Rays of Belief IPO Details
Rays of Belief IPO Summary
Rays of Belief IPO opens for subscription on 01 Sep 2026 and closes on 03 Sep 2026.The IPO will be listed on NSE, BSE with the tentative listing date set for 08 Sep 2026.
Rays of Belief IPO price band has been fixed at ₹227 – ₹239 per share. The face value is ₹10 per share with a lot size of 62.
Rays of Belief IPO total issue size comprises 52,30,000 shares (aggregating up to ₹125.00 Cr). This includes a fresh issue of 52,30,000 shares (aggregating up to ₹125.00 Cr). Pre-issue shareholding stands at 1,56,71,682, which will increase to 2,09,01,682 post-issue.
Rays of Belief IPO carries a ₹15 (6.28%) GMP, reflecting investor sentiment.
Rays of Belief IPO Lot Size :Retail Minimum is 1 lot (62 shares) amounting to ₹14,818. Retail Maximum is 13 lots (806 shares) amounting to ₹1,92,634. SHNI Minimum is 14 lots (868 shares) amounting to ₹2,07,452. SHNI Maximum is 67 lots (4,154 shares) amounting to ₹9,92,806. BHNI Minimum is 68 lots (4,216 shares) amounting to ₹10,07,624.
Rays of Belief IPO Details
Rays of Belief IPO Subscription
Rays of Belief IPO Application Wise Breakup (Approx)
Rays of Belief IPO Dates
- 01 Sep 2026Opening dateOpen
- 03 Sep 2026Closing dateClose
- 04 Sep 2026Allotment Date Allotment
- 07 Sep 2026Initiation of RefundsRefund
- 07 Sep 2026Credit of SharesCredit
- 08 Sep 2026Listing dateListing
Rays of Belief IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 62 | ₹14,818 |
| Retail Maximum | 13 | 806 | ₹1,92,634 |
| SHNI Minimum | 14 | 868 | ₹2,07,452 |
| SHNI Maximum | 67 | 4154 | ₹9,92,806 |
| BHNI Minimum | 68 | 4216 | ₹10,07,624 |
Rays of Belief IPO Reservation
Promoter Holding
Documents
Rays of Belief IPO Valuations
Rays of Belief Financial Information
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 50.89 | 26.12 | 12.89 |
| Total Income | 82.06 | 36.54 | 30.76 |
| Profit After Tax | 4.96 | 5.88 | 0.85 |
| EBITDA | 11.91 | 3.02 | 1.49 |
| NET Worth | 30.81 | 15.02 | 5.78 |
| Reserves and Surplus | 15.22 | 14.70 | 5.47 |
| Total Borrowing | 3.61 | 4.36 | |
| Amount in ₹ Crore | |||
About Rays of Belief IPO
Incorporated in 2017, Rays of Belief Ltd. is a for-profit social enterprise providing personalised intervention plans for children with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays.
The Company started its first centre in Gurgaon in 2018 and has since expanded from 71 centres in Fiscal 2023 to 136 centres as of March 31, 2026, under its brand name Mom’s Belief. These centres are spread across 57 cities and 20 states and union territories in India, with a strong presence in Tier 2 cities. The network includes 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres, helping extend developmental care to underserved and semi-urban areas.
The Company primarily serves children aged 18 months to 12 years, while specialised programs are available for children up to 15 years, focusing on vocational and life skills. Its multidisciplinary services include early intervention, parental guidance, occupational therapy, language therapy and family support programs.
The centres are equipped with 150+ teaching tools, while home-based learning kits provide access to 2,000+ teaching tools, supported by regular follow-ups and progress monitoring. As of March 31, 2026, the Company had a team of 340+ full-time clinical professionals.
In June 2025, Rays of Belief Ltd. acquired Mom's Belief US, Inc. as its wholly owned subsidiary and Allergy and Immunology Virginia, LLC as its step-down subsidiary in the USA. The acquisition added three centres in Virginia, located in Salem, Lynchburg and Roanoke.
Strength Of Rays of Belief IPO
- India's Largest For Profit Social Enterprise for Neurodevelopmental Disorders Intervention Centres, based on the number of centres.
- Focus on Accessibility.
- Comprehensive, Multidisciplinary and Client-Focused Care.
- Research and Development focused approach and digital adaptability.
- Professional and experienced management team.
