The IPO, priced at ₹227–239 per share, seeks to raise ₹125 crore entirely through a fresh issue, with proceeds earmarked for expanding its centre network, lease payments, and US subsidiary investment.

The initial public offering of Rays of Belief Limited, a neurodevelopmental disorder care provider, was subscribed 3.61 times overall as of 4:54 pm on September 2, the second of three subscription days, with sharply divergent interest across investor categories.

Retail individual investors drove the headline number, bidding for 97,05,046 shares against the 5,23,000 reserved for the category, a subscription of 18.56 times. The bulk of retail bids, over 84 lakh shares, came in at the cut-off price of ₹239.

The non-institutional investor (NII) category was subscribed 2.06 times. Within this segment, smaller NII applicants, those bidding between ₹2 lakh and ₹10 lakh, showed stronger conviction at 3.96 times, while larger NII bids crossed 1.11 times.

The starkest divergence was in the qualified institutional buyer (QIB) segment, which remained nearly empty at just 0.01 times subscription with one day of bidding remaining. Of the 18,30,310 shares reserved, only 14,942 had been bid for, entirely under the “Others” sub-category, with no participation from mutual funds, FIIs, or domestic financial institutions recorded so far.

The IPO, priced at ₹227–239 per share, seeks to raise ₹125 crore entirely through a fresh issue, with proceeds earmarked for expanding its centre network, lease payments, and US subsidiary investment.

Religare Broking, one of the research houses covering the issue, has assigned a Neutral rating, citing the company’s high price-to-earnings multiple of approximately 100 times as an expensive valuation relative to current earnings. The brokerage noted that while revenue from operations grew strongly to ₹81.66 crore in FY26, profit after tax declined to ₹4.96 crore from ₹5.88 crore a year earlier, with return on equity also falling to 21.64 per cent from 56.56 per cent.

With the issue closing on September 3, QIB participation in the final hours will be closely watched as a key signal of institutional confidence in the company’s growth trajectory.

Published on September 2, 2026