Rays of Belief IPO Subscription Status
Final figures at close of bidding: 8 Sept 2026, 6:30 pm IST
| Category | Subscription |
|---|---|
| QIB | 9.06x |
| NII | 279.11x |
| sNII (₹2L–₹10L) | 229.7x |
| bNII (above ₹10L) | 303.82x |
| Retail (RII) | 195.86x |
| Total | 107.71x |
Bidding day 3
Day-wise subscription
| Day | QIB | sNII | bNII | Retail | Total |
|---|---|---|---|---|---|
| Day 1 | 0x | 0.9x | 0.13x | 6.51x | 1.18x |
| Day 2 | 0.01x | 3.98x | 1.12x | 18.67x | 3.63x |
| Day 3 | 9.06x | 229.7x | 303.82x | 195.86x | 107.71x |
Times subscribed per category (bids vs shares offered, anchor portion excluded). Bidding has closed — these are the final figures.
How the book filled
Day-by-day demand
Demand in the Rays of Belief IPO accumulated over 3 days of bidding: overall subscription stood at 1.18× at the close of day 1, read 3.63× at the end of day 2, and finished at 107.71× on day 3. On the final day it was non-institutional investors (NII) driving the book, at 279.11× of the shares set aside for the category. More than half of the final demand arrived after day 1 — a late-building book. The largest single-day addition came on day 3, when the overall multiple moved from 3.63× to 107.71×.
Category detail
The QIB portion ended at 9.06×. Non-institutional investors came in at 279.11×, split 229.7× in the small-NII bucket (bids under ₹10 lakh) and 303.82× among big NIIs (above ₹10 lakh). Within the NII book, the bigger ₹10-lakh-plus bids outpaced the smaller applications. Retail investors put in bids for 195.86× the shares reserved for them. That puts non-institutional investors (NII) at the top of the book at 279.11× and qualified institutional buyers (QIB) at the bottom at 9.06×.
What the multiple means for allotment
Retail bids ran to about 195.86 times the shares earmarked for the category. When a retail book is oversubscribed, the registrar does not allot proportionately — allotment runs as a computerised lottery among all valid applications, with each successful application receiving at least one lot of 62 shares — ₹14,818 of stock at the upper band. The multiple above is the data point that determines how thinly that draw is spread; it describes the final book, not the outcome of any single application.
Frequently asked questions
- When does the Rays of Belief IPO open and close?
- The Rays of Belief IPO opens on 1 Sept 2026 and closes on 3 Sept 2026.
- How many times was the Rays of Belief IPO subscribed?
- The Rays of Belief IPO was subscribed 107.71 times in total across all investor categories.
- What is the reservation split in the Rays of Belief IPO?
- Of the total shares offered, retail investors get 10%, QIBs 35% (plus 40% anchor), non-institutional investors 15%.