Rays of Belief IPO is a Mainboard Book Built public issue by Rays of Belief Limited. The company operates under the Mom’s Belief brand and provides intervention and support services for children with neurodevelopmental disorders and developmental challenges. The IPO is entirely a fresh issue, with no Offer for Sale component. The equity shares are proposed to be listed on BSE and NSE.
Rays of Belief IPO opens for subscription on 1 September 2026 and closes on 3 September 2026. The Rays of Belief IPO Price Band is ₹227 to ₹239 per equity share, with a face value of ₹10 per share. The Rays of Belief IPO Lot Size is 62 equity shares, making the minimum retail application amount ₹14,818 at the upper price band.
Rays of Belief Limited was established in 2017 and operates as a for-profit social enterprise focused on children with neurodevelopmental disorders. Its services include developmental assessments, early intervention, therapy programmes, parent guidance, learning support and other multidisciplinary interventions. The company’s services cover conditions including autism spectrum disorder, ADHD, Down Syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delays.
The company operates through the Mom’s Belief network. Its official website states that the business has served more than 56,000 children and has 136 centres across 57 cities, with 517 staff including 339 clinicians.
The company plans to use the IPO proceeds to expand its network of centres, strengthen technology infrastructure, support existing centres, invest in its US subsidiary, increase brand awareness and pursue other permitted corporate purposes.
Investors should carefully evaluate the company’s financial performance, expansion plans, operating model, capital requirements, profitability, competition and risk factors before making an investment decision.
IPO Details
| Information | Details |
|---|---|
| IPO Name | Rays of Belief IPO |
| Company Name | Rays of Belief Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹227 to ₹239 Per Share |
| Issue Size | ₹125 Crore |
| Fresh Issue | ₹125 Crore |
| Offer for Sale | Nil |
| Fresh Issue Shares | 52,30,000 Equity Shares |
| IPO Open Date | 1 September 2026 |
| IPO Close Date | 3 September 2026 |
| Anchor Investor Bidding | 31 August 2026 |
| Basis of Allotment | 4 September 2026 |
| Refund Initiation | 7 September 2026 |
| Shares Credited to Demat Account | 7 September 2026 |
| Listing Date | 8 September 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 62 Equity Shares |
| Registrar | KFin Technologies Limited |
| Book Running Lead Manager | Mefcom Capital Markets Limited |
The RHP was filed with the Securities and Exchange Board of India on 20 August 2026. The latest issue schedule provides for anchor bidding on 31 August, public subscription from 1 September to 3 September, allotment on 4 September, refund and demat credit on 7 September and proposed listing on 8 September 2026.
Rays of Belief IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 31 August 2026 |
| IPO Opening Date | 1 September 2026 |
| IPO Closing Date | 3 September 2026 |
| Basis of Allotment | 4 September 2026 |
| Refund Initiation | 7 September 2026 |
| Shares Credited to Demat Account | 7 September 2026 |
| Listing Date | 8 September 2026 |
Rays of Belief IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not Less Than 75% |
| Non-Institutional Investors (NII) | Not More Than 15% |
| Retail Individual Investors (RII) | Not More Than 10% |
The final allocation under each category will depend on valid applications received during the IPO bidding period.
Rays of Belief IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 62 Shares | ₹14,818 |
| Retail Maximum | 13 Lots | 806 Shares | ₹1,92,634 |
| S-HNI Minimum | 14 Lots | 868 Shares | ₹2,07,452 |
| S-HNI Maximum | 67 Lots | 4,154 Shares | ₹9,92,806 |
| B-HNI Minimum | 68 Lots | 4,216 Shares | ₹10,07,624 |
The application amounts are calculated using the upper Rays of Belief IPO Price of ₹239 per equity share.
About Rays of Belief Limited
Rays of Belief Limited operates under the Mom’s Belief brand and is focused on providing intervention programmes and support services for children with neurodevelopmental disorders.
The company provides multidisciplinary intervention programmes designed around the developmental needs of children. Its services include developmental assessments, therapy interventions, parent training, family support and educational and learning programmes.
The company serves children across different age groups and provides specialised programmes intended to support development, learning, communication, behavioural skills and greater independence.
According to the company’s official website, Mom’s Belief currently has 136 centres across 57 cities and has served more than 56,000 children. Its workforce includes 517 staff, including 339 clinicians.
The company has also developed a network of learning centres, early intervention centres, school collaboration centres and other specialised programmes. Its business model is designed around increasing accessibility to developmental support services across India.
