The Rays of Belief IPO opens on September 1, 2026, and closes on September 3, 2026. It is a book-built issue. The company aims to raise approximately ₹125 crore through the IPO, comprising a fresh issue of ₹125 crore and an 'Offer for Sale' of equity shares with a face value of ₹10.
The price band for the Rays of Belief IPO is ₹227 to ₹239 per share. The quota allocation is 10% for retail investors, 75% for QIBs, and 15% for HNIs. The IPO is scheduled to be listed on the BSE and NSE on September 8, 2026, with the share allotment date set for September 4, 2026.
The company reported revenue of ₹82.06 crore in 2026, compared to ₹36.54 crore in 2025. It recorded a profit of ₹4.96 crore in 2026, against a profit of ₹5.88 crore in 2025.
Rays of Belief Subscription Status
Last updated on 01-Sep-2026 19:22:22
| Subscription Details (No. of Shares) | |||
|---|---|---|---|
| Category | Offered | Applied | Times |
| QIBs | 1830310 | 868 | 0 |
| HNIs | 784500 | 308574 | 0.39 |
| HNIs 10+ | 523000 | 69998 | 0.13 |
| HNIs 2+ | 261500 | 238576 | 0.91 |
| Retail | 523000 | 3474356 | 6.64 |
| Total | 3137810 | 3783798 | 1.21 |
Application-Wise Breakup (Approx. no. of Apps) | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (10L+) | 603 | 16 | 0.03 |
| HNIs (2-10L) | 301 | 251 | 0.83 |
| Retail | 8435 | 49215 | 5.83 |
Total Applications: 49482
Subscription Demand (in ₹ crore) | |||
|---|---|---|---|
| Category | Offered | Applied | Times |
| QIBs | 43.74 | 0.02 | 0 |
| FIIs | - | 0 | - |
| DIIs | - | 0 | - |
| Mutual funds | - | 0 | - |
| Others | - | 0.02 | - |
| HNIs | 18.75 | 7.37 | 0.39 |
| HNIs 10+ | 12.5 | 1.67 | 0.13 |
| HNIs 2+ | 6.25 | 5.7 | 0.91 |
| Retail | 12.5 | 83.04 | 6.64 |
| Total | 74.99 | 90.43 | 1.21 |
Lot Size & Investment
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 62 | 14818 | 8435 |
| sHNI | 14 | 868 | 207452 | 301 |
| bHNI | 68 | 4216 | 1007624 | 603 |
Share Reservation
| Category | Shares Offered | % |
|---|---|---|
| Total | 5230000 | 100% |
| Anchor | 2092190 | 40% |
| QIB | 1830310 | 35% |
| HNI | 784500 | 15% |
| Retail | 523000 | 10% |
About the Company
IPO Details
| Total Issue Size | 5,230,000 shares (aggregating up to ₹* Cr) |
| Fresh Issue | 5,230,000 shares (aggregating up to ₹* Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE,NSE |
| Share Holding Pre Issue | 15,671,682 Equity Shares |
| Share Holding Post Issue | 2,09,01,682 Equity Shares |
Key Performance Indicators (KPI)
| KPI | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| RONW | 21.64% | 56.56% | 16.83% |
| EPS (BASIC) | 3.16 | 3.84 | 0.56 |
| P/E PRE IPO | 75.63 | ||
| P/E POST IPO | 100.84 |
Company Financial (In ₹Crore)
| Period Ended | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Assets | 50.88 | 26.12 | 12.89 |
| Total Income | 82.06 | 36.53 | 30.75 |
| Profit After Tax | 4.95 | 5.88 | 0.8 |
| EBITDA | 11.91 | 3.01 | 1.49 |
| NET Worth | 30.81 | 15.02 | 5.78 |
| Reserves and Surplus | 15.20 | 14.7 | 5.47 |
| Total Borrowing | 3.6 | 4.35 | - |
Peer Comparision
There are no listed companies in India or other foreign jurisdictions whose business portfolio is comparable with the company's business.
