Rays of Belief IPO Subscription Status
Rays of Belief IPO was subscribed 107.71 times when bidding closed on 3 Sep 2026: QIB 9.06x, NII 279.11x, Retail 195.87x.
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.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Live bidding
Shares bid against shares offered, category by category, as published by the exchanges. Switch to Detailed for the exchange's own sub-category rows.
| Category | Bid details | Times |
|---|---|---|
| QIB | 1,65,76,630 of 18,30,310 34 applications 396.18 Cr | 9.06x |
| NII | 21,89,65,648 of 7,84,500 1,02,841 applications 5,233.28 Cr | 279.11x |
| Retail | 10,24,37,640 of 5,23,000 14,07,791 applications 2,448.26 Cr | 195.87x |
| TOTAL | 33,79,79,918 15,10,666 applications 8,077.72 Cr | 107.71x |
Rays of Belief IPO Basis of Allotment
Final Final figures published by the registrar, after technical rejections. Allotment price ₹239.
| Category | AppsApplications | GotAllottees | Odds |
|---|---|---|---|
| QIB 4.67x subscribed | 39 | 39 | AllAll allotted |
|
Ex. Anchor
Ex. Anchor
|
34 | 34 | AllAll allotted |
|
Anchor
Anchor Investors
|
5 | 5 | AllAll allotted |
| NII (HNI) 274.31x subscribed | 1,02,841 | 903 | 1 in 1141 in 114 |
|
bNII >₹10L
bNII — above ₹10 Lakh
|
36,703 | 602 | 1 in 611 in 61 |
|
sNII <₹10L
sNII — below ₹10 Lakh
|
66,138 | 301 | 1 in 2201 in 220 |
| Retail 190.40x subscribed | 14,07,791 | 8,435 | 1 in 1671 in 167 |
| TOTAL 63.69x subscribed | 15,10,671 | 9,377 | 1 in 1611 in 161 |
Subscription insights
What the current book is saying, read off the category numbers above.
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
End-of-day subscription across the 3-day bidding window. On phones, tap a day for the category split.
| Date | Total | ||
|---|---|---|---|
|
03 Sep 2026
Day 3 |
107.71x | ▼ | |
|
QIB9.06x
BHNI303.82x
SHNI229.7x
Retail195.87x
|
|||
|
02 Sep 2026
Day 2 |
3.63x | ▼ | |
|
QIB0.01x
BHNI1.12x
SHNI3.97x
Retail18.63x
|
|||
|
01 Sep 2026
Day 1 |
1.18x | ▼ | |
|
QIB-
BHNI0.13x
SHNI0.89x
Retail6.49x
|
|||
Rays of Belief IPO dates
From the bidding window to listing. Today is 13 October.
- Open 01 Sep 2026
- Close 03 Sep 2026
- Allotment 04 Sep 2026
- Refund/credit 07 Sep 2026
- Listing 08 Sep 2026
Anchor investor allocation
Shares allotted to anchor investors the working day before the issue opened.
| # | Anchor Investor | Group Entity | Amt (₹ cr.) | % Allocated | |
|---|---|---|---|---|---|
| 1 | VINEY GROWTH FUND | VINEY | ₹15.00 Cr | 30.00% | |
| 2 | LRSD SECURITIES PVT.LTD. | LRSD SECURITIES | ₹15.00 Cr | 30.00% | |
| 3 | NOVA GLOBAL OPPORTUNITIES FUND PCC-TOUCHSTONE | NOVA | ₹10.00 Cr | 20.00% | |
| 4 | 31 Degrees North Fund I | 31 DEGREES | ₹5.00 Cr | 10.00% | |
| 5 | VISIONARY VALUE FUND | VISIONARY VALUE FUND | ₹5.00 Cr | 10.00% | |
| TOTAL | ₹50.00 Cr | 100.00% |
Rays of Belief IPO allotment probability
Your odds of an allotment in each category at the current subscription.
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:
- 01 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.
- 02 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.
- 03 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.
- 04 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
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.
Explore Rays of Belief IPO further
Track every stage of this IPO, from subscription to listing.
It has listed — go back to the fundamentals.
Live grey market premium, Kostak and Subject to Sauda, with the day-wise trend.
What brokers and analysts are saying about this issue, in one place.
Check with your PAN whether shares were credited to your demat account.
Subscription moves by the hour. Get it on your phone.
Live GMP alerts, subscription updates and allotment status for every Mainboard and SME issue — fast, free and secure.
Not investment advice. Subscription figures are as published by BSE/NSE and change until bidding closes.
