Rays of Belief (Mom’s Belief) IPO
MainboardRays of Belief is a commercial entity operating across specialized market services with limited public disclosures.
Verdict: Avoid
Est. GMP
+₹15 (+6%)
Price range
₹239
Lot size
—
Issue size
—
Allotment
04 Sept
Listing
08 Sept
Review
1. Grey market premium
★★★★★Grey market premium stands low at ~6.28% over the fixed price of ₹239. This offers very little margin of safety against listing volatility.
2. Company financials
★★★★★Detailed audited financials for the latest periods are not accessible in public registers. Lack of transparent track record raises significant investment concern.
3. Subscription status
★★★★★Comprehensive subscription breakdown across categories is unavailable. Institutional participation data remains unconfirmed.
4. Anchor investors
★★★★★Anchor book details and institutional allocations have not been disclosed.
Company financials
Amount ₹ in Crores
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹30.76 | ₹30.66 | ₹0.85 | ₹12.89 |
| 2025 | ₹36.54 | ₹36.19 | ₹5.88 | ₹26.12 |
| 2026 | ₹82.06 | ₹75.16 | ₹4.96 | ₹50.89 |
Subscription
Anchor investors
| Anchor size | 50.00 Cr. |
| Shares offered | 20,92,190 Shares |
| Bidding date | August 31, 2026 |
| Lock-in ends (50%, 30 days) | Oct 4, 2026 |
| Lock-in ends (50%, 90 days) | Dec 3, 2026 |
Risks
- FinancialAudited financial track record and key operational metrics are undisclosed or unavailable.
- ValuationLow grey market premium of 6.28% indicates weak listing day demand.
- GovernanceLimited availability of regulatory filings and promoter disclosures poses transparency risks.