Rays of Belief IPO: Rays of Belief Limited, a for-profit social enterprise company that provides personalized intervention plans for children with neurodevelopmental disorders (NDDs) including autism spectrum disorder (ASD), ADHD, Down syndrome, cerebral palsy, intellectual disability, learning disability and global developmental delay, has launched its IPO to raise ₹125.00 crore. Rays of Belief IPO will open for subscription on September 01, 2026, and close September 03, 2026.
Rays of Belief IPO is a book build issue of 52,30,000 shares (₹125.00 Cr.). The issue is a combination of a fresh issue of 52,30,000 shares (₹125.00 Cr.).
The price band for Rays of Belief IPO is ₹227 to ₹239 per share. The minimum application size is 1 lot (62 shares), requiring a retail investor to invest at least ₹14,818 (based on the upper price band).
Rays of Belief IPO Details
| Issue Open Date | September 01, 2026 |
| Issue Close Date | September 03, 2026 |
| Issue Type | Book Building Issue |
| Face Value | ₹10.00 Equity Share |
| Price Band | ₹227.00 – ₹239.00 Per Share |
| Issue Price | ₹239.00 Per Share |
| Listing On | BSE, NSE |
| Total Issue Size | ₹125.00 Cr. (52,30,000 Shares) |
| Fresh Issue | ₹125.00 Cr. (52,30,000 Shares) |
| Offer For Sale | Not Applicable |
| Prospectus | RHP | Anchor Investors |
Rays of Belief IPO Reservation
| Category | Net Issue | Shares Offered |
|---|---|---|
| QIB | 75.00% | 39,22,500 |
| NII | 15.00% | 7,84,500 |
| Retail | 10.00% | 5,23,000 |
| Total | 100.00% | 52,30,000 |
Rays of Belief IPO Market Lot
| Application | Lot | 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 |
Key Performance Indicator
| KPI (March 31, 2026) | Value |
| Market Capitalisation | ₹499.55 Cr. (On Upper Price) |
| P/E Ratio | 75.63x |
| EPS | ₹3.16 |
| ROE | 21.64% |
| ROCE | 29.74% |
| RoNW | 21.64% |
| Dept/Equity | 0.12 |
| EBITDA Margin | 14.59% |
| PAT Margin | 6.07% |
| Net Assets Value | ₹15.67 |
| Price To Book Value | 0.88x (March 31, 2025) |
Rays of Belief IPO No Peer Comparison
| Company | P/E | EPS | RoNW | NAV |
| N/A | — | — | — | — |
Rays of Belief IPO Dates (Tentative)
| Open Date | September 01, 2026 |
| Close Date | September 03, 2026 |
| Allotment Date | September 04, 2026 |
| Refund Date | September 07, 2026 |
| Share Credit Date | September 07, 2026 |
| Listing Date | September 08, 2026 |
Rays of Belief Limited Company Financial Report (Restated)
| Period Ended | Total Assets | Total Income | Total Expenses | Total Net Worth | Profit After Tax | EBITDA | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|---|---|
| March 2026 (Consolidated) | ₹50.89 Cr. | ₹82.06 Cr. | ₹75.16 Cr. | ₹30.81 Cr. | ₹4.96 Cr. | ₹11.91 Cr. | ₹15.22 Cr. | ₹3.61 Cr. |
| March 2025 (Standalone) | ₹26.12 Cr. | ₹36.54 Cr. | ₹36.19 Cr. | ₹15.02 Cr. | ₹5.88 Cr. | ₹3.02 Cr. | ₹14.70 Cr. | ₹4.36 Cr. |
| March 2024 (Standalone) | ₹12.89 Cr. | ₹30.76 Cr. | ₹30.66 Cr. | ₹5.78 Cr. | ₹0.85 Cr. | ₹1.49 Cr. | ₹5.47 Cr. | — |
Company Promoters
- Nitin Bindlish
| Holding Pre Issue | 1,56,71,682 Shares | 92.93% |
| Holding Post Issue | 2,09,01,682 Shares | — |
Rays of Belief IPO Lead Managers
- Mefcom Capital Markets Limited
Rays of Belief IPO Registrar
Kfin Technologies Limited
Telephone: 040-79615565
Email: robl.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
About Rays of Belief Limited (Incorporated In 2017)
This company is a for-profit social enterprise that provides intervention plans for children with neurodevelopmental disorders (“NDDs”). Such plans are personalized based on each child’s unique needs and the severity of the condition. NDDs include autism spectrum disorder (“ASD”), attention-deficit/hyperactivity disorder (“ADHD”), Down syndrome (“DS”), cerebral palsy (“CP”), intellectual disability (“ID”), learning disabilities (“LD”), and global developmental delays (“GDD”).
