Rays of Belief
Rays of Belief is a mainboard IPO raising ₹125 Cr at ₹227 – ₹239 a share. It listed on 8 Sept 2026 at ₹239, 0.0% against its issue price of ₹239, and trades at ₹219 today (−8.4% since issue). It was subscribed 108× in total.
107.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Who bid for it
| Investor category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| QIB Banks, funds and other large institutions | 18,30,310 | 1,65,76,630 | 9.06× |
| Foreign Institutional Investors | no separate quota | 29,00,174 | n/a |
| Domestic Financial Institutions | no separate quota | 43,896 | n/a |
| Mutual funds | no separate quota | 0 | n/a |
| Others | no separate quota | 1,36,32,560 | n/a |
| Non-institutional Wealthy individuals and companies bidding above ₹2 lakh | 7,84,500 | 21,89,65,648 | 279× |
| Non Institutional Investors | 5,23,000 | 15,88,98,374 | 304× |
| Corporates | no separate quota | 14,97,052 | n/a |
| Individuals | no separate quota | 15,21,20,906 | n/a |
| Others | no separate quota | 52,80,416 | n/a |
| Non Institutional Investors | 2,61,500 | 6,00,67,274 | 230× |
| Corporates | no separate quota | 1,49,048 | n/a |
| Individuals | no separate quota | 5,82,52,782 | n/a |
| Others | no separate quota | 16,65,444 | n/a |
| Retail Ordinary investors bidding up to ₹2 lakh | 5,23,000 | 10,24,37,640 | 196× |
| Cut Off | no separate quota | 8,75,76,488 | n/a |
| Price bids | no separate quota | 1,48,61,152 | n/a |
| Total | 31,37,810 | 33,79,79,918 | 108× |
Sub-categories read no separate quota rather than a dash: the exchange publishes bids at that level but never a reservation against them, so a subscription multiple does not exist — it is not missing data. Bids across both exchanges (NSE and BSE) — the figure usually quoted publicly. Last updated 3 Sept, 06:32 pm IST.
Where the bids landed
Demand barely changes across the price band — bidders were not price-sensitive. 26% of the book was bid at cut-off — investors who accept whatever price is set.
Cumulative shares bid for at each price, across both exchanges. “Cut-off” means the investor accepts whatever final price is set — mostly small retail applications. A band where demand barely changes between the low and high price tells you bidders were not price-sensitive.
How demand built
Our own series — the exchanges publish a running total and never a history.23 readings held.
Institutions typically enter the book on the final day, which is why a day-one subscription figure tells you very little.