Rays of Belief IPO Day 1 Subscription: Issue Booked 7.20 Times

Authored By HDFC SKY | Published at: Sep 2, 2026 05:33 PM IST

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Mumbai, September 2: The Rays of Belief IPO opened for subscription on September 1, 2026, and will close on September 3, 2026. The issue has a price band of ₹227 to ₹239 per equity share and a market lot of 62 shares.

As of 4:54 PM on September 2, 2026, the IPO was subscribed 7.20 times overall. Investors had placed bids for 1,13,38,684 shares against 15,73,810 shares offered across the QIB, NII and retail categories.

The retail investor category recorded the highest subscription at 18.56 times, followed by the NII category at 2.06 times. The QIB portion was subscribed 0.01 times.

Rays of Belief IPO Day 2 Subscription Status

Investor Category	Shares Offered/Reserved	Shares Bid For	Subscription (times)
QIB	18,30,310	14,942	0.01x
NII	7,84,500	16,18,696	2.06x
Retail Individual Investors	5,23,000	97,05,046	18.56x
Total	31,37,810	1,13,38,684	7.20x

The QIB category received bids for 14,942 shares against 18,30,310 shares reserved for the category. Within QIBs, the bids were reported under the Others sub-category.

The NII category received bids for 16,18,696 shares against 7,84,500 shares offered. The portion for bids above ₹10 lakh was subscribed 1.11 times, while the portion for bids between ₹2 lakh and ₹10 lakh was subscribed 3.96 times.

Retail investors placed bids for 97,05,046 shares against 5,23,000 shares reserved for the category. The retail category was subscribed 18.56 times.

Category-wise Rays of Belief IPO Subscription Details

Category / Sub-category	Shares Offered/Reserved	Shares Bid For	Subscription (times)
QIB	18,30,310	14,942	0.01x
NII	7,84,500	16,18,696	2.06x
NII above ₹10 lakh	5,23,000	5,82,552	1.11x
NII ₹2 lakh to ₹10 lakh	2,61,500	10,36,144	3.96x
Retail Individual Investors	5,23,000	97,05,046	18.56x
Total	31,37,810	1,13,38,684	7.20x

Rays of Belief IPO Timeline

IPO Milestone	Date
Issue Open Date	September 1, 2026
Issue Close Date	September 3, 2026
UPI Mandate Cut-off	September 3, 2026
Basis of Allotment	September 4, 2026
Initiation of Refunds	September 5, 2026
Credit of Shares	September 5, 2026
Listing Date	September 8, 2026

Brief Overview Of Rays of Belief IPO

Particular	Details
Issue Size	31,37,810 shares
Price Band	₹227 to ₹239 per share
Face Value	₹10 per share
Market Lot	62 shares
Minimum Bid Quantity	62 shares
Issue Period	September 1 to September 3, 2026
IPO Market Timings	10:00 AM to 5:00 PM
Listing Platform	BSE SME

Source:

https://www.bseindia.com/markets/publicIssues/DisplayIPO?id=4775&type=IPO&idtype=1&status=L&IPONo=7920&startdt=01/09/2026

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