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Rays of Belief IPO Subscription Status

Q: What is the current subscription status of Rays of Belief IPO?

As of IPO close date (03 Sep, 2026), the Rays of Belief IPO is subscribed 107.71x times. Retail category is 195.87x, and NII is 279.11x subscribed.

Q: When is the allotment date for Rays of Belief IPO?

The allotment for Rays of Belief IPO is expected to be finalized on 04 September, 2026.

Q: What is the GMP of Rays of Belief?

The Grey Market Premium (GMP) for Rays of Belief is currently ₹15, indicating a potential listing gain of 6.28%.

Q: When will Rays of Belief IPO list on the stock market?

Rays of Belief is scheduled to list on BSE and NSE on 08 September, 2026.

Q: What are the chances of getting allotment in Rays of Belief IPO?

The retail category is oversubscribed at 195.87x, meaning allotment is by lottery. Statistically, approximately 1 in 196 applicants will receive allotment. Applying with multiple family member accounts (each at minimum lot size) improves your cumulative odds.

Q: What does QIB subscription of 9.06x mean for Rays of Belief IPO?

Moderate — QIBs have subscribed 9.06x. Institutional demand is present but not overwhelming. Watch for any last-minute QIB surge on the final day.

Q: How to check Rays of Belief IPO allotment status?

After the allotment date (04 Sep, 2026), you can check your Rays of Belief IPO allotment status on IPO Guru's allotment checker, on the BSE/NSE website using your PAN or application number, or through your broker's app.

The Rays of Belief IPO has been subscribed 107.71x times overall. Retail investors have shown interest with bids for 195.87x the shares available. The Non-Institutional Investor (NII) category has been subscribed 279.11x. Within NII, Big HNI (B-HNI) subscribed 303.82x and Small HNI (S-HNI) subscribed 229.7x. Qualified Institutional Buyers (QIBs) have subscribed 9.06x. Data last updated on 08 Sep, 06:30 PM.

The IPO subscription period has ended. Given the strong demand, the allotment process is expected to be highly competitive. The issue opened on 01 Sep, 2026 and closes on 03 Sep, 2026. The shares are expected to list on stock exchanges on 08 Sep, 2026.

Full Details Check GMP

Live Subscription Data
Day-wise Subscription History
Allotment Probability
What Does This Subscription Data Mean?
Frequently Asked Questions

Total Subscription

107.71 x

15,10,666 applications

QIB 9.06x

BHNI 303.82x

SHNI 229.7x

Retail 195.87x

Live Bidding

Category	Offered	Applied	Amount (Cr)	Bid Details	TIMES
QIB	18,30,310	1,65,76,630	396.18 Cr	1,65,76,630 of 18,30,310 34 applications 396.18 Cr	9.06x
1(a) Foreign Institutional Investors (FIIs)		29,00,174	69.31 Cr	29,00,174 69.31 Cr
1(b) Domestic Financial Institutions (Banks/FIs/Insurance)		43,896	1.05 Cr	43,896 1.05 Cr
1(c) Mutual Funds		0	0.00 Cr	0 0.00 Cr
1(d) Others		1,36,32,560	325.82 Cr	1,36,32,560 325.82 Cr
NII	7,84,500	21,89,65,648	5,233.28 Cr	21,89,65,648 of 7,84,500 1,02,841 applications 5,233.28 Cr	279.11x
2.1 Big NII — bid amount above ₹10 Lakh	5,23,000	15,88,98,374	3,797.67 Cr	15,88,98,374 36,703 applications 3,797.67 Cr	303.82
2.1(a) Corporates		14,97,052	35.78 Cr	14,97,052 35.78 Cr
2.1(b) Individuals (other than RIIs)		15,21,20,906	3,635.69 Cr	15,21,20,906 3,635.69 Cr
2.1(c) Others		52,80,416	126.20 Cr	52,80,416 126.20 Cr
2.2 Small NII — bid amount ₹2–10 Lakh	2,61,500	6,00,67,274	1,435.61 Cr	6,00,67,274 66,138 applications 1,435.61 Cr	229.7
2.2(a) Corporates		1,49,048	3.56 Cr	1,49,048 3.56 Cr
2.2(b) Individuals (other than RIIs)		5,82,52,782	1,392.24 Cr	5,82,52,782 1,392.24 Cr
2.2(c) Others		16,65,444	39.80 Cr	16,65,444 39.80 Cr
Retail	5,23,000	10,24,37,640	2,448.26 Cr	10,24,37,640 of 5,23,000 14,07,791 applications 2,448.26 Cr	195.87x
TOTAL	31,37,810	33,79,79,918	8,077.72 Cr	33,79,79,918 15,10,666 applications 8,077.72 Cr	107.71x

