Rays of Belief
| Offer Type | Bookbuilding IPO |
| Sale Type | Fresh capital only |
| Listing At | BSE, NSE |
| Face Value | ₹ 10 per share |
| Price Band | ₹227 to ₹239 |
| Lot Size | 62 shares |
| Total Issue Size | 52,30,000 shares (agg. up to ₹ 125 Cr) |
| Fresh Issue | 52,30,000 shares (agg. up to ₹ 125 Cr) |
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 92.93% | |
| Public | 7.07% | |
| Total | 100% |
| EPS(₹) (pre → post) | 3.16 → 2.37 |
| P/E (x) (pre → post) | 75.63 → 100.84 |
| Market Cap at Offer Price | ₹499.55 Cr |
| Metric | 30 Sep 2025 |
|---|---|
| Assets | 46.49 |
| Total Income | 43.27 |
| Profit After Tax | 1.35 |
| EBITDA | 4.35 |
| NET Worth | 23.76 |
| Reserves and Surplus | 8.29 |
| Total Borrowing | 4.00 |
| ROE | 21.64% |
| ROCE | 29.74% |
| Debt/Equity | 0.12 |
| RoNW | 21.64% |
| PAT Margin | 6.07% |
| EBITDA Margin | 14.59% |
| NAV | 15.67 |
| Price to Book Value |
| Company | Issue price | P/E | Listing-day close |
|---|---|---|---|
| Safecure Services Ltd. | ₹102 | 11.66 | ₹77.55 |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 62 | ₹14,818 |
| Retail (Max) | 13 | 806 | ₹1,92,634 |
| S-HNI (Min) | 14 | 868 | ₹2,07,452 |
| S-HNI (Max) | 67 | 4,154 | ₹9,92,806 |
| B-HNI (Min) | 68 | 4,216 | ₹10,07,624 |
| Date | GMP ₹ | Implied |
|---|---|---|
| 2026-09-08 | 15 | +6.3% |
| 2026-09-08 | 15 | +6.3% |
| 2026-09-08 | 15 | +6.3% |
| 2026-09-08 | 15 | +6.3% |
| 2026-09-08 | 15 | +6.3% |
| 2026-09-08 | 15 | +6.3% |
| 2026-09-08 | 20 | +8.4% |
| 2026-09-08 | 20 | +8.4% |
| 2026-09-07 | 20 | +8.4% |
| 2026-09-07 | 20 | +8.4% |
| 2026-09-07 | 20 | +8.4% |
| 2026-09-07 | 20 | +8.4% |
| 2026-09-07 | 20 | +8.4% |
| 2026-09-07 | 20 | +8.4% |
🏢About Rays of Belief
Rays of Belief IPO is a book build issue of ₹125.00 crores. The issue is entirely a fresh issue of 0.52 crore shares of ₹125.00 crore.
Rays of Belief IPO opens for subscription on Sep 1, 2026 and closes on Sep 3, 2026. The allotment for the Rays of Belief IPO is expected to be finalized on Sep 4, 2026. Rays of Belief IPO will list on NSE and BSE with a tentative listing date fixed as Sep 8, 2026.
Rays of Belief IPO is set issue price band at ₹227 to ₹239 per share. The lot size for an application is 62 shares. The minimum amount of investment required by an individual investor (retail) is ₹14,818 (62 shares) (based on upper price).
Mefcom Capital Markets Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
🎯Objects of the Issue
| Object | ₹ Cr |
|---|---|
| Company Learning Centres and Company Learning Centres in partnership with Licensed Profess | 26.88 |
| School Collaboration Centres | 5.54 |
| Centre for Excellence and Research | 2.45 |
| Upskilling Academy | 2.05 |
| Technology (hardware) costs | 4.44 |
| Expenditure for lease payments for existing centres in India | 14.45 |
| Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for exi | 10.13 |
| Expenditure for brand awareness and inclusive outreach programs | 10.21 |
| Funding inorganic growth through unidentified acquisition and General corporate purposes | – |
- • Mefcom Capital Markets Ltd.
- • Kfin Technologies Ltd.
- allotment status is checked on the registrar's portal