Rays of Belief IPO Day 2 Subscription Status: 2.33x Subscribed; GMP at ₹38

Rays of Belief’s Initial Public Offering (IPO) was subscribed 2.33 times overall as of the afternoon on Day 2 (2:00 p.m. to 3:30 p.m. IST on 2 September 2026). Retail investors continued to lead at 12.55x, while Non-Institutional Investors (NIIs) reached 0.95x and Qualified Institutional Buyers (QIBs) remained near zero. The Grey Market Premium (GMP) is around ₹38 in current mainstream reporting, although trackers differ materially. Bidding closes on 3 September 2026.

Metric	Latest update
Bidding day	Day 2
Data status	Latest verified snapshot on 2 September 2026
Overall subscription	2.33x
QIB subscription	0.00x
NII subscription	0.95x
Retail subscription	12.55x
Other reserved category	Not separately reported
Current working GMP	Around ₹38
GMP percentage	15.9%
Indicative price	₹277
Closing date	3 September 2026

Rays of Belief IPO Day 2 Subscription Status

Demand for the Rays of Belief IPO has moved above two times the shares available for public bidding, but the category-wise numbers show that participation is still concentrated heavily in retail.

Investor category	Day 2 latest	Day 1 close	Change
Qualified Institutional Buyers	0.00x	0.00x	0.00x
Non-Institutional Investors	0.95x	0.39x	+0.56x
Retail investors	12.55x	6.51x	+6.04x
Overall	2.33x	1.18x	+1.15x

Retail demand has almost doubled from the Day 1 closing level, while NII participation has also improved and is close to full subscription. QIB bidding, however, remains negligible in the latest snapshot.

Subscription multiples measure the quantity of shares bid for relative to the shares reserved for a category. They do not represent the number of unique applicants.

How Subscription Changed From Day 1

Rays of Belief IPO closed Day 1 at 1.18x overall, with retail already leading at 6.51x. By the latest Day 2 reading, overall demand had increased by 1.15 times to 2.33x.

Retail has contributed the largest visible increase, rising by 6.04 times from its Day 1 closing multiple. NII subscription has moved from 0.39x to 0.95x, showing a more noticeable contribution from non-institutional bidders on Day 2.

The response is therefore broader than it was at the start of Day 1, but it is not yet broad-based across all major categories. Institutional participation often develops later in book-built IPOs, although that pattern does not predict how QIB demand will finish on Closing Day.

Rays of Belief IPO GMP Today and Estimated Listing Price

A current mainstream-market reading places the Rays of Belief IPO GMP at around ₹38 per share.

Using the upper price band of ₹239:

Indicative price = ₹239 + ₹38 = ₹277

GMP percentage = ₹38 ÷ ₹239 × 100 = approximately 15.9%

However, current GMP sources are not fully aligned. One reliably timestamped tracker has quoted about ₹14, while other reporting has referred to readings as high as ₹48. That is a material difference, so ₹38 should be treated as a working market reading rather than a universally agreed GMP.

At the wider ₹14 to ₹48 range, the corresponding indicative price would be roughly ₹253 to ₹287.

GMP is unofficial, unregulated, and can change quickly. It is not published by the Securities and Exchange Board of India (SEBI), BSE Limited (BSE), or the National Stock Exchange of India (NSE), and it does not guarantee the actual listing price or listing gains.

What Stands Out in Today’s Bidding

The first clear signal is the acceleration in retail demand. Retail subscription has risen from 6.51x at the Day 1 close to 12.55x, making it the dominant contributor to the overall 2.33x subscription.

The second is the improvement in NII demand to 0.95x. Even so, QIB participation remains negligible, so the book is still uneven across investor categories.

There are also two limitations. Day 2 is not the final bidding position, and institutional bids can arrive later. Separately, the wide disagreement among GMP trackers reduces the usefulness of treating a single grey-market number as precise. Neither high retail demand nor a positive GMP establishes fair valuation, business quality, or future returns.

IPO Details Retail Investors Need

IPO detail	Information
Price band	₹227 to ₹239 per share
Lot size	62 shares
Minimum retail investment	₹14,818 at the upper band
Issue size	₹125 crore
Fresh issue	₹125 crore
Offer for Sale (OFS)	Nil
Issue type	100% book-built mainboard issue
Closing date	3 September 2026
Expected listing date	8 September 2026
Exchanges	BSE and NSE

The issue consists entirely of fresh shares, with no OFS component. Rays of Belief had also raised funds through a pre-IPO placement before the public issue.

Brief Company and Financial Context

Rays of Belief operates under the Mom’s Belief brand and provides personalised intervention programmes for children with neurodevelopmental disorders. Its services include occupational therapy, speech and language therapy, parental guidance, and developmental support.

For FY2026, revenue from operations stood at about ₹81.66 crore, while profit after tax was ₹4.96 crore. The fresh proceeds are intended for new centres, technology hardware, lease payments, investment in its US subsidiary, brand-building, acquisitions, and general corporate purposes. Key considerations include its relatively short profitability history, negative operating cash flow in FY2026, and execution risk from a sizeable centre-expansion programme.

What Happens Next

Closing Day is 3 September 2026. Investors can monitor whether QIB participation develops, whether NII demand moves decisively above full subscription, whether retail momentum continues, and whether the overall book becomes more balanced across categories.

The GMP also needs watching because current trackers are reporting materially different levels. The final subscription figures should be assessed only after bidding closes and exchange data stabilises.

Frequently Asked Questions (FAQs)