Rays of Belief IPO subscribed 14x on final day; retail portion 49x, GMP at 20%

Rays of Belief IPO was subscribed nearly 14 times on its final day of bidding, driven by strong retail demand, with the grey market premium indicating a 20-23% listing gain. Retail investors booked their portion 49 times, while non-institutional investors subscribed 21.5 times, though qualified institutional buyers had only taken up 4% of their quota by mid-morning. The Rs 125-crore issue, priced at Rs 227-239 per share, closes September 3 with allotment on September 4 and listing scheduled for September 8. The company plans to use proceeds for expanding learning centres and US operations. Its total income grew 125% to Rs 82.06 crore in FY26, but profit after tax fell 16% to Rs 4.96 crore. Master Capital Services suggests considering the IPO as a long-term investment given the growing neurodevelopmental disorder therapy market.