IPO Listed — 08 Sep 2026
Listing Price: ₹239
Rays of Belief IPO GMP History | Listing Price ₹239 & Kostak Rate
Rays of Belief IPO has been listed on September 8, 2026 at a listing price of ₹239, against the issue price of ₹239 — a gain of ₹0 (+0%). The GMP peaked at ₹48 on 31 August 2026 and reached a low of ₹10 on 5 September 2026. The day-wise GMP trend below shows how grey market sentiment evolved from subscription to listing.
Rays of Belief IPO raised ₹125 Cr. through its IPO at a price band of ₹227 to ₹239 per share, with a lot size of 62 shares. The IPO was open for subscription from 01 Sep 2026 to 03 Sep 2026.
GMP Trend Chart
Day-wise GMP Trend
| Date | GMP | ↑↓ | % | Kostak | Sub. Sauda |
|---|---|---|---|---|---|
| 08 Sep 2026 | ₹ 15 | 6.28% | ₹ 0 | ₹ 0 | |
| 07 Sep 2026 | ₹ 15 | 6.28% | ₹ 0 | ₹ 0 | |
| 06 Sep 2026 | ₹ 20 | 8.37% | ₹ 0 | ₹ 0 | |
| 05 Sep 2026 | ₹ 10 | 4.18% | ₹ 0 | ₹ 0 | |
| 04 Sep 2026 | ₹ 12 | 5.02% | ₹ 0 | ₹ 0 | |
| 03 Sep 2026 | ₹ 12 | 5.02% | ₹ 0 | ₹ 0 | |
| 02 Sep 2026 | ₹ 42 | 17.57% | ₹ 0 | ₹ 0 | |
| 01 Sep 2026 | ₹ 38 | 15.90% | ₹ 0 | ₹ 0 | |
| 31 Aug 2026 | ₹ 48 | 20.08% | ₹ 0 | ₹ 0 | |
| 30 Aug 2026 | ₹ 35 | 14.64% | ₹ 0 | ₹ 0 | |
| 29 Aug 2026 | ₹ 26 | 10.88% | ₹ 0 | ₹ 0 | |
| 28 Aug 2026 | ₹ 29 | 12.13% | ₹ 0 | ₹ 0 | |
| 27 Aug 2026 | ₹ 10 | 4.18% | ₹ 0 | ₹ 0 | |
| 26 Aug 2026 | ₹ 18 | 7.53% | ₹ 0 | ₹ 0 |
Rays of Belief IPO Dates
| Event | Date |
|---|---|
| Open Date | 01 Sep, 2026 |
| Close Date | 03 Sep, 2026 |
| Allotment Date | 04 Sep, 2026 |
| Refund Date | 07 Sep, 2026 |
| Credit to Demat | 07 Sep, 2026 |
| Listing Date | 08 Sep, 2026 |
Rays of Belief IPO Actual Listing Price
| Basis | Value |
|---|---|
| Issue Price | ₹239 |
| GMP-Based Estimate (Pre-Listing) | ₹254 (+6.3%) |
| Actual Listing Price | ₹239 (+0%) |
| Listing Gain / Loss | +₹0 per share |
| Listing Date | 08 Sep, 2026 |
Is Rays of Belief IPO GMP Reliable?
Grey market premium for Rays of Belief IPO should be interpreted with caution. The GMP is an unregulated, unofficial market not governed by SEBI. Here's how to read the current signal:
- Subscription rate matters: A high GMP paired with strong subscription — especially QIB (Qualified Institutional Buyer) oversubscription — is a more reliable bullish signal than GMP alone. Read our in-depth analysis: GMP vs Subscription Data — Which Predicts Listing Gains Better?
- Timing matters: GMP in the first 1–2 days of subscription is less reliable. GMP on the final subscription day and the day before listing tends to be the most accurate predictor.
- Grey market is thin: For smaller IPOs, even a handful of large orders can swing the GMP significantly. Treat low-volume GMP signals with extra caution.
- Cross-check before acting: Review the Rays of Belief IPO full review for a fundamentals-based assessment before making any grey market trades.
Rays of Belief IPO IPO Kostak Rate Explained
The Kostak rate for Rays of Belief IPO was not active during the subscription period, as no grey market premium was established. Kostak is the fixed amount a grey market buyer pays for an IPO application regardless of allotment outcome.
The Subject to Sauda price was not active for this IPO. Subject to Sauda only applies if allotment is confirmed — the buyer pays a premium on top of the issue price per lot allotted.
