About the Rays of Belief IPO
Rays of Belief is a Mainboard issue listing on Equity with an issue size of 125. The price band is ₹227-239 per share and one lot is 62 shares. Bidding runs from 1 Sep 2026 to 3 Sep 2026. The minimum application is one lot, which costs ₹14,818 at the upper band.
What the GMP implies
At the last recorded GMP of ₹15, the grey market is pricing Rays of Belief at about ₹254 on listing, against the upper price band of ₹239, or roughly ₹930 per lot.
.GMP changes daily and is often wrong on listing day: it is an unofficial figure from informal dealers, not a price you can trade at.
Rays of Belief IPO key dates
| Bidding opens | 1 Sep 2026 |
| Bidding closes | 3 Sep 2026 |
| Allotment | 4 Sep 2026 |
| Refunds start | 7 Sep 2026 (expected) |
| Shares credited to demat | 7 Sep 2026 (expected) |
| Listing | 8 Sep 2026 |
Dates marked "expected" follow SEBI's T+3 timeline from the closing date and change if the company announces otherwise.
How much to apply with
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 62 | ₹14,818 |
| Retail (max) | 13 | 806 | ₹1,92,634 |
| Small HNI (min) | 14 | 868 | ₹2,07,452 |
| Small HNI (max) | 67 | 4,154 | ₹9,92,806 |
| Big HNI (min) | 68 | 4,216 | ₹10,07,624 |
Retail bids are capped at ₹2 lakh; small HNI is ₹2–10 lakh; big HNI is above ₹10 lakh. Amounts at the upper price band.
How to apply
1. Open the IPO section in your broker app, or ASBA in your bank's net banking.
2. Pick Rays of Belief, enter the number of lots and bid at the cut-off price.
3. Approve the UPI mandate on your phone before the closing day's cut-off.
4. Check allotment after 4 Sep 2026 using the button above.