Rays of Belief Ltd, which operates under the Mom’s Belief brand, makes a muted debut on India’s stock exchanges, listing at Rs 239 on Tuesday—matching its IPO issue price. Multiple outlets report that the IPO receives strong investor demand, indicating heavy overall oversubscription despite the stock’s initial flat listing.
The IPO is described as a Rs 125 crore fresh issue (up to 52.30 lakh equity shares) with a price band of Rs 227–239 per share. Economic Times and other reports say the subscription reaches about 108 times by the final day of bidding. After listing, Free Press Journal notes the shares face selling pressure and trade lower later, though it still references the initial flat listing at Rs 239.
Outlets also highlight the company’s stated use of proceeds, including expansion of its learning/intervention infrastructure and technology upgrades, plus centre-related capital expenditure such as fit-outs and therapy materials. Economic Times adds that the company shows revenue growth alongside a decline in profit after tax, while other articles focus mainly on the debut and the IPO subscription and pricing details.
