Rays of Belief IPO is a book-built public issue of ₹125 crore. The IPO is entirely a fresh issue of 52,30,000 equity shares, with no offer for sale component.
The Rays of Belief IPO is scheduled to open for subscription on 1 September 2026 and close on 3 September 2026. The basis of allotment is expected to be finalized on 4 September 2026.
The equity shares of Rays of Belief Limited are proposed to be listed on BSE and NSE, with the tentative listing date scheduled for 8 September 2026.
The IPO price band has been fixed at ₹227 to ₹239 per share. The minimum application lot is 62 shares. At the upper price band, one retail lot requires an investment of ₹14,818.
Rays of Belief Limited operates under the Mom’s Belief brand and provides personalised intervention and developmental care programs for children with neurodevelopmental disorders.
Rays of Belief IPO Details
| IPO Particular | Details |
|---|---|
| IPO Date | 1 to 3 Sep 2026 |
| Listing Date | Tuesday, Sep 8, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹227 to ₹239 per share |
| Lot Size | 62 Shares |
| Issue Type | Book Building Issue |
| Sale Type | Fresh Issue |
| Listing At | BSE, NSE |
| Total Issue Size | 52,30,000 Shares, aggregating up to ₹125 Cr |
| Fresh Issue | 52,30,000 Shares, aggregating up to ₹125 Cr |
| Pre-Issue Shares | 1,56,71,682 Shares |
| Post-Issue Shares | 2,09,01,682 Shares |
| Market Cap at Upper Band | ₹499.55 Cr |
Rays of Belief IPO Timeline
| IPO Event | Date |
|---|---|
| IPO Open | Tuesday, Sep 1, 2026 |
| IPO Close | Thursday, Sep 3, 2026 |
| Basis of Allotment | Friday, Sep 4, 2026 |
| Refunds Initiated | Monday, Sep 7, 2026 |
| Credit of Shares to Demat | Monday, Sep 7, 2026 |
| Listing | Tuesday, Sep 8, 2026 |
Rays of Belief IPO Lot Size
Investors can bid for a minimum of 62 shares and in multiples of the prescribed lot size. At the upper price band of ₹239 per share, one retail lot requires an investment of ₹14,818.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 62 | ₹14,818 |
| Retail Maximum | 13 | 806 | ₹1,92,634 |
| S-HNI Minimum | 14 | 868 | ₹2,07,452 |
| S-HNI Maximum | 67 | 4,154 | ₹9,92,806 |
| B-HNI Minimum | 68 | 4,216 | ₹10,07,624 |
Rays of Belief IPO Reservation
The issue reservation details indicate that the total reserved portion comprises 20,92,190 shares, with the disclosed portion allocated to Qualified Institutional Buyers (QIBs).
| Investor Category | Shares | Maximum Allottees |
|---|---|---|
| QIB | 20,92,190 | NA |
| Anchor Investor | 20,92,190 | NA |
| Total | 20,92,190 | NA |
Rays of Belief IPO Anchor Investors
Rays of Belief IPO raised ₹50 crore from anchor investors ahead of the public subscription. The anchor bidding date was 31 August 2026.
| Anchor Investor Particular | Details |
|---|---|
| Bid Date | Monday, Aug 31, 2026 |
| Shares Offered | 20,92,190 |
| Anchor Portion | ₹50.00 Cr |
| Lock-in End Date for 50% Shares | Sunday, Oct 4, 2026 |
| Lock-in End Date for Remaining Shares | Thursday, Dec 3, 2026 |
About Rays of Belief Limited
Rays of Belief Limited, incorporated in 2017, is a for-profit social enterprise that provides personalised intervention plans and developmental support for children with Neurodevelopmental Disorders (NDDs).
Its services cover children affected by conditions and developmental challenges including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays.
The company established its first centre in Gurgaon in 2018 and has expanded significantly since then. Its centre network increased from 71 centres in FY2023 to 136 centres as of March 31, 2026.
The centres operate under the Mom’s Belief brand and are spread across 57 cities and 20 states and union territories in India. The network includes 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres, giving the company a significant presence in semi-urban and underserved markets.
The company primarily serves children between 18 months and 12 years, while specialised programs are available for children up to 15 years, including vocational and life-skills development.
Its multidisciplinary services include early intervention, parental guidance, occupational therapy, language therapy and family support programs. The centres are equipped with more than 150 teaching tools, while home-based learning kits provide access to more than 2,000 teaching tools.
As of March 31, 2026, Rays of Belief had a team of 340+ full-time clinical professionals.
In June 2025, the company acquired Mom’s Belief US, Inc. as its wholly owned subsidiary and Allergy and Immunology Virginia, LLC as its step-down subsidiary in the United States. The acquisition added three centres in Virginia located in Salem, Lynchburg and Roanoke.
Rays of Belief IPO Key Strengths
Rays of Belief IPO Financial Performance
Rays of Belief reported a significant increase in revenue between FY2025 and FY2026. Total income increased from ₹36.54 crore in FY2025 to ₹82.06 crore in FY2026, representing growth of approximately 125%.
