Rays Of Belief Shares Flatline on Debut

Mumbai, September 8, 2026: Rays Of Belief shares were trading at ₹235.45 on BSE and NSE at 10:10:28 AM IST on Tuesday, down 1.49% from the opening price of ₹239. The stock opened at the same level as the final IPO price.

The shares moved between a high of ₹239 and a low of ₹227.32 during the session. At ₹235.45, the stock was ₹3.55 below both the opening price and the ₹239 issue price.

The movement followed the listing of Rays Of Belief after its ₹125 crore IPO. The issue was entirely a fresh issue of 52.30 lakh shares and received 107.71 times subscription during the three-day bidding period.

Shares Open At ₹239 And Slip To ₹235.45

Rays Of Belief shares started trading at ₹239 on September 8, matching the final IPO price. The stock initially held at that level before falling to ₹227.32 during the morning session.

At 10:10:28 AM IST, the shares were trading at ₹235.45. The VWAP stood at ₹238.31, which was above the prevailing market price.

From the opening level, the stock was down ₹3.55, or 1.49%. It was also trading 1.49% below the IPO price of ₹239.

₹125 Crore IPO Gets 107.71 Times Subscription

The Rays Of Belief IPO was open from September 1 to September 3, with the price band fixed at ₹227–239 per share. The final issue price was set at ₹239.

The company offered 52.30 lakh shares through the IPO. Investors placed bids for 33,79,79,608 shares, taking the overall subscription to 107.71 times.

The issue received 15,56,764 applications, according to the final subscription data.

QIB Portion Subscribed 9.06 Times

The QIB portion, excluding anchor investors, was subscribed 9.06 times. It received bids for 1,65,76,630 shares against 18.3031 lakh shares offered in this category.

The NII portion saw 279.11 times subscription. Within the category, applications above ₹10 lakh were subscribed 303.82 times, while applications between ₹2 lakh and ₹10 lakh were subscribed 229.70 times.

Retail Investors Subscribe 195.86 Times

Retail investors subscribed 195.86 times the shares reserved for them. The category received bids for 10,24,37,330 shares against 5.23 lakh shares offered.

The minimum retail application was 62 shares. At the upper end of the price band, one lot required an investment of ₹14,818.

Investors could apply in multiples of 62 shares after the minimum lot.

Entire ₹125 Crore IPO Was A Fresh Issue

Rays Of Belief raised the entire ₹125 crore through a fresh issue of 52.30 lakh shares. There was no offer-for-sale component in the IPO.

A fresh issue means the company issues new shares to raise capital. The money raised through this portion goes to the company, unlike an offer for sale where existing shareholders sell their shares.

QIBs Get 75% Of Total Issue

The QIB category was allocated 39.225 lakh shares, representing 75% of the total issue. This included 20,92,190 shares allotted to anchor investors and 18,30,310 shares offered to QIBs excluding anchors.

The NII category received 7,84,500 shares, or 15% of the issue, while retail investors were allocated 5,23,000 shares, representing 10%.

Anchor Investors Put In ₹50 Crore

Rays Of Belief raised ₹50 crore from anchor investors on August 31, 2026, a day before the public issue opened.

The anchor allocation comprised 20,92,190 shares at the issue price of ₹239 per share. As per the issue details, 50% of the anchor shares are subject to a lock-in until October 3, 2026, while the remaining shares have a lock-in period ending December 2, 2026.

Subscription Rose Sharply On Final Day

The IPO started with overall subscription of 1.18 times on September 1. Demand increased to 3.63 times on September 2 before rising sharply to 107.71 times on the final bidding day, September 3.

QIB subscription excluding anchors moved from 0.00 times on the first day to 9.06 times by the close of the issue. NII subscription increased from 0.39 times to 279.11 times over the three-day period.

Retail subscription also picked up through the issue, rising from 6.51 times on the first day to 195.86 times on the final day.

Shares Trade 1.49% Below IPO Price

At 10:10:28 AM IST on September 8, Rays Of Belief shares were trading at ₹235.45, down ₹3.55 from the ₹239 IPO price.

The stock’s session high was ₹239, while the low stood at ₹227.32. The VWAP was ₹238.31 at the time of the market update.

Rays Of Belief Listing Follows ₹239 Issue Price

Rays Of Belief was listed on BSE and NSE on September 8, following allotment on September 4 and credit of shares on September 7.

The stock opened at ₹239, matching the final issue price, before moving lower during the morning session. At 10:10:28 AM IST, it was trading at ₹235.45.

Conclusion

Rays Of Belief shares were trading at ₹235.45 at 10:10:28 AM IST on September 8, 2026, down 1.49% from the ₹239 opening price and IPO price. The ₹125 crore IPO was subscribed 107.71 times overall, with QIBs excluding anchors, NIIs and retail investors subscribing 9.06 times, 279.11 times and 195.86 times, respectively.

Source:

• https://www.nseindia.com/get-quote/equity/MOMSBELIEF/Rays-of-Belief-Limited