Rays of Belief IPO: Complete Details, Dates, Price, Financials & Review
Rays of Belief opened its ₹125 crore mainboard issue on 1 September 2026. The offer is entirely fresh capital, so the company—not existing sellers—receives the net proceeds. Investors should still study the relatively modest historical scale against the post-issue valuation.
Last Updated: 1 September 2026, 21:00 IST
Rays of Belief opened its ₹125 crore mainboard issue on 1 September 2026. The offer is entirely fresh capital, so the company—not existing sellers—receives the net proceeds. Investors should still study the relatively modest historical scale against the post-issue valuation.
IPO Overview
- Issue: Fresh issue of 5,230,000 shares
- Issue size: ₹125 crore at upper band
- OFS: Nil
- Face value: ₹10
- Price band: ₹227–₹239
- Lot / minimum: 62 shares / ₹14,818 at ₹239
- Open / close: 1–3 September 2026
- Allotment: 4 September 2026
- Refund and demat credit: 7 September 2026
- Listing: 8 September 2026
- Exchange: BSE and NSE
About Rays of Belief
The company’s exact revenue mix, products, customer base and geography should be described using the RHP’s “Our Business” section before publication. The available issue materials show a much smaller revenue base than large mainboard issuers, making execution and use of proceeds central to the investment case.
Reservation and Investment
One lot contains 62 shares and costs ₹14,818 at the upper band. Exchange data shows QIBs, including anchors, received the largest category allocation. Investors should confirm the exact retail, NII, employee or shareholder quotas in the final exchange bidding notice.
Objectives of the IPO
Only objectives and amounts in the RHP should be used. Because the offer is fully fresh, proceeds are available to the company after issue expenses; there is no OFS cash-out. Editors should add the specific capex, working-capital, acquisition, debt or general-purpose allocations directly from the signed prospectus.
Financial Performance
- Period: FY2024 standalone | Revenue/sales: ₹30.61 cr | PAT: ₹0.85 cr
- Period: FY2025 standalone | Revenue/sales: ₹36.42 cr | PAT: ₹5.88 cr
- Period: FY2025 pro forma | Revenue/sales: ₹73.14 cr | PAT: ₹6.58 cr
- Period: FY2026 consolidated | Revenue/sales: ₹81.66 cr | PAT: ₹4.96 cr
The pro-forma and consolidated figures are not directly comparable with standalone history without reading the reconciliation. FY26 consolidated operating margin was reported near 14.6%, but PAT fell from the FY25 pro-forma figure. Investors should verify assets, net worth, borrowings, EPS, RoNW and ROCE in the RHP before valuation work.
Strengths and Risks
Fresh capital, improved operating profitability and potential scale benefits can support growth. Risks include a short comparable consolidated history, small earnings base, integration or group-reorganisation effects behind pro-forma numbers, customer concentration, execution risk and a valuation that may imply substantial future growth.
Valuation and Balanced View
Post-issue annualised EPS has been reported near ₹2.4, which would imply a P/E close to 100 times at ₹239. That simple calculation needs confirmation against RHP EPS and weighted shares, but it signals that expectations may be demanding. The IPO may interest investors comfortable with early-stage scale-up; valuation-sensitive investors should examine the business mix and sustainable margins carefully.
FAQs
When is the IPO open?
1 to 3 September 2026.
What is the price band?
₹227–₹239 per share.
What is the minimum investment?
₹14,818 for 62 shares at the upper band.
Is there an OFS?
No. It is a fresh issue.
When is allotment and listing?
Allotment is scheduled for 4 September and listing for 8 September 2026.
Where will it list?
BSE and NSE mainboard.
Disclaimer: This article is for educational and informational purposes only and should not be considered investment advice. IPO investments are subject to market risks. Investors should read the official offer documents and consult a qualified financial advisor before making investment decisions.