The initial share sale of Rays of Belief, which operates under the Mom’s Belief brand, was subscribed 1.18 times on the first day of bidding on Tuesday.
The IPO received bids for 36,99,168 shares against 31,37,810 shares on offer, as per the data.
The portion for retail investors garnered 6.49 times subscription, while the quota for non-institutional investors received 39 per cent subscription. Rays of Belief Ltd on Monday raised ₹50 crore from five anchor investors.
The IPO, with a price band of ₹227-239 per share, will conclude on September 3. The IPO comprises a fresh issue of up to 52.30 lakh equity shares worth ₹125 crore at the upper end of the price band.
The issue proceeds will be used to fund the company’s expansion plans, including setting up 319 new centres between fiscal 2027 and fiscal 2029.
Also, funds will be allocated towards capital expenditure, including centre fit-outs, therapy-material inventory and technology hardware.
Rays of Belief is a for-profit social enterprise providing personalised intervention plans for children with neurodevelopmental disorders (NDDs), including autism spectrum disorder, ADHD, Down Syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delays.
The equity shares are proposed to be listed on the BSE and NSE on or about September 8.