Rays of Belief IPO GMP ₹15 Today (17 Oct), Price Band, Subscription Status, Allotment Date

Rays of Belief IPO Review & Analysis

Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.

Rays of Belief is a mainboard issue raising ₹125 Cr, offered in a band of ₹227–₹239 per share. At the upper end that is 23.9 times the ₹10 face value, so ₹229 of every share subscribed is share premium rather than capital.

A retail application for Rays of Belief needs one lot of 62 shares, which works out to ₹14,818 at the upper band of ₹239. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application. Retail applications are capped at ₹2,00,000, which here is 13 lots; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 68 lots.

For Rays of Belief, bidding runs 1-3 September, allotment is finalised on 4 Sep 2026, the shares list on 8 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 1 day after the issue closes. Counting from the close of bidding, money stays blocked for roughly 5 days before listing decides what the holding is worth.

The issue is reserved 35% to qualified institutional buyers, 15% to non-institutional investors, 10% to retail. At 10%, the retail portion is on the narrower side, so retail allotment turns into a lottery quickly once the book fills. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.

The whole ₹125 Cr is a fresh issue. Every rupee raised stays with the company and can fund the stated objects of the issue, which is generally a better sign than an offer that mainly lets existing holders sell down.

Revenue moved from ₹36.54 Cr in 31 Mar 2025 to ₹82.06 Cr in 31 Mar 2026 (+124.6%), while profit after tax went from ₹5.88 Cr to ₹4.96 Cr (-15.6%). Revenue is up but profit has fallen, so margins are being squeezed — worth understanding why before applying.

Recently listed companies in the same space trade at a median price-to-earnings ratio of about 16.9. Comparing that with the multiple implied by this issue's ₹227–₹239 band is a more useful test of pricing than looking at the grey market premium alone.

With the retail portion subscribed 2448.25 times, roughly one in 2448 single-lot applications can expect an allotment once the draw is made. Applying for more lots does not improve those odds in an oversubscribed retail book — every application is cut back to one lot before the lottery — so the practical lever is the number of distinct PANs applying, not the size of any one bid.

Kfin Technologies Ltd. is the registrar for this issue, which means the allotment status for Rays of Belief is published on their portal from 4 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.

A grey market premium of ₹15 on the upper band of ₹239 implies a listing gain of roughly 6.3%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.

The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.