The Rays of Belief IPO is scheduled to hit the primary market on 01 Sep 2026, with bidding closing on 03 Sep 2026. Key details on record: a ₹125 Cr book-built issue, price band of ₹227–₹239 per share, grey market premium of +₹25 (+10.5%). Shares are expected to list on 08 Sep 2026.
Last updated: 29 Aug 2026, 22:16 IST · auto-refreshed from live GMP, subscription feeds and the company's RHP
| Date | GMP | Est. Gain |
|---|---|---|
| 29 Aug | +₹25 | +10.5% |
| 28 Aug | +₹10 | +4.2% |
Est. gain = GMP as % of the upper band price (indicative listing premium).
Unlisted shares of Rays of Belief are changing hands at a premium of +₹25 over the issue price, with the premium climbing through the day. That implies an indicative listing near ₹264, roughly +10.5% above the upper band. For one retail lot of 62 shares, that translates to an estimated paper profit of about ₹1,550.
GMP is an unofficial, unregulated market signal. It moves daily and does not guarantee the actual listing price. The grey market premium is an unofficial, off-exchange quote where shares change hands before listing. A rising GMP usually means the market expects a strong debut; a fading one suggests cooling enthusiasm. SEBI does not recognise grey-market trades, there is no settlement guarantee, and the actual listing price is decided by normal order-book demand on debut day.
One market lot comprises 62 shares. Applications above ₹2 lakh fall under the non-institutional (HNI) category.
Mark these dates, the full subscription-to-listing cycle typically wraps up in under two weeks. India now runs on a T+3 settlement cycle, meaning bidding closes, allotment is finalised and shares hit Demat accounts within roughly three working days of the close, with listing following the very next trading day. Refunds for unsuccessful applicants happen automatically, ASBA/UPI blocks are released without any forms or follow-ups:
As last reported, the issue stood at 0.00xx overall (QIB 0.00xx · NII 0.00xx · Retail 0.00xx).
QIB demand reflects what mutual funds, insurers and alternative funds think of the valuation; NII (HNI) bookings often track expected listing pops; retail demand shows crowd sentiment. A book that is strong across all three categories is far more reassuring than one carried by a single segment. Remember: heavier oversubscription also means a lottery-style retail allotment, so apply only what you can comfortably bid for.
Live figures from the registrar/exchange; they change while bidding is open.
On a restated consolidated basis, the company revenue increased by 125% and profit after tax (PAT) dropped by 16% between the financial year ending with March 31, 2026, a useful one-line read on operating momentum heading into the listing.
Here is how the books have moved over the last three financial years:
| Particulars | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 50.89 | 26.12 | 12.89 |
| Total Income | 82.06 | 36.54 | 30.76 |
| Profit After Tax | 4.96 | 5.88 | 0.85 |
| EBITDA | 11.91 | 3.02 | 1.49 |
| Net Worth | 30.81 | 15.02 | 5.78 |
| Reserves | 15.22 | 14.70 | 5.47 |
All figures in ₹ Crore unless stated otherwise. Source: restated financials disclosed in the offer documents.
Profits have scaled from ₹0.85 Cr to ₹4.96 Cr over two years. For investors, the trend matters more than any single year, steady compounding with contained leverage is what institutional bidders typically reward, while a late spike in borrowings deserves scrutiny against the stated objects of the issue.
Reading these numbers. RoE and RoCE measure how efficiently the business turns shareholder capital into profit; anything in double digits is respectable, mid-twenties plus is strong. A debt-to-equity ratio well below 1 signals a balance sheet that does not depend on lenders. NAV per share anchors the book value of your bid, while price-to-book tells you how many rupees the issue is charging for each rupee of that book, compare it with listed peers in the same sector before deciding whether the premium is justified.
The issue price converts into a different earnings multiple once the fresh shares hit the books. Here is the dilution-adjusted picture:
Pre-IPO figures are computed on the pre-issue share count; post-IPO figures assume full subscription at the upper band.
Promoter holding comes down after the issue. Some dilution is inherent to every IPO, the question is whether the fresh-money component is funding growth (capacity, debt reduction) or simply an exit for early shareholders. Weigh the split between the fresh issue and the offer-for-sale alongside this number before forming a view.
visit Kfin Technologies Ltd., open the IPO status page, select "Rays of Belief IPO", enter PAN or application number and view your status.
Enter your application number and PAN on the exchange allotment page to see the shares allotted.
The mandate shows "blocked" until allotment, then the amount is either debited for allotted shares or released automatically.
Shares are scheduled to list on 08 Sep 2026.
Grey-market math points to an indicative listing near ₹264 (+10.5%); with an AI-predicted listing move of 8.3%.
New listings open with a special pre-open call auction: the exchange matches buy and sell orders to discover an opening price, after which normal trading begins. Newly listed counters trade in price bands (circuit limits) on day one, which caps how far the stock can swing from its base price. If you applied and were allotted, shares are already in your Demat before the bell, you can sell at open or hold; if you missed the allotment, you can still buy on debut, but chasing a euphoric opening is a well-known way to overpay.
