Rays of Belief IPO subscribed 108 times on final day

Rays of Belief Ltd's initial public offering (IPO) received nearly 108 times subscription on its final day of bidding Thursday, driven by strong demand from non-institutional and retail investors. The company operates under the Mom’s Belief brand. The IPO received bids for 33,79,79,918 shares against 31,37,810 shares on offer. The non-institutional investor portion was subscribed 279.11 times, while the retail category saw 195.87 times subscription, and qualified institutional buyers received 9.06 times. The price band was Rs 227-239 per share, with a fresh issue of up to 52.30 lakh shares worth Rs 125 crore. Proceeds will fund 319 new centres between fiscal 2027 and 2029. The for-profit social enterprise provides intervention plans for children with neurodevelopmental disorders, with shares listing on BSE and NSE on or about September 8.