Rays of Belief Limited IPO – Complete IPO Details, Dates, Price, Financials, Strengths & Risks
Rays of Belief Limited is a for-profit social enterprise focused on providing personalized intervention programs for children with Neurodevelopmental Disorders (NDDs). Through its Mom’s Belief brand, the company aims to make developmental care more accessible, affordable, and quality-focused while helping parents actively participate in their children’s developmental journey.
The company began its first centre in Gurgaon in 2018. As of March 31, 2026, it had expanded its network to 136 centres across 57 cities in 20 states and union territories in India, with a notable presence in Tier 2 cities. Since its inception, the company has supported more than 58,000 children, primarily between the ages of 18 months and 12 years.
Its centres use more than 150 teaching tools, while its home-based learning kits contain over 2,000 tools, supported by progress-tracking systems. The company also expanded internationally after acquiring Mom’s Belief US, Inc. and Allergy and Immunology Virginia, LLC in June 2025, adding three centres in Virginia.
As of March 31, 2026, Rays of Belief had more than 340 full-time clinical professionals, including psychologists, occupational therapists, speech-language pathologists, and special educators.
Rays of Belief IPO – Key Details
| Particulars | Details |
|---|---|
| IPO Opening Date | 01 September 2026 |
| IPO Closing Date | 03 September 2026 |
| Issue Type | Book Built Issue |
| Total Issue Size | 52,30,000 Shares worth ₹125 Crore |
| Fresh Issue | 52,30,000 Shares worth ₹125 Crore |
| Offer for Sale | Nil |
| Face Value | ₹10 per equity share |
| Price Band | ₹227 – ₹239 per share |
| Market Lot | 62 Shares |
| Minimum Order | 62 Shares |
| Listing | BSE & NSE |
| Registrar | KFin Technologies Limited |
| QIB Portion | 75% |
| NII Portion | 15% |
| Retail Portion | 10% |
The Rays of Belief IPO is entirely a fresh issue, with the company proposing to raise ₹125 crore through the issue.
Rays of Belief IPO – Important Date Schedule
| IPO Activity | Date |
|---|---|
| IPO Opens | 01 September 2026 |
| IPO Closes | 03 September 2026 |
| Basis of Allotment | 04 September 2026 |
| Refund Initiation | 07 September 2026 |
| Shares Credited to Demat | 07 September 2026 |
| IPO Listing | 08 September 2026 |
| UPI Mandate Confirmation Cut-off | 5 PM, 03 September 2026 |
Investors planning to apply for the issue should complete their UPI mandate confirmation before the specified cut-off time.
Rays of Belief IPO – Lot Size and Investment Amount
| Investor Category | 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 |
The minimum retail application consists of 62 shares, requiring an investment of ₹14,818 at the upper end of the IPO price band.
Business Model and Competitive Strengths
Rays of Belief operates through a specialized developmental-care model that combines intervention programs, therapy, parental guidance, and family support. Its expanding centre network gives it a broad geographical presence across India.
The company’s major competitive strengths include:
- Large network of intervention centres for children with NDDs.
- Track record of organic business expansion.
- Focus on accessible and affordable developmental care.
- Multidisciplinary and personalized care approach.
- Experienced professional and management team.
- Focus on research and development.
- Ability to adopt digital technologies in its operations.
The company is promoted by Nitin Bindlish and Carving Futures Pte. Ltd.
Rays of Belief IPO – Financial Performance
The company has reported growth in revenue over the periods presented in its financial information.
| Financial Year | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| FY2024 | ₹30.76 Cr | ₹30.66 Cr | ₹0.85 Cr | – |
| FY2025 | ₹36.54 Cr | ₹36.19 Cr | ₹5.88 Cr | ₹4.36 Cr |
| FY2026 | ₹82.06 Cr | ₹75.16 Cr | ₹4.96 Cr | ₹3.61 Cr |
Amount in ₹ Crore. FY2024 and FY2025 figures are standalone, while FY2026 figures are consolidated.
