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Rays of Belief IPO opens 1 September with ₹29 grey market premium
The IPO has a ₹227 to ₹239 price band, implying a potential estimated listing price of ₹268, about 12.1% above the top end.
Rays of Belief Ltd.’s IPO will open for subscription on Tuesday, 1 September and close on Thursday, 3 September, with the grey market premium standing at ₹29, according to LiveMint Markets. The company is part of a for-profit social enterprise focused on customised intervention programmes for children with neurodevelopmental disorders.
The offering sets an IPO price band of ₹227 to ₹239 per equity share, with a face value of ₹10, and a lot size of 62 shares. Based on the grey market premium and the upper end of the price band, the estimated listing price is ₹268 per share, which is about 12.1% higher than the ₹239 top of the range.
LiveMint Markets also reports that the issue is entirely a fresh offering of up to 52.30 lakh equity shares, with no offer for sale component. Anchor investors are scheduled to be allocated on Monday, 31 August, and the IPO allotment is tentatively expected to be finalised on Friday, 4 September.
Proceeds from the IPO are intended to support the company’s expansion phase, including establishing 319 new centres from FY27 to FY29. Of the total ₹41.36 crore raised, about ₹34.99 crore is earmarked for centre fit-outs, ₹1.93 crore for therapy-material inventory, and ₹4.44 crore for technology hardware.