Rays of Belief shares make muted market debut, list at par with issue price
The stock listed at Rs ₹239 on both the BSE and NSE
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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