Key Performance Indicators
As of March 31, 2026, the company reported the following key financial indicators:
| KPI | Value |
|---|---|
| ROE | 21.64% |
| ROCE | 29.74% |
| Debt/Equity | 0.12 |
| RoNW | 21.64% |
| PAT Margin | 6.07% |
| EBITDA Margin | 14.59% |
| NAV | 15.67 |
The pre-IPO EPS stood at ₹3.16, while post-IPO EPS was ₹2.37. The corresponding P/E ratios were 75.63x pre-IPO and 100.84x post-IPO.
Objects of the Rays of Belief IPO
The company intends to utilize the IPO proceeds for expanding its centre network, supporting existing operations, strengthening its US subsidiary, and increasing brand awareness.
| Purpose | Expected Amount |
|---|---|
| New centres on leased premises and related technology hardware | ₹41.36 Cr |
| Lease payments for existing Indian centres | ₹14.45 Cr |
| Investment in Mom’s Belief US Inc. for lease/license payments | ₹10.13 Cr |
| Brand awareness and inclusive outreach programs | ₹10.21 Cr |
| Inorganic growth and general corporate purposes | As applicable |
The proposed new facilities include Company Learning Centres, School Collaboration Centres, Centres for Excellence and Research, and Upskilling Academies.
Rays of Belief IPO Peer Comparison
According to the provided information, there are no listed companies in India or overseas with a business portfolio and operating scale comparable to Rays of Belief Limited. Therefore, a direct industry peer comparison is not available.
Strengths of Rays of Belief IPO
Some of the important strengths highlighted for the company are:
- Largest NDD intervention centre network in India.
- Presence across 57 Indian cities.
- Personalized and multidisciplinary developmental-care model.
- Strong focus on digital technology and R&D.
- Experienced management and clinical professionals.
Risks Associated with Rays of Belief IPO
Investors should also consider the potential risks associated with the company’s business and expansion strategy:
- Dependence on licensed professional partnerships.
- Newly established centres may require time to achieve breakeven.
- Limited availability of skilled clinical professionals could affect expansion.
- Any decline in service quality could negatively impact the company’s reputation.
- Expansion plans may require significant additional investment and cash flows.
Rays of Belief IPO Promoter Holding
| Shareholding | Percentage |
|---|---|
| Pre-Issue Promoter Holding | 89.11% |
| Post-Issue Promoter Holding | 65.05% |
The promoter holding is expected to decline following the IPO while the company raises fresh capital for its expansion and other stated objectives.
Rays of Belief IPO Prospectus
Investors looking for detailed information about the company’s operations, financials, risks, and IPO structure can refer to the Rays of Belief IPO DRHP and RHP provided in the source material.
Company Contact Information
Rays of Belief Ltd.
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 Registrar
KFin Technologies Ltd.
Phone: 040-79615565
Email: robl.ipo@kfintech.com
IPO Status: KFin Technologies IPO status portal
Rays of Belief IPO Lead Manager
Mefcom Capital Markets Ltd. is listed as the lead manager for the Rays of Belief IPO.
Click here to view the Greymarket Premium
Link : https://ipo.bigshareonline.com/IPO_Status.html
Conclusion
The Rays of Belief Limited IPO provides investors with an opportunity to look at a specialized developmental-care company operating through the Mom’s Belief brand. From its first centre in 2018, the company has expanded to 136 centres across 57 cities and has served more than 58,000 children. Its business model combines intervention programs, therapy, parental guidance, multidisciplinary care, and technology-enabled progress monitoring.
The IPO carries a price band of ₹227–₹239 per share, with a market lot of 62 shares and a total issue size of ₹125 crore. The issue is scheduled to open on September 1, 2026 and close on September 3, 2026, with listing planned for September 8, 2026.
The company’s expanding centre network, multidisciplinary approach, geographical reach, and focus on accessible developmental care are among its key strengths. At the same time, investors should carefully consider risks involving professional talent availability, centre-level profitability, service quality, and future expansion requirements.
Note: The information above is a rephrased version of the supplied source material and is intended for educational and informational purposes. Investors should review the company’s official offer documents and conduct their own due diligence before making any investment decision.