Business Operations
Rays of Belief Limited operates a specialised intervention and developmental support business.
- Developmental Assessments – The company conducts assessments to understand a child’s developmental strengths, challenges and support requirements.
- Early Intervention – It provides early intervention programmes designed to support children during important developmental stages.
- Occupational Therapy – The company provides occupational therapy as part of its multidisciplinary intervention programmes.
- Language and Speech Therapy – Its services include language and communication-related intervention.
- Parent Training – Parents receive guidance and training to support developmental progress outside the centre environment.
- Learning Centres – The company operates centres providing structured learning and intervention programmes.
- School Collaboration Centres – It works through school-based collaboration models to extend developmental support.
- Family Support Programmes – The company provides support programmes designed to involve families in children’s developmental journeys.
- Digital Services – The business also provides digital intervention and support services.
- Centre for Excellence and Research – The company has planned investment in research and specialised capabilities.
- Upskilling Academy – The company is developing training and upskilling initiatives for professionals.
- International Operations – Through its subsidiary, Mom’s Belief US Inc., the company has operations in the United States.
The company’s official website describes its model as providing personalised developmental assessment, goal planning, therapy intervention, parent training and ongoing progress monitoring.
Industry Overview
The demand for developmental and specialised support services in India is influenced by increasing awareness of developmental conditions, greater recognition of early intervention, growing parental awareness and improving access to specialised healthcare and education services.
Families increasingly seek structured developmental assessments and multidisciplinary intervention programmes for children requiring additional developmental, behavioural, communication or learning support.
The sector also has opportunities for expansion into Tier-II and Tier-III cities where access to specialised services remains comparatively limited.
Technology can further expand access through digital assessments, virtual consultations, remote therapy and parent-support programmes.
However, businesses operating in this sector depend significantly on qualified clinical professionals. Maintaining service quality while expanding a large centre network can therefore be an important operational challenge.
Business Strategy
Rays of Belief aims to expand access to its developmental support services by increasing the number of centres across India.
The company has proposed expansion through company learning centres, centres operated in partnership with licensed professionals, school collaboration centres, early intervention centres and other specialised formats.
The company also plans to invest in technology, professional training, research and brand awareness.
Its IPO proceeds are intended to support expansion of new centres, technology-related expenditure, lease payments for existing centres, investment in its US subsidiary and other business initiatives.
The company has also identified inorganic growth as a potential part of its expansion strategy, subject to suitable opportunities and available funds.
Rays of Belief IPO Financial Information
The company’s financial performance has shown significant revenue growth in recent years. Revenue increased from ₹30.76 crore in FY2024 to ₹36.54 crore in FY2025 and ₹82.06 crore in FY2026. However, PAT declined from ₹5.88 crore in FY2025 to ₹4.96 crore in FY2026 despite the increase in revenue.
Rays of Belief Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | ₹30.76 Crore | ₹36.54 Crore | ₹82.06 Crore |
| Expenses | ₹30.66 Crore | ₹36.19 Crore | ₹75.16 Crore |
| Profit After Tax (PAT) | ₹0.85 Crore | ₹5.88 Crore | ₹4.96 Crore |
| Total Assets | ₹12.89 Crore | ₹26.12 Crore | ₹50.89 Crore |
| Net Worth | ₹15.02 Crore | ||
| Total Borrowings |
The FY2026 financial figures show strong revenue growth compared with FY2025. At the same time, PAT decreased compared with FY2025, which investors should consider when evaluating the company’s profitability and valuation.
Rays of Belief IPO Key Performance Indicators (KPIs)
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 21.64% |
| Return on Capital Employed (ROCE) | |
| Return on Net Worth (RoNW) | 21.64% |
| EBITDA Margin | 14.59% |
| PAT Margin | 6.07% |
| Debt-to-Equity Ratio | |
| Earnings Per Share (EPS) | ₹3.21 |
| Net Asset Value (NAV) Per Share | ₹15.67 |
| Price to Earnings (P/E) |
The available FY2026 information reports ROE and RoNW of 21.64%, EBITDA margin of 14.59%, PAT margin of 6.07%, basic EPS of ₹3.21 and NAV of ₹15.67. The P/E figure has been left blank rather than using an unsupported calculation.
Objects of the Rays of Belief IPO
The company intends to utilise the net proceeds from the fresh issue for business expansion and other specified purposes.
The proposed uses include:
- Establishment of new Company Learning Centres.
- Establishment of Company Learning Centres in partnership with licensed professionals.
- Development of School Collaboration Centres.
- Investment in the Centre for Excellence and Research.