Last Updated: 08 Sep 2026, 06:30 PM

Rays of Belief IPO Basis of Allotment

Final figures published by the registrar, after technical rejections. Allotment price ₹239.

FINAL

Applications

15,10,671

Allottees

9,377

Overall Odds

1 in 161

Amount Collected

₹7,961 Cr

Category	AppsApplications	Shares Applied	Shares Allotted	GotAllottees	Odds
QIB 4.67x subscribed	39	1,83,37,430 ₹438 Cr	39,22,500 4.67x subscribed	39	AllAll allotted
Ex. Anchor Ex. Anchor	34	1,58,26,864	18,30,310 · 8.65x	34	AllAll allotted
Anchor Anchor Investors	5	25,10,566	20,92,190 · 1.20x	5	AllAll allotted
NII (HNI) 274.31x subscribed	1,02,841	21,51,99,086 ₹5,143 Cr	7,84,500 274.31x subscribed	903	1 in 1141 in 114
bNII >₹10L bNII — above ₹10 Lakh	36,703	15,59,23,614	5,23,000 · 298.13x	602	1 in 611 in 61
sNII <₹10L sNII — below ₹10 Lakh	66,138	5,92,75,472	2,61,500 · 226.67x	301	1 in 2201 in 220
Retail 190.40x subscribed	14,07,791	9,95,76,836 ₹2,379 Cr	5,23,000 190.40x subscribed	8,435	1 in 1671 in 167
TOTAL 63.69x subscribed	15,10,671	33,31,13,352	52,30,000 63.69x subscribed	9,377	1 in 1611 in 161

Subscription Insights

Retail Allotment

High demand detected. The retail category is heavily oversubscribed, making the allotment a lottery where only 1 out of every 196 applicants will be successful.

Institutional Backing

Massive institutional interest with QIBs subscribing 9.06x. This often signals long-term confidence from professional funds.

Day-wise Subscription History

Subscription trends over the last 3 days

Date	Total	QIB	BHNI	SHNI	Retail
03 Sep 2026 DAY 3	107.71x	9.06x	303.82x	229.7x	195.87x
QIB 9.06x BHNI 303.82x SHNI 229.7x Retail 195.87x
02 Sep 2026 DAY 2	3.63x	0.01x	1.12x	3.97x	18.63x
QIB 0.01x BHNI 1.12x SHNI 3.97x Retail 18.63x
01 Sep 2026 DAY 1	1.18x	-	0.13x	0.89x	6.49x
QIB -x BHNI 0.13x SHNI 0.89x Retail 6.49x

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Anchor Investor Allocation

Breakdown of shares allotted to anchor investors before the IPO opening

#	Anchor Investor	Group Entity	Shares Allotted	Amt (₹ cr.)	% Allocated	% of Issue
1	VINEY GROWTH FUND	VINEY	627626	₹15.00 Cr	30.00%	12.00%
2	LRSD SECURITIES PVT.LTD.	LRSD SECURITIES	627626	₹15.00 Cr	30.00%	12.00%
3	NOVA GLOBAL OPPORTUNITIES FUND PCC-TOUCHSTONE	NOVA	418438	₹10.00 Cr	20.00%	8.00%
4	31 Degrees North Fund I	31 DEGREES	209250	₹5.00 Cr	10.00%	4.00%
5	VISIONARY VALUE FUND	VISIONARY VALUE FUND	209250	₹5.00 Cr	10.00%	4.00%
	Total		2,092,190	₹50.00 Cr	100.00%

Rays of Belief IPO Allotment Probability

Retail (up to ₹2 L)

1 in 167

~0.6% chance per PAN — 1,407,791 applicants for 8,435 allotment slots. Winners get exactly 1 lot (₹14,818) by SEBI lottery, however many lots you bid.

