Rays of Belief's initial public offering (IPO) has been subscribed 13.63 times as of the third day of bidding on September 3, 2026. The IPO, which opened on September 1, is set to close on the same day, marking strong investor interest in the mainboard issue, according to livemint.com.
The IPO price band was set with an upper limit of ₹239 per share. The shares are trading at a grey market premium (GMP) of ₹59, which suggests an estimated listing price of ₹298 per share. This premium translates into a potential gain of 24.69% over the issue price, reflecting positive market sentiment toward the offering, livemint.com reported.
This level of subscription indicates robust demand for Rays of Belief's shares in the current market environment. The strong response aligns with trends seen in recent mainboard IPOs that have attracted significant investor participation. The grey market premium also provides an early indicator of the stock's potential performance upon listing, a key metric for investors evaluating the issue, according to livemint.com.
The IPO bidding closes on September 3, 2026, after which the allotment process will begin. The final listing price and date will be announced following regulatory approvals and allotment, completing the public offering process for Rays of Belief, as detailed by livemint.com.