Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO
ListedMainboardMiscellaneous
107.71×
Subscribed
Price band
₹227 – ₹239
Lot size
62
1 lot = ₹14,818
Issue size
₹125 Cr
Open – close
01 Sept 2026
to 03 Sept 2026
Listing
08 Sept 2026
Listing gain
+0.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
We can't judge this issue yet. A verdict needs at least three independent dimensions — valuation, growth, profitability, balance sheet, issue structure, governance or demand — and this issue does not yet publish enough of them for a read that would mean anything. No offer document for this issue has been published yet. A confident score from two fields would be worse than this notice.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens01 Sept 2026
- Closes03 Sept 2026
- Allotment04 Sept 2026
- Listing08 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB9.06x
Non-institutionalNII / HNI279.11x
Big NIIabove ₹10L303.82x
Small NII₹2L – ₹10L229.70x
Retail individualRII195.86x
15,56,764 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 03 Sept 2026.
Chance of allotment
Retail195.86× subscribed
~1 in 195.9
Minimum 1 lot · 62 shares · ₹14,818 blocked
Retail is 195.86× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 195.9 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII279.11× subscribed
~1 in 279.1
Minimum 14 lots · 868 shares · ₹2,07,452 blocked
HNI is 279.11× subscribed. This category is allotted proportionately, so a bid receives roughly 1/279.1 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹227 – ₹239
Face value₹10
Lot size62shares
Minimum application₹14,818at cut-off
Total issue size₹125 Cr
Listing atMainboard
Company & valuation
ROE21.64%
ROCE29.74%
Debt/Equity0.12
RoNW21.64%
PAT Margin6.07%
EBITDA Margin14.59%
NAV15.67
ISININE1FCO01014
RegistrarKARVY
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 39,22,500 | — |
| Anchor Investor | 20,92,190 | — |
| QIB (Ex. Anchor) | 18,30,310 | — |
| NII (HNI) | 7,84,500 | — |
| bNII > ₹10L | 5,23,000 | 602.00% |
| sNII < ₹10L | 2,61,500 | 301.00% |
| Retail | 5,23,000 | 8435.00% |
Total issue 52,30,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8181 lot · 62 sh
Retail (Max)₹1,92,63413 lots · 806 sh
S-HNI (Min)₹2,07,45214 lots · 868 sh
S-HNI (Max)₹9,92,80667 lots · 4,154 sh
B-HNI (Min)₹10,07,62468 lots · 4,216 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted20,92,190
Anchor portion₹50 Cr
Bid date31 Aug 2026
Lock-in ends (50%)03 Oct 2026
Lock-in ends (rest)02 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Rays of Belief Limited- For Profit Social Enterprise (FPSE)
Rays of Belief Limited is a for-profit social enterprise that provides intervention plans for children with neurodevelopmental disorders (NDDs), including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. Its personalised intervention plans are based on each child's needs and condition severity. The company provides early intervention, parental guidance, occupational therapy, language therapy, and family support programmes through its centres and digital e-therapy programmes. Its services primarily cater to children aged 18 months to 12 years, with programmes for children up to 15 years focused on vocational and life skills. The company operates under the brand name Mom’s Belief and had 136 centres across 57 cities in 20 states and Union Territories in India as of March 31, 2026. It also has three centres in Virginia, USA, following its acquisition of Mom’s Belief US, Inc. in June 2025.
Founded 2017MD Mr Nitin BindlishSector Miscellaneous
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO GMP today?
The most recent grey-market premium recorded for Rays of Belief Limited- For Profit Social Enterprise (FPSE) is ₹48 per share — about 20.1% over the ₹239 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO subscribed?
Rays of Belief Limited- For Profit Social Enterprise (FPSE) is subscribed 107.71× overall (QIB 9.06×, NII 279.11×, retail 195.86×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KARVY.
What is the minimum investment in the Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO?
One lot is 62 shares, so a retail application at the ₹239 cut-off price blocks ₹14,818. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO?
The retail portion is subscribed 195.86×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 196. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO allotment date?
Allotment is scheduled for 2026-09-04, with listing on 2026-09-08. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, KARVY.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.