Rays of Belief shares make flat market debut, list at IPO price of Rs 239
Rays of Belief Ltd shares debuted flat at Rs 239 on September 8, matching the IPO price. The Rs 125 crore IPO saw overwhelming subscription across all investor categories. The company plans to use IPO proceeds for expanding learning infrastructure and technology upgrades. Financials show strong revenue growth but a decline in profit after tax. Rays of Belief offers intervention programs for…
Shares of Rays of Belief Ltd, a for-profit social enterprise offering personalized intervention plans for children with neurodevelopmental disorders, saw a subdued market launch on Tuesday. The company's stock was issued at ₹239 per share, matching the price at which it traded on both the BSE and NSE. By the end of trading, the stock was quoted at ₹229 on the BSE, marking a 4.18% decline from the issue price.
The company's market valuation was reported at ₹476.77 crore. The initial share sale experienced an impressive 108-times subscription on the final bidding day. The IPO had a price band of ₹227-239 per share, with up to 52.30 lakh equity shares (worth ₹125 crore) being offered at the upper end of the range. The funds raised will be primarily utilized for the company's expansion plans, including the establishment of 319 new centers between fiscal years 2027 and 2029.
The capital will also be allocated towards capital expenditure, encompassing center fit-outs, therapy material inventory, and technology hardware.
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- Rays of Belief shares make muted market debut, list at par with issue price thehindubusinessline.com
