Rays of Belief IPO subscribed 107.71 times, raises Rs 50 crore from anchors

Rays of Belief's initial public offering was subscribed 107.71 times, receiving bids for 33.79 crore shares against 31.37 lakh shares on offer. The IPO closed on 3 September 2026. The non-institutional investors' category was subscribed 279.11 times, while the retail segment saw 195.87 times subscription. The qualified institutional buyers' portion was subscribed 9.06 times. The company raised Rs 50 crore from anchor investors at Rs 239 per share. Rays of Belief operates 136 centres across 57 cities under the Moms Belief brand, focusing on children with neurodevelopmental disorders. The company plans to use IPO proceeds for new centres, lease payments, US expansion, and brand awareness, with FY26 revenue rising 12% to Rs 81.66 crore.