Rays of Belief IPO gets nearly 108 times subscription on final day

New Delhi, Sep 3 (PTI) The initial share sale of Rays of Belief Ltd, which operates under the Mom’s Belief brand, received nearly 108 times subscription on the final day of bidding on Thursday, led by strong demand from non-institutional and retail investors.

The IPO received bids for 33,79,79,918 shares against 31,37,810 shares on offer, as per details available with the National Stock Exchange (NSE).

The portion reserved for non-institutional investors was subscribed 279.11 times, while the retail individual investor category received 195.87 times subscription. The quota for qualified institutional buyers was subscribed 9.06 times.

The issue was subscribed 3.63 times on the second day of bidding on Wednesday after being fully subscribed on the opening

day on Tuesday.

Rays of Belief had raised Rs 50 crore from five anchor investors on Monday.

The IPO, carrying a price band of Rs 227-239 per share, comprises a fresh issue of up to 52.30 lakh equity shares worth Rs 125 crore at the upper end of the price band.

The company plans to use the issue proceeds to fund its expansion, including setting up 319 new centres between fiscal 2027 and 2029.

Funds will also be deployed towards capital expenditure, including centre fit-outs, therapy-material inventory and technology hardware.

Rays of Belief is a for-profit social enterprise that provides personalised intervention plans for children with neurodevelopmental disorders (NDDs), including autism spectrum disorder, ADHD, Down Syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delays.

The company’s equity shares are proposed to be listed on the BSE and NSE on or about September 8. PTI HG HG BAL BAL