Rays of Belief launched its initial public offering (IPO) on September 1, 2026, with a price band set between ₹227 and ₹239 per share. The ₹125 crore issue is open for subscription until September 3. On the first day, the grey market premium (GMP) indicated a potential listing gain of around 20%, with grey market prices reaching ₹287 per share, signaling robust investor interest despite mixed expert opinions on the company’s profitability and growth prospects, according to livemint.com.
The IPO subscription process began on September 1 and will continue through September 3. The strong grey market premium suggests high demand for the shares ahead of the official listing. Market participants have priced the shares at a premium of ₹48 over the upper band price, reflecting optimism among investors. However, some experts have expressed caution regarding the company’s future growth and profitability, highlighting the risks involved in the investment, as reported by livemint.com.
This IPO comes at a time when the Indian market has seen several mid-sized companies tapping public markets to raise capital. The ₹125 crore issue places Rays of Belief among smaller IPOs in recent months but the strong grey market response is notable. Comparatively, other IPOs with similar sizes have seen varied listing performances, making the grey market premium a key indicator of investor sentiment for this issue. The mixed expert reviews underscore the importance of careful evaluation by potential investors, per livemint.com.
The IPO subscription window will close on September 3, after which the allotment process will begin. The company’s shares are expected to list shortly thereafter, with market watchers closely monitoring whether the grey market premium translates into actual listing gains. The ₹125 crore target and the initial grey market pricing provide a concrete benchmark for assessing the IPO’s success, according to livemint.com.