Rays of Belief IPO allotment likely today: GMP signals 5% listing gain. Here’s how to check status

The wait could finally be over for investors who subscribed to the Rays of Belief IPO, with the allotment expected to be finalised today, September 4. After the public issue was subscribed a massive 107.71 times, investors are now keenly watching for the allotment status and the company’s upcoming stock-market debut.

The Rs 125 crore Rays of Belief IPO is expected to finalise its share allotment today, after which investors will be able to check online whether they have received shares. The company is scheduled to list on both the BSE and NSE on September 8, 2026.

Adding to the buzz around the issue, the grey market premium (GMP) is currently around 5%, signalling expectations of a modest positive listing. While this could indicate a potential listing gain, investors should remember that GMP is an unofficial market indicator and can fluctuate sharply before the stock makes its debut.


The IPO was open for subscription from September 1 to September 3, 2026, and received an overwhelming response from investors. The issue was subscribed 107.71 times overall, with the retail portion subscribed 195.87 times, the Non-Institutional Investors (NIIs) category 279.11 times, and the Qualified Institutional Buyers (QIBs) portion 9.06 times.

The Rs 125 crore public issue comprises entirely a fresh issue of 52.30 lakh shares. The company had fixed the IPO price band at Rs 227–Rs 239 per share.

With the issue receiving such strong demand, investors will now be watching the allotment closely before turning their attention to the listing scheduled for September 8.

Ahead of the IPO, Rays of Belief raised Rs 50 crore from anchor investors. The anchor bidding process was conducted on August 31, 2026.

Mefcom Capital Markets Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is serving as the registrar.

Rays of Belief IPO GMP Today

The latest Grey Market Premium (GMP) for the Rays of Belief IPO stands at Rs 12, implying a premium of around 5% over the upper price band of Rs 239. Based on the current GMP, the estimated listing price of the Rays of Belief IPO is around Rs 251 per share.

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds of the Issue primarily towards expanding and strengthening its learning and education infrastructure. This includes setting up Company Learning Centres and centres in partnership with Licensed Professionals (Rs 26.88 crore), School Collaboration Centres (Rs 5.54 crore), a Centre for Excellence and Research (Rs 2.45 crore), and an Upskilling Academy (Rs 2.05 crore). The Company also plans to incur Rs 4.44 crore towards technology hardware and Rs 14.45 crore towards lease payments for its existing centres in India.

In addition, Rs 10.13 crore is proposed to be invested in its subsidiary, Moms Belief US Inc., towards lease/license payments for existing centres in the USA. The Company also proposes to spend Rs 10.21 crore on brand awareness and inclusive outreach programmes, while a portion of the Net Proceeds will be utilised for funding inorganic growth through unidentified acquisitions and general corporate purposes. The total estimated utilisation of the Issue proceeds is Rs 76.15 crore.

Financial Performance

Rays of Belief Ltd. reported a strong 125% year-on-year growth in total income, which increased from Rs 36.54 crore in FY25 to Rs 82.06 crore in FY26.

Despite the significant growth in revenue, the company’s profit after tax (PAT) declined by 16% from Rs 5.88 crore in FY25 to Rs 4.96 crore in FY26, indicating pressure on profitability during the period.

About Rays of Belief

Founded in 2017, Rays of Belief Ltd. is a social enterprise offering personalised care and intervention programmes for children with neurodevelopmental disorders, including autism, ADHD, Down Syndrome and cerebral palsy.

Under its Mom’s Belief brand, the company has expanded from 71 centres in FY23 to 136 centres across 57 cities and 20 states/UTs as of March 31, 2026, with a strong presence in Tier 2 and Tier 3 cities.

Its services include early intervention, occupational and language therapy, parental guidance and family support. The company had 340+ full-time clinical professionals as of March 31, 2026.

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