Rays of Belief’s initial public offering closes with an oversubscription of around 107 times, after institutional interest strengthens on the final day. One outlet reports the issue ends 107 times subscribed, highlighting a shift from an initially softer response to heavy oversubscription driven by stronger end-of-bidding demand.
Another report puts the final figure at 107.71 times subscribed and states that non-institutional investors lead the subscription. It also cites market signals ahead of listing, with GMP indicating an expected listing gain of about 5.02%.
Across the two accounts, both agree the IPO finishes more than 100% subscribed, and both tie the final outcome to demand building into the last bidding day. The main difference is emphasis: one focuses on institutional demand surging to drive the result, while the other highlights non-institutional leadership and provides a specific GMP-based estimate for potential listing gains.
