Rays of Belief Ltd saw its initial public offering fully subscribed on the first day of bidding, driven largely by strong retail investor interest. The company is aiming to raise up to ₹125 crore through the public issue to fund its expansion plans.

NEW DELHI: Rays of Belief Ltd, a for-profit social enterprise focusing on neurodevelopmental disorders, witnessed full subscription for its initial public offering (IPO) on the very first day of bidding.

According to market data, the public issue received bids for 36,99,168 shares against the 31,37,810 shares on offer. Ahead of the public launch, the company successfully raised ₹50 crore from five anchor investors on Monday.

The IPO features a price band ranging between ₹227 and ₹239 per share and is scheduled to close on September 3. The total issue comprises a fresh issue of up to 52.30 lakh equity shares, which aims to raise ₹125 crore at the upper end of the price band.

Retail investors showed strong participation, with their designated portion garnering a 6.49 times subscription. Meanwhile, the quota reserved for non-institutional investors received a 39 per cent subscription on day one.

Proceeds from the public issue are earmarked for the company's growth strategy. Specifically, the funds will support the establishment of 319 new centres planned between fiscal 2027 and fiscal 2029. Additionally, capital expenditure allocations will cover centre fit-outs, therapy-material inventory, and necessary technology hardware.

Rays of Belief operates as a for-profit social enterprise offering personalised intervention plans for children with neurodevelopmental disorders (NDDs). These include autism spectrum disorder, ADHD, Down Syndrome, cerebral palsy, intellectual disability, learning disabilities, and global developmental delays.

Following the conclusion of the bidding process, the equity shares are proposed to be listed on both the BSE and the NSE on or about September 8.

"The strong retail demand on day one highlights growing investor confidence in social enterprises that address specialized healthcare and developmental needs. For Rays of Belief, successfully securing anchor investments and advancing towards public listing provides the necessary capital structure to execute its long-term centre expansion plans efficiently between fiscal 2027 and 2029." — Dr. Shishir Gupta, Founder & CEO, StartupLanes

Recent StartupLanes Articles

Browse through our 30 latest publications on venture capital, startups, and angel investing.