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
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs239 + OFS by subtraction from exchange total Rs125 Cr. Checked: exchange issue size Rs125 Cr vs derived Rs125 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
The issuer names no comparable listed companies: “There are no listed companies in India or other foreign jurisdictions whose business portfolio is comparable with that of our business and comparable to our scale of operations. Hence, it is not possible to provide an industry comparison in relation to our Company.”
derived: cut-off price Rs239 / stated EPS Rs3.21 (FY26 (March 31, 2026) diluted EPS, restated consolidated). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.