{
  "id": 5103374,
  "title": "Rays of Belief IPO sees retail frenzy; QIB cold shoulder on day 2",
  "url": "https://urgent.news/2026/09/02/rays-of-belief-ipo-sees-retail-frenzy-qib-cold-shoulder-on-day-2",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-02T13:43:04.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/markets/rays-of-belief-ipo-sees-retail-frenzy-qib-cold-shoulder-on-day-2/article71419817.ece"
  },
  "original_language": "en",
  "account": "On the second day of subscription for Rays of Belief Limited's IPO, retail investors demonstrated overwhelming interest, bidding for three and a half times the available shares. The majority of these retail bids were completed at the cut-off price of ₹239. Institutional investors, however, showed little enthusiasm, with qualified institutional buyers (QIB) registering a mere 0.01 times subscription, leaving 18,30,310 shares unclaimed. The IPO, priced between ₹227 and ₹239 per share, aims to raise ₹125 crore, with the funds planned for center network expansion, lease payments, and investment in its US subsidiary. Analysts have given the stock a neutral rating, citing a high price-to-earnings multiple of about 100 times, which they deem overly expensive given its current earnings.",
  "summary": "QIB segment remains nearly empty at just 0.01 times subscription with one day of bidding remaining",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}