Rays of Belief IPO 2026
Rays of Belief Limited IPO is a Mainboard IPO offering equity shares to the public. The company operates under the Mom's Belief brand and focuses on intervention and support services for children with neurodevelopmental disorders.
The IPO is proposed to open on 1 September 2026 and close on 3 September 2026. The price band is ₹227 to ₹239 per share and the minimum lot size is 62 shares.
Rays of Belief IPO Profile
| IPO Name | Rays of Belief IPO |
|---|---|
| Company | Rays of Belief Limited |
| IPO Type | Mainboard IPO |
| Issue Type | Book Building |
| Issue Size | ₹125 Crore |
| Fresh Issue | 52.30 Lakh Equity Shares |
| Offer for Sale | Nil |
| Face Value | ₹10 per Equity Share |
| Price Band | ₹227 – ₹239 per Share |
| Lot Size | 62 Shares |
| Minimum Investment | ₹14,818 |
| Listing | NSE & BSE |
Rays of Belief IPO Details
| IPO Open Date | 1 September 2026 |
|---|---|
| IPO Close Date | 3 September 2026 |
| Anchor Investor Date | 31 August 2026 |
| Price Band | ₹227 – ₹239 |
| Lot Size | 62 Shares |
| Minimum Application | 1 Lot – 62 Shares |
| Minimum Investment | ₹14,818 at Upper Price Band |
| Basis of Allotment | 4 September 2026 |
| Refund Initiation | 7 September 2026 |
| Share Credit | 7 September 2026 |
| Listing Date | 8 September 2026 |
| Listing Exchange | NSE & BSE |
| Registrar | KFin Technologies Limited |
| Book Running Lead Manager | Mefcom Capital Markets Limited |
Rays of Belief Company Profile
Rays of Belief Limited is a healthcare-focused social enterprise operating under the Mom's Belief brand. The company provides customised intervention programmes for children with neurodevelopmental disorders (NDDs).
Its services are designed around a multidisciplinary and client-focused approach. The company has been expanding its centre network in India and has also established a presence in the United States.
Business Areas
- Neurodevelopmental disorder intervention programmes
- Child development and therapeutic services
- Company learning centres
- School collaboration centres
- Centre for Excellence and Research
- Professional training and upskilling
- Digital and technology-enabled services
Rays of Belief IPO Objectives
The company intends to use the IPO proceeds primarily for expansion, centre development, technology, lease expenses, brand awareness and other corporate purposes.
- Establishment of new Company Learning Centres
- Setting up centres in partnership with licensed professionals
- Setting up School Collaboration Centres
- Centre for Excellence and Research
- Upskilling Academy
- Technology and hardware expenditure
- Lease payments for existing centres in India
- Investment in Mom's Belief US Inc.
- Brand awareness and inclusive outreach programmes
- General corporate purposes and potential inorganic growth
Rays of Belief Financials
Below are selected financial figures based on available restated financial information.
| Particulars (₹ Crore) | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue / Total Income | 82.06 | 36.54 | 30.76 |
| EBITDA | 11.91 | 3.02 | 1.49 |
| Profit After Tax | 4.96 | 5.88 | 0.85 |
| Net Worth | 30.81 | 15.02 | 5.78 |
| Total Assets | 50.89 | 26.12 | 12.89 |
| Borrowings | 3.61 | 4.36 | Nil / Not Reported |
Rays of Belief IPO Strengths
1. Established Centre Network
The company has built a growing network of centres focused on neurodevelopmental intervention services.
2. Focused Healthcare Segment
Rays of Belief operates in the specialised neurodevelopmental disorder intervention segment, providing focused services to children and families.
3. Revenue Growth
Revenue increased substantially to ₹82.06 crore in FY2026 from ₹36.54 crore in FY2025.
4. Improving Operating Performance
EBITDA increased to approximately ₹11.91 crore in FY2026 from ₹3.02 crore in FY2025.
5. Expansion Opportunity
IPO proceeds are planned for expansion of centres, technology, training, brand building and other growth initiatives.
Rays of Belief IPO Risks
1. Profitability Volatility
Despite strong revenue growth, PAT declined in FY2026 compared with FY2025, indicating volatility in profitability.
2. Dependence on Leased Premises
A number of centres operate from leased properties. Non-renewal or termination of leases may affect operations and investments made in such centres.
3. Expansion Execution Risk
Rapid expansion requires effective management of centres, professionals, technology and operating costs.
4. Related Party Exposure
Investors should carefully review related-party transactions, receivables and other disclosures contained in the offer documents.
5. Valuation Risk
The IPO valuation may appear demanding relative to the company's current earnings. Investors should evaluate valuation and future growth expectations carefully.
Rays of Belief IPO Allotment
| Event | Date |
|---|---|
| IPO Closing | 3 September 2026 |
| Basis of Allotment | 4 September 2026 |
| Refund Initiation | 7 September 2026 |
| Credit of Shares | 7 September 2026 |
| Listing | 8 September 2026 |
After the allotment is finalized, investors can check their Rays of Belief IPO allotment status using PAN/Application details through the registrar's allotment facility or the relevant stock exchange platforms.
Check IPO Allotment StatusThe Rays of Belief IPO price band is ₹227 to ₹239 per equity share.
The lot size is 62 shares. Investors can apply for a minimum of one lot.
At the upper price band of ₹239, the minimum investment for one lot of 62 shares is ₹14,818.
The Rays of Belief IPO is scheduled to open on 1 September 2026.
The IPO is scheduled to close on 3 September 2026.
The basis of allotment is scheduled for 4 September 2026.
Rays of Belief IPO shares are scheduled to list on 8 September 2026 on NSE and BSE.
Yes, Rays of Belief IPO is a Mainboard IPO proposed to be listed on both NSE and BSE.
