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Subscription Status · Sep 01 – Sep 03, 2026 · ₹227–239
The Rays of Belief IPO subscription has recorded exceptional investor demand with an overall subscription of 107.68× as of Sep 03, 2026, indicating that investors applied for 107.68 times the number of shares on offer. All investor categories (institutional, HNI, and retail) have participated actively, making this one of the closely watched IPO openings.
Last updated: Sep 03, 2026, 5:20 PM IST
| Category | Shares Offered | Shares Bid For | Times Subscribed |
|---|---|---|---|
|
QIB
Qualified Institutional Buyers
|
1,830,310 | 16,576,630 |
9.06×
|
|
NII
Non-Institutional Investors
|
784,500 | 218,956,100 |
279.10×
|
|
bNII
Bids above ₹10L
|
523,000 | 158,898,374 |
303.82×
|
|
sNII
Bids below ₹10L
|
261,500 | 60,057,726 |
229.67×
|
|
Retail
Retail Individual Investors
|
523,000 | 102,353,940 |
195.71×
|
|
Total
|
3,137,810 | 337,886,670 |
107.68×
|
How subscription built up across investor categories over time
Snapshot of each day's bidding activity
| Category | Offered | Bid For | Times |
|---|---|---|---|
| QIB | 1,830,310 | 868 | 0.00× |
| NII | 784,500 | 305,970 | 0.39× |
| bNII | 523,000 | 69,998 | 0.13× |
| sNII | 261,500 | 235,972 | 0.90× |
| Retail | 523,000 | 3,405,474 | 6.51× |
| Total | 3,137,810 | 3,712,312 | 1.18× |
| Category | Offered | Bid For | Times |
|---|---|---|---|
| QIB | 1,830,310 | 14,942 | 0.01× |
| NII | 784,500 | 1,625,516 | 2.07× |
| bNII | 523,000 | 586,768 | 1.12× |
| sNII | 261,500 | 1,038,748 | 3.97× |
| Retail | 523,000 | 9,740,510 | 18.62× |
| Total | 3,137,810 | 11,380,968 | 3.63× |
| Category | Offered | Bid For | Times |
|---|---|---|---|
| QIB | 1,830,310 | 16,576,630 | 9.06× |
| NII | 784,500 | 218,956,100 | 279.10× |
| bNII | 523,000 | 158,898,374 | 303.82× |
| sNII | 261,500 | 60,057,726 | 229.67× |
| Retail | 523,000 | 102,353,940 | 195.71× |
| Total | 3,137,810 | 337,886,670 | 107.68× |
As of September 03, 2026, the Rays of Belief IPO has been subscribed 107.68 times overall. The IPO is fully subscribed with strong investor demand indicating extremely high interest.
The Rays of Belief IPO subscription window was open from September 01, 2026 to September 03, 2026. Investors could apply through their demat account or ASBA facility.
The Rays of Belief IPO has a price band of ₹227 to ₹239 per share, with a lot size of 62 shares. Minimum retail investment: ₹14,074 (lower band) or ₹14,818 (upper band).
The QIB category has been subscribed 9.06 times. QIBs were offered 1,830,310 shares.
Retail investors subscribed 195.71 times. Retail was offered 523,000 shares. High retail subscription reflects strong small-investor interest.
Overall NII: 279.10×. bNII (>₹10L): 303.82×, sNII (<₹10L): 229.67×. NII includes HNIs and corporate entities investing above ₹2 lakh.
Basis of allotment is on September 04, 2026. Check via the registrar's website, KFin Technologies Limited using your PAN number, application number, or DP/Client ID. You can also check on BSE/NSE websites or through your broker's app.
Rays of Belief IPO is expected to list on September 08, 2026. Shares will list on NSE,BSE. Allotted shares are credited to your demat account 1 business day before listing.
A subscription multiple of 107.68× means investors have bid for 107.68 times the total shares available. Since the IPO is oversubscribed, not every applicant will receive shares, allotment happens via lottery (for retail) or proportionately (for other categories). Higher multiples generally reduce allotment probability.
Based on the current retail subscription of 195.71×, the estimated allotment probability for retail investors is Very Low. Only 1 lot likely via lottery if selected. Retail allotment in oversubscribed IPOs is done by computerised lottery, each valid application has an equal probability regardless of the number of lots applied for.
You can apply for Rays of Belief IPO through: (1) ASBA (Application Supported by Blocked Amount) via your bank's net banking or mobile app, (2) UPI-based application through your broker's app (Zerodha, Groww, Angel One, etc.), or (3) directly via your demat account. The amount is blocked in your account and deducted only upon allotment. Applications were accepted from Sep 01 to Sep 03, 2026.
The grey market premium (GMP) reflects unofficial pre-listing trading sentiment. For the latest Rays of Belief IPO GMP data, check the IPORise GMP page. Note: GMP is unofficial, speculative, and not a guaranteed indicator of listing price. Use it only as a sentiment signal alongside official subscription data.
New to reading subscription numbers? Read our guide on IPO subscription explained.
Subscription Opens Done
Sep 01, 2026Subscription Closes Done
Sep 03, 2026Basis of Allotment Done
Sep 04, 2026Listing on NSE,BSE Done
Sep 08, 2026Only 1 lot likely via lottery if selected. Based on retail subscription of 195.71×.
Retail allotment in oversubscribed IPOs is done by computerised lottery, each valid application has equal odds regardless of lot size applied.
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Higher subscription = lower allotment probability. Progress bars compare each category relative to the highest-subscribed category.