Small HNI (₹2–10 L)

1 in 220

~0.5% chance — 66,138 applicants for 301 allotment slots. Lottery allots the minimum S-HNI application of 14 lots (₹2.1 L) per winner; bidding bigger doesn't improve odds.

Big HNI (above ₹10 L)

1 in 296

~0.3% chance — 36,703 applicants for 124 allotment slots. Lottery allots the minimum B-HNI application of 68 lots (₹10.1 L) per winner; the rest is proportionate.

QIB (institutions)

9.06x

Proportionate allotment — at 9.06x, institutions receive ~11% of their bid. No lottery; not open to individual investors. Moderate institutional demand.

Odds marked with applicant counts are computed from the exchange's actual application data (applicants ÷ allotment slots); others assume minimum-size bids at the current subscription multiple. Retail and HNI allotment is by SEBI-mandated lottery of the minimum application when oversubscribed; QIB allotment is proportionate. Numbers move until subscription closes. This is not investment advice.

What Does This Subscription Data Mean?

IPO subscription data tells you how much demand exists for the shares being offered, broken down by investor category. Understanding each category helps you gauge the real sentiment behind the numbers:

QIB (Qualified Institutional Buyers) — includes mutual funds, FIIs, insurance companies, and banks. QIBs do deep due diligence before bidding. A QIB subscription above 10x is a strong institutional endorsement. Watch QIB numbers closely on the final day — they often hold back and flood in after 3 PM.
NII / HNI (Non-Institutional Investors) — high-net-worth individuals bidding above ₹2 lakh. NII allotment is proportionate (not lottery), so higher NII subscription means smaller per-lot allotment. Big HNI (B-HNI) bids above ₹10 lakh; Small HNI (S-HNI) bids ₹2–10 lakh.
Retail — individual investors bidding up to ₹2 lakh. When retail is below 1x, everyone who applied gets full allotment. When oversubscribed, SEBI mandates a computerised lottery — only 1 lot per successful applicant regardless of how many lots you apply for.
Overall Subscription — a blended multiple across all categories. A total subscription above 10x is considered strong; above 50x is exceptional and usually predicts strong listing gains.

Data sourced from BSE/NSE. Subscription numbers are updated during market hours (10 AM – 5 PM IST) on active subscription days.

Frequently Asked Questions

What is the current subscription status of Rays of Belief IPO?

As of IPO close date (03 Sep, 2026), the Rays of Belief IPO is subscribed 107.71x times. Retail category is 195.87x, and NII is 279.11x subscribed.

When is the allotment date for Rays of Belief IPO?

The allotment for Rays of Belief IPO is expected to be finalized on 04 September, 2026.

What is the GMP of Rays of Belief?

The Grey Market Premium (GMP) for Rays of Belief is currently ₹15, indicating a potential listing gain of 6.28%.

When will Rays of Belief IPO list on the stock market?

Rays of Belief is scheduled to list on BSE and NSE on 08 September, 2026.

What are the chances of getting allotment in Rays of Belief IPO?

The retail category is oversubscribed at 195.87x, meaning allotment is by lottery. Statistically, approximately 1 in 196 applicants will receive allotment. Applying with multiple family member accounts (each at minimum lot size) improves your cumulative odds.

What does QIB subscription of 9.06x mean for Rays of Belief IPO?

Moderate — QIBs have subscribed 9.06x. Institutional demand is present but not overwhelming. Watch for any last-minute QIB surge on the final day.

How to check Rays of Belief IPO allotment status?

After the allotment date (04 Sep, 2026), you can check your Rays of Belief IPO allotment status on IPO Guru's allotment checker, on the BSE/NSE website using your PAN or application number, or through your broker's app.