Rays of Belief IPO 107.71x subscribed, lists at ₹239
Rays of Belief's IPO hit the stock market with a lot of hype, getting subscribed 107.71 times overall during its September 1-3 window.
But when shares started trading at ₹239 on both NSE and BSE, they matched the issue price, so no instant gains for early investors, even though retail and non-institutional buyers showed massive interest.
Rays of Belief will deploy 125cr
The ₹125 crore raised will help Rays of Belief expand its Mom's Belief neurodevelopmental centers, boost brand awareness, and fund its US arm.
As of March 31, 2026, it runs 136 centers in 57 cities.
Total income rose 125% year-on-year from ₹36.54 crore in FY25 to ₹82.06 crore in FY26, but profit after tax fell from ₹5.88 crore in FY25 to ₹4.96 crore in FY26, a reminder that growth sometimes comes with trade-offs.