Grey market trading is unofficial and unregulated by SEBI. Proceed with full awareness of the associated risks.
About Rays of Belief IPO
The company opened its first centre in Gurgaon in 2018 and works under the brand name Mom's Belief. It has grown from 71 centres in FY2023 to 136 centres as on 31 March 2026, spread across 57 cities and 20 states and union territories. Of these, 42 are in Tier 1 cities, 77 in Tier 2 and 17 in Tier 3, so a large part of the network is in smaller cities where such care is harder to find.
It mainly works with children between 18 months and 12 years, and runs special programmes on vocational and life skills for children up to 15 years. Its services include early intervention, parental guidance, occupational therapy, language therapy and family support. Its centres carry more than 150 teaching tools and its home based learning kits give access to more than 2,000 teaching tools, with regular follow up and progress tracking. As on 31 March 2026 it had a team of over 340 full time clinical professionals. In June 2025 it bought Mom's Belief US, Inc. as a wholly owned subsidiary along with Allergy and Immunology Virginia, LLC, adding three centres in Virginia at Salem, Lynchburg and Roanoke.
Strengths & Risks
Strengths
- ✓ The centre network has grown fast, from 71 centres in FY2023 to 136 centres as on 31 March 2026, across 57 cities and 20 states and union territories.
- ✓ Total income grew 125% in FY2026, from Rs 36.54 crore to Rs 82.06 crore.
- ✓ EBITDA improved sharply, from Rs 1.49 crore in FY2024 to Rs 3.02 crore in FY2025 and Rs 11.91 crore in FY2026.
- ✓ The company carries almost no debt. Total borrowing was only Rs 3.61 crore against a net worth of Rs 30.81 crore as on 31 March 2026.
- ✓ A large part of the network is in smaller cities, with 77 Tier 2 and 17 Tier 3 centres, where there are few options for this kind of care.
- ✓ It has a qualified team of more than 340 full time clinical professionals and a structured set of tools, with over 150 at the centres and more than 2,000 through home kits.
- ✓ It has entered the USA through the June 2025 purchase of Mom's Belief US, Inc., adding three centres in Virginia.
- ✓ Awareness and diagnosis of neurodevelopmental disorders is rising in India, and organised providers in this field are still few.
Risks
- ⚠ Profit fell even as sales more than doubled. Profit after tax came down 16% in FY2026, from Rs 5.88 crore to Rs 4.96 crore, while income rose 125%. The cost of opening centres is running ahead of the income they bring.
- ⚠ The FY2026 figures are on a consolidated basis while the earlier years are standalone, as noted on the offer document, so the growth is not a like for like comparison.
- ⚠ Return on capital employed is low at 7.49%, which shows the money put into building the centre network is not yet earning much.
- ⚠ The price band, issue size and lot size have not been announced yet, so the valuation cannot be judged at this stage.
- ⚠ A large part of the money is for rent rather than for assets. About Rs 14.45 crore is for lease payments on existing centres in India and Rs 10.13 crore for lease and licence payments in the USA, which are running costs and do not create anything that can be sold later.
- ⚠ A further part is kept for an unidentified acquisition and general corporate purposes, so investors do not know where that money will go.
- ⚠ The business depends on trained clinical staff. Finding and keeping therapists across 136 centres in 57 cities is difficult, and quality can vary between centres.
- ⚠ Families pay for this care mostly out of their own pocket, as insurance cover for developmental therapy is limited in India, so demand is sensitive to household budgets.
- ⚠ The US business is new, bought only in June 2025, and is a very different market in terms of regulation, insurance and cost.
Frequently Asked Questions about Rays of Belief IPO
What is the GMP of Rays of Belief IPO?
The current Grey Market Premium (GMP) of Rays of Belief IPO is ₹ 15.
What is the Kostak Price of Rays of Belief IPO?
Kostak rate is the profit made by selling an IPO application before allotment. The current Kostak rate for Rays of Belief IPO is currently not available.
What is the Subject to Sauda Price of Rays of Belief IPO?
Subject to Sauda is the premium amount decided if the allotment is confirmed. The current Subject to Sauda rate is currently not available.
What was the actual listing price of Rays of Belief IPO?
Rays of Belief IPO listed on September 8, 2026 at ₹239, against the issue price of ₹239 — a gain of +0%.
How did the GMP of Rays of Belief IPO trend before listing?
The GMP of Rays of Belief IPO was stable in its final days before listing. The GMP peaked at ₹48 on 31 August 2026. View the day-wise table above for the complete GMP history.
Explore Rays of Belief IPO Further
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