Rays of Belief
Parent of Mom's Belief — a child-development and therapy platform for children with special needs.
Last updated 16 Sept 2026, 4:57 pm IST
- Price band
- ₹227 – ₹239
- Lot size
- 62
- Issue size
- ₹125 Cr (100% fresh)
- Opens
- 1 Sept 2026
- Closes
- 3 Sept 2026
- Exchange
- Both
The numbers
- GMP
- ₹20 (~8.4%) (listing morning; was ₹38 (~15.9%) on 4 Sep)
- Subscription
- 107.71× (final)
- Listing gain
- NSE 0.0% / BSE 0.0% (8 Sep)
- Listing date
- 8 Sept 2026
- Model prediction
- ~+16% expected → Subscribe. Listed flat on NSE & BSE (8 Sep), closed day 1 at -4.5%; call missed.
The Ticker Tales take
Rays of Belief is the parent of Mom's Belief, a platform that assesses and delivers therapy for children with developmental needs. The ₹125 crore issue was entirely fresh money going into the business, and demand was enormous at 107.71x. We had expected a pop of around 16%. It listed dead flat at ₹239 on both exchanges on 8 September and drifted lower through the day to close at ₹228.34, about 4.5% below the issue price. The call missed — the grey market premium had already cooled from ₹38 to ₹20 before listing, and even that proved optimistic.
More details
- Sector
- Child development & therapy services
- Issue type
- 100% Fresh issue
- Anil Singhvi - Long-term call
- Not clearly stated
- Anil Singhvi - Listing-gain call
- Not clearly stated
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Calls here follow a set formula (GMP, subscription trends) plus Anil Singhvi's publicly shared view — not investment advice. Please do your own research before investing.