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Rays of Belief lists at Rs 239, then slips 4.18%
The Hindu BusinessLine··9 Sept
Rays of Belief Ltd, operating as Mom's Belief, listed at Rs 239 on the BSE and NSE on Tuesday, matching the IPO price. The stock later quoted at Rs 229, down 4.18 percent on the BSE. Valuation stood at Rs 476.77 crore. The issue in a Rs 227-239 band drew nearly 108-times subscription and raised Rs 125 crore.
Prism
What It Means For You
- New public shareholders hold stock that opened at par and traded below issue price on day one.
- The company plans 319 new centres between fiscal 2027 and 2029 with issue proceeds.
- Funds also cover centre fit-outs, therapy materials and technology hardware.
What's Happening
- Listing matched the Rs 239 upper-end issue price on both exchanges before the slide to Rs 229.
- The fresh issue sold up to 52.30 lakh equity shares worth Rs 125 crore at the top of the band.
- Final-day bidding reached nearly 108-times subscription on Thursday.
Where IPO Money Goes
- Rays of Belief is a for-profit social enterprise serving children with neurodevelopmental disorders.
- Conditions covered include autism spectrum disorder, ADHD, Down Syndrome and cerebral palsy.
- The brand operates personalised intervention plans under the Mom's Belief name.
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