- Investment in the Upskilling Academy.
- Technology and hardware expenditure.
- Lease payments for existing centres in India.
- Investment in Mom’s Belief US Inc. for lease or licence payments for existing centres in the USA.
- Brand awareness and inclusive outreach programmes.
- Potential inorganic growth and general corporate purposes.
The IPO is entirely a fresh issue, so there is no Offer for Sale component.
Rays of Belief IPO Listing Performance
Rays of Belief shares are proposed to be listed on BSE and NSE.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 8 September 2026 |
| Issue Price | ₹227 to ₹239 Per Share |
| Listing Price | |
| Listing Gain | |
| Listing Gain (%) |
The listing price and listing gain are intentionally left blank because the company has not yet listed.
Rays of Belief IPO Subscription Status
Rays of Belief IPO will open for subscription on 1 September 2026 and close on 3 September 2026.
Rays of Belief IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | |
| Non-Institutional Investors (NII) | |
| Retail Individual Investors (RII) | |
| Employee Category | |
| Total Subscription |
Subscription figures are not available before the IPO bidding period begins and are therefore left blank.
Rays of Belief IPO GMP
Rays of Belief IPO GMP represents the unofficial premium at which shares may trade in the grey market before listing.
| Particular | Value |
|---|---|
| Rays of Belief IPO GMP | |
| IPO Price Band | ₹227 to ₹239 |
| Expected Listing Price | |
| GMP Percentage |
No GMP figure is included because GMP is unofficial and can change frequently. For a legal and financial website, an unverified or speculative GMP figure should not be presented as factual information.
Rays of Belief IPO Review
Rays of Belief Limited operates in a specialised segment focused on developmental intervention and support services for children.
The company has built its business under the Mom’s Belief brand and operates a growing network of centres. Its official website currently states that the network has 136 centres across 57 cities and has served more than 56,000 children.
The company’s business model covers developmental assessment, early intervention, therapy, parent training, learning support and family assistance. This multidisciplinary approach allows the company to offer multiple services within its network.
Revenue increased substantially in FY2026, reaching ₹82.06 crore compared with ₹36.54 crore in FY2025. However, PAT declined to ₹4.96 crore from ₹5.88 crore, showing that revenue growth has not translated into equivalent profit growth.
The proposed IPO proceeds are primarily intended to support network expansion. The company plans to establish additional centres and invest in technology, training, research and other infrastructure.
Expansion into underserved locations could provide long-term growth opportunities if the company can maintain service quality and achieve efficient centre-level economics.
However, rapid expansion also creates execution risks. The company needs qualified professionals, appropriate facilities and effective operational management to maintain the quality of services across a larger network.
The company is also exposed to competition from specialised therapy centres, hospitals, educational institutions and other developmental support providers.
Overall, Rays of Belief operates in a specialised and potentially expanding segment. Investors should assess its profitability, expansion requirements, centre economics, dependence on clinical professionals and valuation before making an investment decision.
Rays of Belief IPO Strengths
- Established operating business under the Mom’s Belief brand.
- Specialised focus on developmental intervention and support services.
- Growing network of centres across India.
- More than 56,000 children served according to the company’s website.
- Multidisciplinary service model.
- Presence across multiple cities.
- Expansion opportunity in underserved markets.
- Increasing awareness of developmental support services.
- Revenue growth in FY2026.
- Proposed investment in technology, training and research.
- International presence through Mom’s Belief US Inc.
Rays of Belief IPO Risk Factors
- The business depends significantly on qualified clinical professionals.
- Rapid expansion may create operational and execution risks.
- Maintaining consistent service quality across centres can be challenging.
- The company operates in a competitive healthcare and developmental-support market.
- Higher operating and employee costs may affect profitability.
- Revenue growth has not translated into equivalent PAT growth.
- The business requires investment in new centres and infrastructure.
- Lease costs can increase operating expenses.
- Changes in regulations relating to healthcare, education and therapy services may affect operations.
- Expansion into new markets may involve higher customer-acquisition and operating costs.
- International operations expose the company to overseas market and regulatory risks.
- The company may face challenges in recruiting and retaining specialised professionals.
Rays of Belief IPO Promoters
The promoters of Rays of Belief Limited are Nitin Bindlish and Carving Futures Pte. Ltd.
The company was founded in 2017 and operates under the Mom’s Belief brand. Its management has developed the business around multidisciplinary developmental intervention programmes and a growing centre network.