However, profit after tax declined from ₹5.88 crore in FY2025 to ₹4.96 crore in FY2026, representing a decline of approximately 16%.
At the same time, EBITDA increased strongly from ₹3.02 crore in FY2025 to ₹11.91 crore in FY2026, indicating an improvement in operating profitability.
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Total Assets | ₹50.89 Cr | ₹26.12 Cr | ₹12.89 Cr |
| Total Income | ₹82.06 Cr | ₹36.54 Cr | ₹30.76 Cr |
| Profit After Tax | ₹4.96 Cr | ₹5.88 Cr | ₹0.85 Cr |
| EBITDA | ₹11.91 Cr | ₹3.02 Cr | ₹1.49 Cr |
| Net Worth | ₹30.81 Cr | ₹15.02 Cr | ₹5.78 Cr |
| Reserves and Surplus | ₹15.22 Cr | ₹14.70 Cr | ₹5.47 Cr |
| Total Borrowings | ₹3.61 Cr | ₹4.36 Cr | — |
Figures are in ₹ crore unless otherwise stated. FY2026 financials are presented on a consolidated basis as stated in the provided IPO data.
Rays of Belief IPO Key Performance Indicators
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 21.64% | 56.56% |
| ROCE | 29.74% | 7.49% |
| Debt/Equity | 0.12 | 0.29 |
| RoNW | 21.64% | 56.56% |
| PAT Margin | 6.07% | 16.15% |
| EBITDA Margin | 14.59% | 8.28% |
| NAV | ₹15.67 | ₹272.01 |
| Price to Book Value | — | 0.88x |
Rays of Belief IPO Valuation
At the upper price band of ₹239 per share, Rays of Belief Limited is expected to have a post-issue market capitalisation of approximately ₹499.55 crore.
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | ₹3.16 | ₹2.37 |
| P/E | 75.63x | 100.84x |
| Market Capitalisation | ₹375 Cr | ₹499.55 Cr |
Based on the upper price band, the IPO commands a relatively high post-issue P/E multiple of approximately 100.84x. Investors should therefore evaluate the company’s growth rate, profitability, expansion plans and future earnings potential carefully before making an investment decision.
Rays of Belief IPO Objectives
The company proposes to use the net proceeds of the IPO for expanding and strengthening its learning-centre network, developing school collaboration centres, research and training capabilities, technology, lease payments, brand awareness and international operations.
| No. | IPO Object | Estimated Amount |
|---|---|---|
| 1 | Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals | ₹26.88 Cr |
| 2 | School Collaboration Centres | ₹5.54 Cr |
| 3 | Centre for Excellence and Research | ₹2.45 Cr |
| 4 | Upskilling Academy | ₹2.05 Cr |
| 5 | Technology and hardware costs | ₹4.44 Cr |
| 6 | Lease payments for existing centres in India | ₹14.45 Cr |
| 7 | Investment in Moms Belief US Inc. for lease and licence payments for existing centres in the USA | ₹10.13 Cr |
| 8 | Brand awareness and inclusive outreach programs | ₹10.21 Cr |
| 9 | Funding inorganic growth through unidentified acquisitions and general corporate purposes | Balance Amount |
| Total Identified Objects | ₹76.15 Cr | |
Rays of Belief Shareholding Pattern
| Category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter and Promoter Group | 92.93% | — |
| Public | 7.07% | — |
| Total | 100% | 100% |
Company Promoters: Nitin Bindlish and Carving Futures Pte. Ltd.
Rays of Belief Consolidated Financials
| Particulars | 30 Sep 2025 |
|---|---|
| Total Assets | ₹46.49 Cr |
| Total Income | ₹43.27 Cr |
| Profit After Tax | ₹1.35 Cr |
| EBITDA | ₹4.35 Cr |
| Net Worth | ₹23.76 Cr |
| Reserves and Surplus | ₹8.29 Cr |
| Total Borrowings | ₹4.00 Cr |
Figures are in ₹ crore.
Rays of Belief IPO Review
IPO Review:
Rays of Belief Limited operates in a specialised segment focused on developmental and intervention services for children with neurodevelopmental disorders. Through its Mom’s Belief brand, the company has developed a growing network of centres across India.
The company has expanded its network from 71 centres in FY2023 to 136 centres as of March 31, 2026, covering 57 cities and 20 states and union territories. Its presence across Tier 2 and Tier 3 cities provides access to markets that may have comparatively fewer specialised developmental-care providers.
Another important strength is its multidisciplinary service model. The company combines early intervention, occupational therapy, language therapy, parental guidance and family-support programs. Its centre-based services are complemented by home-learning kits and ongoing progress monitoring.
Financial performance has shown strong revenue growth. Total income increased from ₹36.54 crore in FY2025 to ₹82.06 crore in FY2026. EBITDA also increased substantially from ₹3.02 crore to ₹11.91 crore.
However, profit after tax declined from ₹5.88 crore to ₹4.96 crore during the same period. The company’s PAT margin also declined from 16.15% to 6.07%, which indicates that the strong revenue expansion has not translated proportionately into bottom-line growth.
