Rays of Belief came to market through an IPO that opened on 1 September 2026 and closed on 3 September 2026, and the shares listed on 8 September 2026 on BSE, NSE. The price band was ₹227 to ₹239 per share and one lot was 62 shares, so the minimum application was ₹14,818. The issue size was ₹125 crore. The whole issue was fresh shares, so the money raised went to the company.
It listed at ₹239, flat against the issue price of ₹239. Kfin Technologies Limited was the registrar to the issue, and Mefcom Capital Markets Limited was the lead manager.
As of 3 September 2026.
| Day |
|---|
| 1 |
| 2 |
| 3 |
Overall the issue was subscribed 107.71 times.
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.
As described in the offer document.
| Metric | 31-Mar-26 | 31-Mar-25 | 31-Mar-24 |
|---|
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.
Nitin Bindlish, Carving Futures Pte. Limited.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Rays of Belief IPO was a ₹125 crore book-built issue, made up entirely of a fresh issue. It was priced at ₹227–₹239 per share with a lot size of 62 shares (₹14,818). The IPO was open from September 1 to September 3, 2026 and was subscribed 107.71x. Shares listed on BSE and NSE on September 8, 2026 at ₹239, in line with the issue price of ₹239. Kfin Technologies Limited is the registrar.
Mefcom Capital Markets Limited is the book running lead manager.
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.
The allotment date of Rays of Belief IPO is Sep 4, 2026.
No GMP quote could be verified as recorded before Rays of Belief IPO listed. A grey-market observation of ₹14 per share was recorded on 8 Sep 2026, 8:15 AM IST, but without a verified listing timestamp it is not treated as the final pre-listing GMP. The shares listed at ₹239. GMP is unofficial and does not forecast or guarantee the actual listing price.
Rays of Belief IPO listed on Sep 8, 2026. It was issued at ₹239.0(NSE) and is currently around ₹244.80 as on 30-Oct-2026 3:30 PM, which is approximately 2.4% versus issue price. The 52-week high is ₹314.95.
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 Rupix for quick and easy access.
₹227 to ₹239 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 62 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹14,818.
₹14,818, for one lot of 62 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 1 September 2026 and closed on 3 September 2026.
The basis of allotment was published on 4 September 2026 by Kfin Technologies Limited, and allotted shares were credited to demat accounts before listing.
The shares listed on 8 September 2026 on BSE, NSE, opening at ₹239.
The issue size was ₹125 crore. The fresh issue was 52,30,000 shares (aggregating up to ₹125 crore).
It listed at ₹239 against an issue price of ₹239, a gain of 0 percent on listing day.