Rays of Belief IPO Promoters Details
| Promoter | Designation |
|---|---|
| Nitin Bindlish | Promoter |
| Carving Futures Pte. Ltd. | Promoter |
Rays of Belief IPO Management Team
The company is managed by professionals with experience in business operations, finance and corporate management.
| Name | Designation |
|---|---|
| Nitin Bindlish | Managing Director |
| Ved Prakash | Chief Financial Officer |
| Mayank Bhargava | Company Secretary & Compliance Officer |
The lead management and registrar documentation identifies Mefcom Capital Markets Limited as the Book Running Lead Manager and KFin Technologies Limited as the registrar.
Rays of Belief IPO Registrar Details
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | |
| IPO Allotment Status | |
| Email ID | [email protected] |
| Contact Number | +91 40 6716 2222 |
KFin Technologies Limited is identified as the registrar to the issue in the company’s IPO documentation.
Rays of Belief IPO Lead Manager Details
| Particular | Details |
|---|---|
| Lead Manager | Mefcom Capital Markets Limited |
| Contact Person | Akhil Mohod / Mukta Shirke |
| Website | https://www.mefcom.in/ |
| Email ID | [email protected] |
| Contact Number | +91 22 35227026 |
| Listing Exchange | BSE & NSE |
Mefcom Capital Markets Limited is the Book Running Lead Manager to the issue.
Rays of Belief Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Rays of Belief Limited |
| Registered Office | J-1919, Basement, Chittranjan Park, New Delhi, Delhi – 110019 |
| Website | |
| Email ID | [email protected] |
| Contact Number | +91 124 4075498 |
The company’s corporate contact details are also reflected in its IPO documentation, while the Mom’s Belief website provides its current head-office contact information.
How to Check Rays of Belief IPO Allotment Status
Investors can check the Rays of Belief IPO Allotment Status after the basis of allotment has been finalised.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO allotment facility.
- Select Rays of Belief IPO.
- Choose PAN Number, Application Number or DP/Client ID.
- Enter the required details.
- Submit the information to check the allotment status.
Through BSE
- Visit the BSE IPO application status facility.
- Select the relevant IPO.
- Enter the required application details.
- Complete the verification process.
- Submit the details to view the allotment status.
The scheduled basis of allotment date is 4 September 2026, followed by refund initiation and demat credit on 7 September 2026. The proposed listing date is 8 September 2026.
Rays of Belief IPO Conclusion
Rays of Belief IPO provides investors with an opportunity to invest in a specialised business operating under the Mom’s Belief brand.
The company focuses on developmental assessments, early intervention, therapy, parent training, learning support and other services for children with neurodevelopmental disorders and developmental challenges.
Its growing centre network and expansion strategy provide opportunities for future growth. The company has also reported substantial revenue growth in FY2026.
However, investors should note that FY2026 PAT was lower than FY2025 despite strong revenue growth. The company also operates a service-intensive business that depends on qualified professionals and effective centre-level execution.
The proposed IPO proceeds are primarily intended to support expansion, technology, existing centre lease payments, international operations, research, training and brand-building activities.
Investors should carefully evaluate the company’s financial performance, expansion strategy, profitability, operating requirements, competition and valuation before making an investment decision.
Rays of Belief IPO FAQs
What is Rays of Belief IPO?
Rays of Belief IPO is a Mainboard Book Built public issue of Rays of Belief Limited, which operates under the Mom’s Belief brand.
What is the Rays of Belief IPO Price?
The Rays of Belief IPO Price Band is ₹227 to ₹239 per equity share.
What is the issue size of Rays of Belief IPO?
The Rays of Belief IPO comprises a fresh issue of 52,30,000 equity shares aggregating up to approximately ₹125 crore.
What is the Rays of Belief IPO Lot Size?
The Rays of Belief IPO Lot Size is 62 equity shares. The minimum retail application amount is ₹14,818 at the upper price band.
When will Rays of Belief IPO open?
Rays of Belief IPO will open for subscription on 1 September 2026.
When will Rays of Belief IPO close?
Rays of Belief IPO will close on 3 September 2026.
What is the Rays of Belief IPO GMP?
The Rays of Belief IPO GMP has been left blank because GMP is an unofficial grey-market indicator and can change rapidly.
When is the Rays of Belief IPO Allotment?
Rays of Belief IPO Allotment is scheduled for 4 September 2026.
Who is the registrar for Rays of Belief IPO?
KFin Technologies Limited is the registrar to the Rays of Belief IPO.
When will Rays of Belief shares be listed?
Rays of Belief shares are proposed to be listed on BSE and NSE on 8 September 2026.
