Rays of Belief IPO
Bookbuilding IPO | ₹125.00 Cr | Listing at BSE, NSE
IPO Open
Tue, Sep 01, 2026
IPO Close
Thu, Sep 03, 2026
Price Band
₹227.00 to ₹239.00
Market Cap (Pre-IPO)
₹499.55 Cr
IPO Details
| IPO Date | Sep 01, 2026 to Sep 03, 2026 |
| Listing Date | Tentative: Sep 08, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹227.00 to ₹239.00 |
| Lot Size | 62 Shares (Minimum: ₹14,818.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹125.00 Crores |
| Total Shares Offered | 5,230,000 shares |
| Fresh Issue | 5,230,000 shares |
| Offer For Sale | 5,230,000 shares |
Rays of Belief IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Issue size |
| Retail Shares Offered | Not more than 10% of the Issue |
| NII Shares Offered | Not more than 15% of the Issue |
Rays of Belief IPO Lot Size
Investors can bid for a minimum of 62 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 62 | ₹14,818 |
| Retail (Max) | 13 | 806 | ₹192,634 |
| S-HNI (Min) | 14 | 868 | ₹207,452 |
| S-HNI (Max) | 67 | 4,154 | ₹992,806 |
| B-HNI (Min) | 68 | 4,216 | ₹1,007,624 |
Rays of Belief Financial Information (Restated Consolidated)
Rays of Belief Ltd.'s revenue increased by 125% and profit after tax (PAT) dropped by 16% between the financial year ending with March 31, 2026 and March 31, 2025.
| 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 ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 21.64% |
| ROCE (Return on Capital Employed) | 29.74% |
| Debt/Equity | 0.12 |
| RoNW (Return on Net Worth) | 21.64% |
| PAT Margin (Profit After Tax Margin) | 6.07% |
| EBITDA Margin | 14.59% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 3.16 | 2.37 |
| P/E (x) | 75.63 | 100.84 |
Company Overview
Rays of Belief Ltd. – Company Overview
- Rays of Belief Ltd. is a for-profit social enterprise providing personalised intervention plans for children with Neurodevelopmental Disorders (NDDs).
- The company operates under the brand name Mom’s Belief, offering developmental and therapeutic care through a network of centres across India.
- The company primarily serves children aged 18 months to 12 years, while specialised programs are available for children up to 15 years.
- The company started its first centre in Gurgaon in 2018 and expanded from 71 centres in Fiscal 2023 to 136 centres as of March 31, 2026.
- Its network spans 57 cities and 20 states and union territories, comprising 42 Tier 1, 77 Tier 2, and 17 Tier 3 centres, with a strong focus on underserved and semi-urban markets.
- 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, the company acquired Mom's Belief US, Inc. as a wholly owned subsidiary and Allergy and Immunology Virginia, LLC as a step-down subsidiary, adding three centres in Virginia located in Salem, Lynchburg, and Roanoke.
Use of Proceeds
| 1) | Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals | 26.88 |
| 2) | School Collaboration Centres | 5.54 |
| 3) | Centre for Excellence and Research | 2.45 |
| 4) | Upskilling Academy | 2.05 |
| 5) | Technology (hardware) costs | 4.44 |
| 6) | Expenditure for lease payments for existing centres in India | 14.45 |
| 7) | Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA | 10.13 |
| 8) | Expenditure for brand awareness and inclusive outreach programs | 10.21 |
| 9) | Funding inorganic growth through unidentified acquisition and General corporate purposes | |
| Total | 76.15 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Quick Info
| Sector | Healthcare |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹499.55 Cr |
Important Dates
| IPO Open | Sep 01, 2026 |
| IPO Close | Sep 03, 2026 |
| Allotment Date | Sep 04, 2026 |
| Credit to Demat | Sep 07, 2026 |
| Listing Date | Tentative: Sep 08, 2026 |
Description
- IPO Type: Book build issue aggregating to ₹125.00 crores.
- Issue Structure: Entirely a fresh issue of 0.52 crore shares aggregating to ₹125.00 crores.
- IPO Dates: The issue opens on September 1, 2026 and closes on September 3, 2026.
- Allotment Date: The allotment is expected to be finalized on September 4, 2026.
- Listing Details: The shares are proposed to be listed on both NSE and BSE on September 8, 2026.
- Retail Investment Requirement: Minimum 1 lot (62 shares) amounting to approximately ₹14,818 (at the upper price band).
- Issue Price Band: ₹227 to ₹239 per equity share.
- Lot Size: 62 shares per lot.
This IPO offers investors an opportunity to participate in the company through an entirely fresh issue of shares.