About Company
Rays of Belief Ltd. is a for-profit social enterprise providing personalised intervention plans for children with Neurodeve lopmental Disorders (NDDs). Its services are designed based on the individual needs and severity of each child’s condition, covering disorders such as Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays.
The company has developed a network of 136 centres across 57 cities and has served more than 56,000 children. Its operations are supported by a workforce of 517 staff, including 339 clinicians, enabling it to provide developmental care across its network.
Rays of Belief focuses on providing accessible and affordable developmental care through its intervention centres. The company has built a scalable operating model and expanded its presence across multiple locations.
Strengths
Leading Centre Network: Rays of Belief is ranked as India's first enterprise in terms of the number of centres offering intervention plans for children with NDDs. Its network of 136 centres provides accessibility to developmental care across multiple cities.
Proven Scalable Operations: The company has demonstrated a track record of organic growth and scalable operations. Its expanding network supports its ability to provide intervention services across a wider geographic area.
Accessible and Affordable Care: The company focuses on providing convenient and affordable developmental care for children with NDDs. Its network-based model enables families to access personalised intervention plans across multiple locations.
Risk Factors
Leased Centre Premises: The company's centres operate on leased premises with lease tenures ranging from 11 months to 3 years. A significant portion of its capital expenditure consists of immovable fit-outs at these properties, which may not be recoverable if leases are not renewed or centres are closed or relocated.
Geographical Concentration: During Fiscal 2026, 15.36% of Revenue from Operations was derived from centres located in Uttar Pradesh, Karnataka, and Delhi. Additionally, 17.58% of Revenue from Operations came from centres in Tier 2 cities, and any loss of business from these regions could adversely affect revenues and profitability.
Dependence on Related Parties and Acquired Centres: In Fiscal 2026, 25.56% of Revenue from Operations was derived from export of support services to Carving Futures Pte. Ltd. and Carving Futures Inc. Any adverse change or termination of these arrangements could affect the business. Further, 50.21% of Revenue from Operations in Fiscal 2025, as reflected in the Pro Forma Consolidated Financial Information, was derived from three newly acquired centres in the United States.
IPO Lead Managers aka Merchant Bankers
- Mefcom Capital Markets Ltd.
Company Address
Rays of Belief Ltd.
J-1919, Basement,
Chittranjan Park, New Delhi,
Delhi, New Delhi, 110019
Phone: +91 124 407549
Email: cs@momsbelief.com
Website: https://www.momsbelief.com/
IPO Registrar
Kfin Technologies Ltd.
Phone: 040-79615565
Email: robl.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Rays of Belief IPO FAQs
What is Rays of Belief IPO?
Rays of Belief IPO is Mainboard IPO. The company is going to raise ₹125 Crores via IPO. The issue is priced at ₹227 to ₹239 per equity share. The IPO is to be listed on BSE & NSE.
When Rays of Belief IPO will open for subscription?
The IPO is to open on September 1, 2026 for QIB, NII, and Retail Investors. The IPO will close on September 3, 2026.
What is Rays of Belief IPO Investors Portion?
The investors’ portion for QIB is 75%, NII is 15%, and Retail is 10%.
How to Apply the Rays of Belief IPO?
You can apply for Rays of Belief IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.
What is Rays of Belief IPO Issue Size?
Rays of Belief IPO issue size is ₹125 crores.
What is Rays of Belief IPO Price Band?
Rays of Belief IPO Price Band is ₹227 to ₹239.
What is Rays of Belief IPO Lot Size?
The minimum bid is 62 Shares with ₹14,818 amount.
What is the Rays of Belief IPO Allotment Date?
Rays of Belief IPO allotment date is September 4, 2026.
What is the Rays of Belief IPO Listing Date?
Rays of Belief IPO listing date is September 8, 2026. The IPO is to list on BSE & NSE.