· Mainboard · NSE, BSE
Price Band
₹227–239
Lot Size
62 shares
Issue Size
₹125 Cr
Min. Investment
₹14,818
Indicative, updates through the day
Cap price plus current GMP: ₹248 — arithmetic, not a forecast
Rays of Belief (Mom’s Belief) IPO is a Mainboard issue whose public bidding closed on 3 September 2026, with listing scheduled for 8 September 2026 on NSE, BSE. The issue price band is fixed at ₹227–₹239 per equity share with a minimum market lot size of 62 shares, bringing the total issue size to ₹125 Cr. At the upper price band, the minimum retail application requires one lot amounting to ₹14,818.
The latest unlisted Grey Market Premium (GMP) for Rays of Belief (Mom’s Belief) IPO is quoted at ₹9, representing a premium of approximately 3.77% over the upper price band of ₹239. On a simple cap price plus GMP basis, the estimated opening price indicates a listing near ₹248, and informal quotes have eased over recent sessions. Please note that GMP is an unregulated sentiment indicator quoted by off-market dealers; it fluctuates based on supply-demand dynamics and does not constitute a guaranteed listing price. For historical accuracy studies, read our research on IPO GMP accuracy, or compare with live GMP quotes for all active IPOs.
As per the latest exchange feeds from BSE and NSE, Rays of Belief (Mom’s Belief) IPO has been subscribed 107.28x overall — with QIB at 9.06x, NII at 278.97x, bNII at 303.82x, sNII at 229.28x, Retail at 193.47x, representing over 15,39,669 retail and institutional applications. When the retail category is oversubscribed, SEBI regulations mandate that allotment is determined via an automated computerized lottery where each valid PAN gets one equal chance.
The minimum investment for retail investors is one lot of 62 shares (approx. ₹14,818 at the cut-off price), while the maximum retail bid is capped at 13 lots (under ₹2,00,000). Applications must be submitted using ASBA via Net Banking or the UPI Mandate route through registered stockbrokers (Zerodha, Groww, Angel One, Upstox).
The official registrar appointed for this issue is KFin Technologies Ltd., with the basis of allotment finalised on 4 September 2026 and listing expected on 8 September 2026. Once declared, you can check your allotment status on our IPO Allotment Checker using your PAN or Application Number. If you are not allotted shares, the ASBA block on your bank funds is automatically released by T+2 day.
Rays of Belief IPO raises ₹50.00 crore from anchor investors. Rays of Belief IPO Anchor bid date is August 31, 2026.📝 Anchor Investors Letter (PDF)
| Category | Shares Offered | % |
|---|---|---|
| QIB | 39,22,500 | 75% |
| − Anchor Investor | 20,92,190 | 40% |
| − QIB (Ex. Anchor) | 18,30,310 | 35% |
| NII (HNI) | 7,84,500 | 15% |
| − bNII > ₹10L | 5,23,000 | 10% |
| − sNII < ₹10L | 2,61,500 | 5% |
| Retail | 5,23,000 | 10% |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 62 | ₹14,818 |
| Retail (Max) | 13 | 806 | ₹1,92,634 |
| S-HNI (Min) | 14 | 868 | ₹2,07,452 |
| S-HNI (Max) | 67 | 4154 | ₹9,92,806 |
| B-HNI (Min) | 68 | 4216 | ₹10,07,624 |
EPS (Pre IPO)
3.16
EPS (Post IPO)
2.37
ROE
21.64%
P/E (Pre IPO)
75.63
P/E (Post IPO)
100.84
Price / Book
Market Cap
₹375Cr.
| Company | P/E | ROE | Revenue |
|---|---|---|---|
| Complete Sports & Management India Ltd. | 11.15 | ₹74.93 Cr | |
| Mopshop Distribution Ltd. | 22.22 | ₹27.26 Cr | |
| Safecure Services Ltd. | 11.66 | ₹30.60 Cr |
Rays of Belief Ltd. Address
KFin Technologies Ltd.