Rays Of Belief Shares List Flat Despite Heavy Demand For IPO

Rays of Belief Ltd, which runs the child-development brand Mom's Belief, made its stock market debut on September 8, 2026, with shares opening flat at Rs 239 on both the BSE and the NSE, matching the initial public offering's (IPO) issue price and handing investors no listing-day gain. The stock trades on the BSE under script code 544906 and on the NSE under the symbol MOMSBELIEF.

The flat start came despite the grey market premium (GMP) indicating a stronger opening. The stock's GMP stood at Rs 15 on the morning of listing, which had implied a debut price near Rs 254, or a gain of about 6.28 per cent over the issue price. However, the expected premium failed to materialise at listing.