Rays of Belief IPO oversubscribed 107.71 times by final day
Business
Rays of Belief Limited's IPO just wrapped up and the response was wild: it was oversubscribed 107.71 times by the final day.
The offer, open on September 3 at ₹227 to ₹239 per share, saw people bidding for a staggering 33,79,77,624 shares when only 31,37,810 were actually available.
Non-institutional investors led bidding
Non-institutional investors, especially high-net-worth individuals, drove most of this rush, with their bids reaching 279.11 times what was on offer.
HNIs alone put in for over 15.21 crore shares, while the larger NII category subscribed 303.82 times the available amount.
Retail investors weren't far behind either, subscribing 195.86 times, while institutional buyers also showed solid interest before closing time.