Rays of Belief Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹227 - ₹239
- Lot size
- 62 shares
- Issue amount
- ₹125 cr
- Total subscription
- 107.71×
- Opens
- 1 Sept 2026
- Closes
- 3 Sept 2026
- Allotment
- 4 Sept 2026
- Listing
- 8 Sept 2026
Offer at a glance
Issue overview
- Issue size
- 52,30,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹14,074
- Fresh issue
- ₹125 cr
- Offer for sale
- ₹0 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,818
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,54,67,619
- Shares after issue
- 2,14,67,619
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 62 | ₹14,818 |
| sHNI | 14 | 868 | ₹2,07,452 |
| bHNI | 68 | 4,216 | ₹10,07,624 |
Share reservation
Subscription & GMP
Subscription by category
Reported 3 Sept 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 8,435 | 14,59,809 |
| HNIs(10L +) | 603 | 37,445 |
| HNIs (2-10L) | 301 | 67,183 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 43.74 | 396.18 |
| FIIs | 0 | 69.31 |
| FIs | 0 | 1.05 |
| Others | 0 | 325.82 |
| RETAIL | 12.5 | 2,448.26 |
| HNIs 2+ | 6.25 | 1,435.61 |
| HNIs 10+ | 12.5 | 3,797.67 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 3.21 | 3.84 | 0.56 |
| ROE | 0 | 0 | 0 |
| ROCE | 0 | 0 | 0 |
| RONW | 21.64 | 56.56 | 16.83 |
| PRE IPO(PE) | 75.63 | 0 | 0 |
| POST IPO(PE) | 100.84 | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
Rays of Belief is a social enterprise focused on providing personalized care and therapy for children with neurodevelopmental disorders such as autism, ADHD, and learning disabilities, aiming to improve access, affordability, and quality of support while also empowering parents. Starting with its first centre in Gurgaon in 2018, the company has expanded rapidly to over 130 centres across 57 cities in India, mainly in Tier 2 locations, under the brand Mom’s Belief. It offers services like early intervention, occupational and language therapy, along with family support programs for children typically aged 18 months to 12 years, and extended programs up to 15 years. Having supported over 56,000 children so far, the company also expanded internationally by acquiring Mom’s Belief US, adding centres in Virginia, further strengthening its reach and impact.
Strengths
- Leading Centre Network: Rays of Belief has one of the largest networks of centres in India for providing intervention services to children with NDDs, with 136 centres across multiple cities.
- Scalable Business Model: The company has grown its operations steadily and expanded its centre network, allowing it to reach more customers across different locations.
- Affordable and Accessible Care: The company aims to provide convenient and affordable developmental care with personalised intervention plans for children across its network of centres.
Risk factors
- Dependence on Leased Centres: The company operates its centres from leased properties, with lease periods of 11 months to 3 years. If leases are not renewed or centres are shifted or closed, the company may not be able to recover the money spent on setting up these centres.
- Geographical Concentration: A portion of the company’s revenue comes from centres in specific regions such as Uttar Pradesh, Karnataka and Delhi, as well as Tier 2 cities. Any decline in business from these locations could impact revenue and profitability.
- Dependence on Related Parties and Acquired Centres: A significant part of revenue comes from support services provided to related companies and recently acquired centres in the US. Any change or termination of these arrangements could negatively affect the company’s business and revenue.
Promoters
Nitin Bindlish
Carving Futures Pte. Ltd.
Registrar & documents
Lead manager
Mefcom Capital Markets Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Rays of Belief Ltd. J-1919, Basement, Chittranjan Park, New Delhi, Delhi, 110019
+91 124 407549
[email protected]Company website ↗Understanding MOMSBELIEF IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.