India's Rays of Belief falls below issue price in market debut

Rays of Belief

08/09/2026 07:34

** For-profit social enterprise Rays of Belief's RAYF.NS shares list at 239 rupees
** Stock falls nearly 4% to 230.5 rupees, valuing company at 4.82 billion rupees ($50.89 million)
** Co's 1.25 billion rupee IPO, which consisted entirely of fresh issue of 5.23 million shares, attracted bids worth 107.71 times the shares on offer
** Co intends to use proceeds to expand its learning centres and school collaboration centres
($1 = 94.7100 Indian rupees)

(Reporting by Abhinav Parmar in Bengaluru)
((Abhinav.Parmar@thomsonreuters.com;))