The company is also expanding internationally through its US subsidiaries and centres in Virginia. The IPO proceeds are proposed to support learning-centre expansion, school collaborations, research, training, technology, lease payments, brand awareness and international operations.
At the upper price band of ₹239 per share, the expected post-issue market capitalisation is approximately ₹499.55 crore. The post-issue P/E of approximately 100.84x indicates that investors are paying a substantial valuation relative to current earnings.
Overall, the IPO offers exposure to a specialised and expanding healthcare and developmental-care services segment, supported by network expansion and strong revenue growth. At the same time, investors should carefully assess the high valuation, declining PAT margin, earnings growth and the company’s ability to maintain profitable expansion.
What Is Rays of Belief IPO GMP?
GMP stands for Grey Market Premium. It is an unofficial indicator that some investors use to gauge market sentiment and possible demand for an IPO before the shares begin trading on the stock exchanges.
The grey market operates outside the formal stock exchange mechanism. GMP can change frequently based on investor demand, market conditions, subscription trends and overall sentiment.
GMP is not an official price indicator and does not guarantee the actual listing price or listing gain. The final listing performance can differ significantly from grey-market expectations.
Rays of Belief IPO Registrar
Kfin Technologies Ltd. is the registrar appointed for the Rays of Belief IPO. The registrar is responsible for processing IPO applications, maintaining allotment records, handling refunds and facilitating the credit of allotted shares into investors’ demat accounts.
Phone: 040-79615565
Email: robl.ipo@kfintech.com
Website: Kfin Technologies IPO Status
Rays of Belief IPO Lead Manager
| No. | Book Running Lead Manager |
|---|---|
| 1 | Mefcom Capital Markets Ltd. |
Rays of Belief Limited Contact Details
J-1919, Basement,
Chittranjan Park,
New Delhi, Delhi,
New Delhi – 110019
Phone: +91 124 407549
Email: cs@momsbelief.com
Website: momsbelief.com
Rays of Belief IPO RHP
Investors can refer to the official Rays of Belief Limited IPO Red Herring Prospectus (RHP) for detailed information about the company’s business, financial performance, risks, objects of the issue, management and other IPO-related disclosures.
View Rays of Belief IPO RHP →
Rays of Belief IPO FAQs
When will Rays of Belief IPO open?
The Rays of Belief IPO is scheduled to open for subscription on September 1, 2026.
When will Rays of Belief IPO close?
The IPO subscription period is scheduled to close on September 3, 2026.
What is the Rays of Belief IPO price band?
The price band has been fixed at ₹227 to ₹239 per equity share.
What is Rays of Belief IPO lot size?
The minimum application size is 62 shares.
What is the minimum investment for Rays of Belief IPO?
At the upper price band of ₹239 per share, one lot of 62 shares requires an investment of ₹14,818.
What is the total size of Rays of Belief IPO?
The IPO comprises ₹125 crore and consists entirely of a fresh issue of 52,30,000 equity shares.
How many shares are offered in Rays of Belief IPO?
The total issue comprises 52,30,000 equity shares.
How much is the fresh issue in Rays of Belief IPO?
The fresh issue comprises 52,30,000 shares, aggregating up to ₹125 crore.
What is the Rays of Belief IPO market cap?
At the upper price band of ₹239 per share, the expected post-issue market capitalisation is approximately ₹499.55 crore.
When will Rays of Belief IPO allotment be finalized?
The basis of allotment is expected to be finalized on September 4, 2026.
When will Rays of Belief shares be listed?
The tentative listing date is September 8, 2026 on both BSE and NSE.
Who is the registrar of Rays of Belief IPO?
Kfin Technologies Ltd. is the registrar appointed for the Rays of Belief IPO.
Who is the lead manager of Rays of Belief IPO?
Mefcom Capital Markets Ltd. is the book running lead manager for the issue.
What are the objectives of Rays of Belief IPO?
The company proposes to use the IPO proceeds for learning centres, school collaboration centres, research and excellence initiatives, upskilling, technology, lease payments, international operations, brand awareness and inclusive outreach programs, along with inorganic growth and general corporate purposes.
Is Rays of Belief profitable?
Yes. Rays of Belief reported a profit after tax of ₹4.96 crore in FY2026, compared with ₹5.88 crore in FY2025.
What is the Rays of Belief IPO P/E ratio?
Based on the provided IPO valuation data, the post-issue P/E ratio at the upper price band is approximately 100.84x.
What is Rays of Belief IPO GMP?
GMP means Grey Market Premium. It is an unofficial indicator of investor sentiment and possible listing expectations. GMP can change frequently and does not guarantee the actual listing price.
Where can I check Rays of Belief IPO GMP?
You can check the latest grey market premium updates on the Rays of Belief IPO GMP page on TradingMinds.
Disclaimer: This IPO article is intended only for general informational and educational purposes and should not be considered investment, financial or trading advice. IPO dates, price bands, issue size, allotment schedules, financial figures, subscription data and other information may change based on official announcements. Grey market premium figures are unofficial and can fluctuate substantially. Investors should read the official IPO documents, including the RHP, and independently evaluate the company’s business, financial position, valuation, growth prospects, competitive environment and associated risks before making any investment decision.
