Rays of Belief IPO Day 3 Final Subscription Status: 107.62x Subscribed; GMP at ₹59

Rays of Belief IPO Day 3 Final Subscription Status closed at 107.62x overall on 3 September 2026, with Non-Institutional Investors (NIIs) leading at 279.09x and retail investors at 195.37x. Qualified Institutional Buyers (QIBs) finished at 9.06x. The Grey Market Premium (GMP) is around ₹59 in a current market reading, although trackers differ. The ₹125 crore Initial Public Offering (IPO) is now closed.

Metric	Final update
Bidding day	Day 3 final
Data status	Final after bidding closed on 3 September 2026
Overall subscription	107.62x
QIB subscription	9.06x
NII subscription	279.09x
Retail subscription	195.37x
Other reserved category	Not separately reported
Current working GMP	Around ₹59
GMP percentage	24.7%
Indicative price	₹298
Closing date	3 September 2026

Rays of Belief IPO Day 3 Final Subscription Status

The Rays of Belief IPO Day 3 final subscription figures show that demand accelerated sharply on the last day. NIIs recorded the highest category multiple at 279.09x, followed by retail investors at 195.37x. QIB demand, which had been negligible during the first two days, increased to 9.06x by the close.

Investor category	Day 3 final subscription
Qualified Institutional Buyers	9.06x
Non-Institutional Investors	279.09x
Retail Individual Investors	195.37x
Overall	107.62x

The final book was therefore heavily driven by NII and retail bidding, although QIB participation also developed on Closing Day.

These multiples measure the number of shares bid for relative to the shares reserved in each category. They do not represent the number of unique applicants. Category allocation also matters when comparing subscription multiples because a smaller reserved portion can reach a high multiple more quickly.

Final Day-wise Subscription Trend

Rays of Belief IPO demand increased significantly through the three-day bidding period, with most of the acceleration coming on the final day.

Bidding stage	Overall subscription	Leading category
Day 1 close	1.18x	Retail, 6.51x
Day 2 close	3.61x	Retail, 18.56x
Day 3 final	107.62x	NII, 279.09x

Overall subscription rose from 1.18x on Day 1 to 3.61x on Day 2 before jumping to 107.62x in the Day 3 final subscription data.

The nature of demand also changed. Retail investors dominated the first two days, while NIIs became the most heavily subscribed category by the final close. QIB demand rose from about 0.01x at the Day 2 close to 9.06x finally, making the overall book broader than it appeared earlier in the issue.

Rays of Belief IPO GMP Today and Estimated Listing Price

A current mainstream grey-market reading places the Rays of Belief IPO GMP at around ₹59 per share, compared with a previous widely reported reading of roughly ₹38.

That implies an increase of about ₹21 in the quoted premium.

Using the upper price band of ₹239:

Indicative price = ₹239 + ₹59 = ₹298

GMP percentage = ₹59 ÷ ₹239 × 100 = approximately 24.7%

However, GMP trackers are not fully aligned. Current readings across tracked sources vary materially, with some quoting levels in the ₹40s and others above ₹60. The ₹59 figure should therefore be treated as a working market reading rather than a universally agreed price.

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). It does not guarantee a ₹298 listing price or any listing gain.

What Stands Out in Today’s Bidding

The biggest development is the scale of Closing Day acceleration. Overall demand moved from only 3.61x at the Day 2 close to 107.62x finally, with NIIs and retail investors contributing the strongest multiples.

The second signal is the improvement in institutional participation. QIB subscription reached 9.06x after remaining close to zero through most of the earlier bidding period.

Two cautions remain important. First, the 279.09x NII and 195.37x retail multiples reflect bid quantity, not unique investor counts. Second, even a 107.62x overall subscription does not establish fair valuation, business quality, or future returns.

The positive GMP broadly moves in the same direction as the strong final demand, but GMP disagreement across trackers limits how precisely that signal can be interpreted.

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 IPO consists entirely of fresh shares, meaning there is no OFS component.

Brief Company and Financial Context

Rays of Belief operates 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.

Revenue from operations increased to ₹81.66 crore in FY2026 from ₹36.42 crore in FY2025, while profit after tax declined to ₹4.96 crore from ₹5.88 crore. Fresh proceeds are intended for new centres, lease payments, technology, investment in its US subsidiary, brand-building, acquisitions, and general corporate purposes. Key considerations include negative operating cash flow in FY2026 and execution risk from the planned expansion of its centre network.

What Happens Next

With bidding closed, the basis of allotment is expected to be finalised on 4 September 2026. Refund or fund-unblocking activity and credit of shares to demat accounts are expected around 7 September 2026, subject to the final schedule. Rays of Belief shares are scheduled to list on the BSE and NSE on 8 September 2026.

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