Risk Of Rays of Belief IPO
- Our centres operate on leased premises with lease tenures ranging from 11 months to 3 years, and a significant portion of our capital expenditure comprises immovable fit-outs on such leased properties, which may not be recoverable if a lease is not renewed or if a centre is closed or moved to some other location.
- During Fiscal 2026, 15.36% of our Revenue from Operations was derived from our centres located in the states of Uttar Pradesh and Karnataka and union territory of Delhi. Additionally, 17.58% of our Revenue from Operations was derived from centres in Tier 2 cities. Any loss of business from these regions may adversely affect our revenues and profitability.
- In Fiscal 2026, we derived 25.56% of our Revenue from Operations from the export of support services to Carving Futures Pte. Ltd., our Holding Company, who is also our Corporate Promoter, and Carving Futures Inc., our Promoter Group entity. Any adverse change in, or termination of, this agreement, or any conflict of interest arising from such related party arrangements, could adversely affect our business, financial condition, results of operations and cash flows. Further, 50.21% of our Revenue from Operations for Fiscal 2025, as reflected in our Pro Forma Consolidated Financial Information, was derived from 3 (three) newly acquired centres in the United States. Any loss of business from these centres may adversely affect our revenues and profitability.
- Our Registered Office, Corporate Office, 91 out of 136 of our centres in India and our newly acquired centres in the United States are in premises not owned by us and we have only leasehold rights. Lease amount paid for our centres was Rs. 46.61 million as on March 31, 2026. Additionally, monies from our net issue under capital expenditure object will be utilized towards leased premises rent payment, for premises having leased for tenure of 11 months - 3 years. Our landlords may not renew leases of existing centres with us or renegotiate terms of our leases, which could adversely affect our business, financial condition and results of operations.
- We operate in a highly specialized and sensitive domain, providing care to children with Neurodevelopmental Disorders. Till date, we have served upwards of 58,000 children since commencement of our operations in 2018. Our business depends on our continued ability to maintain standardised and reliable quality of services at all our centres. Any disruption, limitation, or deficiency in the delivery of our services may adversely affect our reputation, business operations and financial performance.
- During the Fiscal 2026, we derived 73.79% of our revenue from our centre operations, of which, 26.52% was derived from our centre type - "Company Learning Centres in partnership with Licensed Professionals". Under this model, we are dependent on the arrangements with these Licensed Professionals, and our business would be harmed, and revenue would be affected if our arrangements with these Licensed Professionals are terminated or suspended.
- As of March 31, 2026, we operated 34 Early Intervention Centres ("EICs") under the centre type - "Company Learning Centres in partnership with Licensed Professionals" model. Our ability to provide effective early intervention services through this model is highly dependent on the availability, cooperation, continued relationship with as well as the best practices adopted by such Licensed Professionals. Lapses in coordination or termination of such partnerships could impact service quality, and adversely affect our reputation, business, and growth.
- The Objects of the Issue include expansion of our business by setting up New Centres across India. We may not be able to successfully implement this, or may face delays in the implementation schedule, causing a material adverse effect on its business, financial condition, and results of operations.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- We are yet to identify the exact locations or properties for the setting up our centres in India, for which we intend to utilize the amount from Net Proceeds.
Objectives Rays of Belief IPO
1. Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals
2. School Collaboration Centres
3. Centre for Excellence and Research
4. Upskilling Academy
5. Technology (hardware) costs
6. Expenditure for lease payments for existing centres in India
7. Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA
8. Expenditure for brand awareness and inclusive outreach programs
9. Funding inorganic growth through unidentified acquisition and General corporate purposes
Company Contact Details
J-1919, Basement, Chittranjan Park, New Delhi,
Delhi, New Delhi , 110019
Phone: +91 124 407549
Email: cs@momsbelief.com
Website: https://www.momsbelief.com/
Registrar Contact Details
Rays of Belief FAQs
The Rays of Belief IPO is a MAINBOARD public issue comprising 5230000 equity shares with a face value of ₹10 each, aggregating to a total issue size of ₹125.00 Cr. The issue price has been fixed at ₹239 per equity share, and the minimum application size is 62 shares.
The IPO opens for subscription on 01 Sep 2026, and closes on 03 Sep 2026.
Kfin Technologies Ltd has been appointed as the registrar to the issue. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
As of now, the current GMP stands at ₹15 (6.28%).
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