The company was founded specifically to address key barriers to NDDs in the behavioral health field, including lack of awareness, limited access, poor quality of care, and unaffordability. Therefore, their intervention plans are designed to help parents and families become co-therapists in their child’s developmental journey.
Based on the number of centers, as of March 31, 2026, the company ranks first in India in providing intervention plans for children with neurodevelopmental disorders (NDDs), and seventh globally among listed players operating in similar behavioral health domains. (Source: CARE Report)
The company launched its first center in Gurgaon in 2018 and subsequently expanded its operations from 71 centers in fiscal year 2023 to 136 centers by March 31, 2026 (excluding three centers recently acquired through its step-down subsidiary in the US). These 136 centers, under the brand name Moms Belief, are spread across 57 cities in 20 states and union territories in India. With 42 centers in Tier 1, 77 centers in Tier 2, and 17 centers in Tier 3 cities in India, it has expanded its presence beyond major urban hubs to serve areas where access to developmental care has previously been limited. Its presence is mostly in Tier 2 cities. (Source: CARE Report)
Based on the number of centers, the company is India’s largest for-profit social enterprise providing intervention plans for children with NDDs. Since starting operations in 2018, it has served over 58,000 children. In fiscal years 2026, 2025, and 2024, we served 9,205, 8,585, and 9,344 children, respectively. (Source: CARE Report)
Their services are primarily for children aged 18 months to 12 years, and for older children up to 15 years, there are specialized programs that focus on vocational and life skills for easier transition into adulthood. Their centers offer a wide range of services, including early intervention, parental guidance, occupational therapy, language therapy, and family support programs. (Source: CARE Report)
As of March 31, 2026, the company has a team of over 340 full-time clinical professionals, including:
- Child and adolescent psychologists;
- Occupational therapists;
- Dpeech-language pathologists;
- Behaviour therapists;
- Early childhood development professionals.
Company Strengths (In Details)
- N/A
Objects Of The Issue (Total Estimated Amount ₹76.15 Cr.)
- Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals. (Estimated Amount ₹26.88 Cr.)
- School Collaboration Centres. (Estimated Amount ₹5.54 Cr.)
- Centre for Excellence and Research. (Estimated Amount ₹2.45 Cr.)
- Upskilling Academy. (Estimated Amount ₹2.05 Cr.)
- Technology (hardware) costs. (Estimated Amount ₹4.44 Cr.)
- Expenditure for lease payments for existing centres in India. (Estimated Amount ₹14.44 Cr.)
- Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA. (Estimated Amount ₹10.13 Cr.)
- Expenditure for brand awareness and inclusive outreach programs. (Estimated Amount ₹10.21 Cr.)
- Funding inorganic growth through unidentified acquisition and General corporate purposes.
Company Address
Rays of Belief Limited
Address: J-1919, Basement,
Chittranjan Park, New Delhi,
Delhi, New Delhi, 110019
Telephone: +91 124 407549
Email: cs@momsbelief.com
Website: https://www.momsbelief.com/
Rays of Belief IPO FAQs
What are the open and close dates of the Rays of Belief IPO?
The Rays of Belief IPO will open on September 01, 2026 and close on September 03, 2026.
What is the price band for Rays of Belief IPO?
The price band for the Rays of Belief IPO is ₹227 to ₹239 per share.
What is the issue size of the Rays of Belief IPO?
The total issue size of the Rays of Belief IPO is ₹125.00 Cr., comprising both fresh issue and offer for sale (if applicable).
What is Rays of Belief IPO Minimum and Maximum Lot Size?
The minimum bid is 1 Lot, 62 Shares with ₹14,818 amount while the maximum bid is 13 Lot, 806 shares with ₹1,92,634 for the Rays of Belief IPO.
What is Rays of Belief IPO Investors Portion?
The investors portion for QIB 75.00%, NII 15.00%, RII 10.00% for the Rays of Belief IPO.
When will the allotment for the Rays of Belief IPO be finalized?
The Rays of Belief IPO allotment is expected to be finalized on September 04, 2026.
When will the shares of Rays of Belief IPO get listed?
The Rays of Belief IPO shares are expected to be listed on BSE and NSE on September 08, 2026.
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Desclaimer: This Content Was Compiled By The IPO Investors Team After Researching and Reviewing The Rays of Belief IPO RHP (Red Herring Prospectus) And Other Official IPO-Related Documents Publicly Available To Investors. This Information Is Provided For Informational And Educational Purposes Only.
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