Rays of Belief Limited
MainboardBSE
Issue details
Price band
₹227 - ₹239
Lot size
62 shares
Issue size
₹125 Cr
Min. investment
₹14,818
Registrar
KFin Technologies
Subscription
30.54x
Grey market premium
Est. gain+₹15 · 6%
Save your family's PANs once and check allotment for everyone the moment results are out.
Sign in with a mobile OTP. It takes 20 seconds.
IPO Timeline
Open
1 Sep
Close
3 Sep
Allotment
4 Sep
Listing
8 Sep
- Refunds & demat credit
- 5 Sep 2026
- Mandate end
- 18 Sep 2026
- Anchor lock-in 50%
- 4 Oct 2026
- Anchor lock-in 100%
- 3 Dec 2026
We calculate these dates from the allotment and close dates, so please treat them as indicative. Anchor lock-in applies only to issues with an anchor allotment.
Application size
| Category | Minimum | Maximum |
|---|---|---|
| RII | 62shares 1 lot · ₹14,818 | 806shares 13 lots · ₹1,92,634 |
| sNII (₹2L–₹10L) | 868shares 14 lots · ₹2,07,452 | 4,154shares 67 lots · ₹9,92,806 |
| bNII (above ₹10L) | 4,216shares 68 lots · ₹10,07,624 | No limit funds permitting |
Based on the upper price band of ₹239 and a lot of 62 shares.
Subscription
| Quota | Shares offered | Shares bid | Subscribed |
|---|---|---|---|
| NII | 7,84,500 | 4,95,58,336 | 63.17x |
| bNII (above ₹10L) | 2,61,500 | 1,81,59,800 | 69.44x |
| Retail (IND) | 5,23,000 | 4,46,58,042 | 85.39x |
| Total | 31,37,810 | 9,58,22,240 | 30.54x |
Last updated 52 days ago.
Issue structure
Face value
₹10 per share
Issue type
Bookbuilding IPO
Sale type
Fresh capital only
Fresh issue
₹125 Cr
52,30,000 shares
Shares pre-issue
1,56,71,682
Shares post-issue
2,09,01,682
Valuation & ratios
| Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | 3.16 | 2.37 |
| P/E | 75.63 | 100.84 |
| Market cap | ₹374.55 Cr. | ₹477.27 Cr |
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 21.64% | 56.56% |
| ROCE | 29.74% | 7.49% |
| Debt/Equity | 0.12 | 0.29 |
| RoNW | 21.64% | 56.56% |
| PAT Margin | 6.07% | 16.15% |
| EBITDA Margin | 14.59% | 8.28% |
| NAV | 15.67 | 272.01 |
| Price to Book Value | — | 0.88 |
Financials
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total income | 82.06 | 36.54 | 30.76 |
| Profit after tax | 4.96 | 5.88 | 0.85 |
| EBITDA | 11.91 | 3.02 | 1.49 |
| Net worth | 30.81 | 15.02 | 5.78 |
| Assets | 50.89 | 26.12 | 12.89 |
| Reserves & surplus | 15.22 | 14.7 | 5.47 |
| Total borrowing | 3.61 | 4.36 | — |
Figures in ₹ crore, as reported by the company in its offer document.
Objects of the issue
- 1.Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals₹26.88 Cr
- 2.School Collaboration Centres₹5.54 Cr
- 3.Centre for Excellence and Research₹2.45 Cr
- 4.Upskilling Academy₹2.05 Cr
- 5.Technology (hardware) costs₹4.44 Cr
- 6.Expenditure for lease payments for existing centres in India₹14.45 Cr
- 7.Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA₹10.13 Cr
- 8.Expenditure for brand awareness and inclusive outreach programs₹10.21 Cr
- 9.Funding inorganic growth through unidentified acquisition and General corporate purposes₹38.55 Cr
- 10.Issue Expenses₹16.2 Cr
What the company says it intends to do with the money raised.
Recent comparable IPOs
| Company | Issue price | P/E | Listing close | Listing gain |
|---|---|---|---|---|
| Manipal Health Enterprises Ltd.Mainboard | ₹590 | 75.93 | ₹666.95 | +13.04% |
| Gujarat Kidney & Super Speciality Ltd.Mainboard | ₹114 | 61.62 | ₹104.54 | -8.30% |
| Park Medi World Ltd.Mainboard | ₹162 | 29.21 | ₹147.95 | -8.67% |
| ABH Healthcare Ltd.SME | ₹102 | 14.47 | ₹94.05 | -7.79% |
| Hannah Joseph Hospital Ltd.SME | ₹70 | 16.21 | ₹68.25 | -2.50% |
Past listing performance of comparable issues. This is not a forecast: listing gains vary widely and can turn negative.
Issue fundamentals compiled from the company's offer document via Chittorgarh, last read 27 Sep 2026. Always verify against the RHP before applying.