Rays of Belief IPO listing date tomorrow. Here's what GMP signals ahead of debut

Rays of Belief IPO listing: The shares of Rays of Belief are all set to make their stock market debut on Tuesday, 8 September. Rays of Belief shares will be listed on both BSE and NSE.

The allotment of Rays of Belief IPO was finalised on 4 September, last week. The Rays of Belief IPO opened for bidding from 1 September to 3 September.

The issue received an overwhelming response, with overall subscription reaching 107.71 times. The retail portion was subscribed 195.87 times, while the Non-Institutional Investors (NIIs) category saw 279.11 times subscription. The Qualified Institutional Buyers (QIBs) segment was subscribed 9.06 times.

Rays of Belief IPO GMP today

The shares of Rays of Belief IPO are commanding a premium of ₹20 in the grey market, indicating a moderate listing on Tuesday. The GMP of Rays of Belief IPO is +20, which means that the estimated listing price is likely to be ₹259, around 8% higher than the IPO price of ₹239.

Rays of Belief IPO details

The Rays of Belief IPO consisted entirely of a fresh issue of up to 52.30 lakh equity shares, with no offer-for-sale (OFS) component. The company fixed the final issue price at ₹239 per share, while the IPO lot size was set at 62 shares. For retail investors, the minimum investment required was ₹14,818 for one lot of 62 shares, based on the issue price.

Prior to the IPO, the company raised ₹5.89 crore through a pre-IPO private placement, with the proceeds adjusted against the fresh issue. This resulted in the issue size being reduced from the 60 lakh equity shares proposed in the updated draft papers filed in February. According to the Red Herring Prospectus (RHP) filed on August 19, the pre-IPO shares were allotted at ₹284 and ₹290 per share.

Rays of Belief intends to deploy a significant portion of the IPO proceeds towards its expansion plans, which include setting up 319 new centres between FY27 and FY29. Of the proposed allocation of ₹41.36 crore, around ₹34.99 crore will be spent on centre fit-outs, ₹1.93 crore on therapy material inventory and ₹4.44 crore on technology hardware.

Mefcom Capital Markets has been appointed as the book-running lead manager for the IPO, while Kfin Technologies will act as the registrar to the issue.

Rays of Belief is a for-profit social enterprise offering personalised intervention programmes for children with neurodevelopmental disorders (NDDs). Its services support children affected by conditions such as autism spectrum disorder, ADHD, Down Syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delays.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.