | Quotes captured |
|---|---|---|---|---|
| 26 Aug 2026 | ₹18 | ₹257 | −₹18 (−7.0%) | 3 |
| 27 Aug 2026 | ₹11 | ₹250 | −₹11 (−4.4%) | 9 |
| 28 Aug 2026 | ₹10 | ₹249 | −₹10 (−4.0%) | 9 |
| 29 Aug 2026 | ₹28 | ₹267 | −₹28 (−10.5%) | 13 |
| 30 Aug 2026 | ₹32 | ₹271 | −₹32 (−11.8%) | 10 |
| 31 Aug 2026 | ₹32 | ₹271 | −₹32 (−11.8%) | 10 |
| 1 Sep 2026 | ₹44 | ₹283 | −₹44 (−15.5%) | 11 |
| 2 Sep 2026 | ₹36 | ₹275 | −₹36 (−13.1%) | 10 |
| 3 Sep 2026 | ₹38 | ₹277 | −₹38 (−13.7%) | 10 |
| 4 Sep 2026 | ₹14 | ₹253 | −₹14 (−5.5%) | 11 |
| 5 Sep 2026 | ₹9 | ₹248 | −₹9 (−3.6%) | 12 |
| 6 Sep 2026 | ₹14 | ₹253 | −₹14 (−5.5%) | 11 |
| 7 Sep 2026 | ₹19 | ₹258 | −₹19 (−7.4%) | 9 |
GMP is unofficial and unregulated; these are the quotes our desk feed captured, averaged by day. Only the price band and the exchange listing price are official.
Frequently asked questions
What was the Rays of Belief IPO listing price?
Rays of Belief listed on NSE, BSE on 8 Sep 2026 at ₹239 per share.
How did Rays of Belief list against the issue price?
The listing price of ₹239 was ₹0 per share (0.0%) against the upper price band of ₹239.
What did the grey market indicate before Rays of Belief listed?
The last grey-market premium we captured before listing was ₹19 on 7 Sep 2026 (daily average of 9 quotes), which implied a listing price of ₹258; the shares listed at ₹239, ₹19 below that. GMP is unofficial and not a forecast.
Where do Rays of Belief shares trade now?
On NSE, BSE. Check the exchange for the current quote; BuyUnlistedShares tracks unlisted shares and does not quote listed prices.
Rays of Belief IPO overview · GMP history · Subscription status · Allotment status
Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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