A detailed business-model breakdown is added by the research desk once the official prospectus (DRHP/RHP) disclosures are fully parsed.
Listed companies operating in a similar line of business as this Mainboard issue:
Compare the issue's P/E (upper band) against these peers before judging valuation. Values change daily; verify on your broker or screener.
The stated objects, typically a mix of debt repayment, working-capital funding, capacity expansion and general corporate purposes, are set out in the Red Herring Prospectus. The DostIpo desk summarises the object-by-object break-up here once the RHP is parsed in full; until then, treat the prospectus as the authoritative source.
Detailed object-by-object break-up will appear here once the RHP is parsed in full.
Verify every claim against the primary source. These are statutory public disclosures filed with SEBI / the Registrar of Companies, free to read, no registration needed:
Official SEBI filing with the complete and authoritative picture.
Open RHP →Quick PDF summary of the issue for fast reading.
Open PDF →Links point to SEBI's official filings repository. The RHP contains the authoritative financials, risk factors, promoter details and objects of the issue.
Applying takes under five minutes if your Demat account and UPI ID are ready. There are two standard routes:
Open Zerodha Console, Groww, Upstox, Angel One or any UPI-enabled broker, go to the Invest/Orders IPO section, select Rays of Belief, enter your lot quantity and bid price (or choose cut-off), add your UPI ID and approve the mandate in your UPI app. Funds stay blocked in your own account until allotment, nothing leaves upfront.
Log in to your bank’s net-banking, find the IPO/ASBA section, pick the issue, enter your Demat DP ID and bid details, then submit. The exact amount is blocked and released automatically if no shares are allotted.
Track Rays of Belief IPO GMP day-by-day on the dedicated GMP page →
The sections below are generated automatically by the DostIpo intelligence engine from timestamped snapshots: RHP disclosures, live subscription captures and grey-market tracking. Every claim traces back to a stored data point; where inputs are still missing, the engine says so instead of filling gaps.
Composite of seven weighted categories, category-by-category evidence below.
GMP implies 10% listing premium on the upper band
Bidding has not opened or live figures unavailable — category skipped, not scored 0
PAT moved from Rs0.85 Cr to Rs4.96 Cr (+484%) across restated years
Post-IPO P/E of 100.84x looks expensive; leaves little room for disappointment
promoters retain 0.00% post-issue
low debt/equity at 0.12; EBITDA margin stable/up at 15%; clean RHP read: no litigation, related-party or regulatory-action flags
Industry overview captured from RHP (6 points); relative valuation vs peers pending
| Strongest Pillar | Financial Growth (15/15) |
|---|---|
| Weakest Pillar | GMP & Sentiment (3/20) |
This is an automated reading of the evidence above, not investment advice.
1/3 signals signals contributed.
gmp velocity 100/100
Fundamentals are notably stronger than current market sentiment; the grey market may be underpricing the balance sheet.
Promoters will retain only 0.00% after the issue; skin in the game is minimal. (Source: RHP disclosures)
Post-IPO P/E of 100.84x leaves little room for disappointment. (RHP valuation table)
All intelligence outputs are data-based observations for education, not recommendations. Methodology: see the Data Methodology page.
| Strongest Pillar | Financial Growth (15/15) |
|---|---|
| Weakest Pillar | GMP & Sentiment (3/20) |
DostIpo is not SEBI-registered. This is an automated, data-based signal for education only. Read the RHP risk factors and consult a SEBI-registered adviser; whether to invest is entirely your decision.
The price band is ₹227–₹239 per share.
Lot size is 62 shares; minimum estimated investment ~₹14,074 (lower band).
The IPO opens on 01 Sep 2026 and closes on 03 Sep 2026.
The allotment date is 04 Sep 2026 (official registrar/exchange date; minor delays are possible).
Estimated grey market premium is +₹25. GMP is unofficial and not a listing-price guarantee.
DostIpo's model gives an indicative 8.3% listing-range estimate (editorial signal, not guaranteed). Apply only after your own research and risk assessment.
Listing is scheduled for 08 Sep 2026 on BSE, NSE. The listing price is set by market demand on debut day, GMP is only an unofficial hint.
Kfin Technologies Ltd. is managing the issue. Allotment status can be checked on its official portal using PAN, application number or DP/client ID once the basis of allotment is finalised.
You can apply through any UPI-enabled broking app (Zerodha, Groww, Upstox, Angel One etc.) or via ASBA through your bank's net-banking. One lot is the minimum application; retail applications are capped at ₹2 lakh.
Subscription shows how many times the shares on offer were bid for. A figure above 1x means the category is oversubscribed. Higher retail and QIB demand generally signals stronger conviction, though it also means lottery-based allotment.
Last updated: 29 Aug 2026, 22:16 IST