Rays of Belief IPO
GMP, Subscription, Price, Dates & Financial Details
Hospital & Healthcare Services
Rays of Belief is a for-profit social enterprise focused on improving the lives of children with Neurodevelopmental Disorders (NDDs) by making high-quality, personalized intervention and developmental care more accessible and affordable. The company operates under the brand name Mom’s Belief and…
Open Date
Tue, 01 Sep 2026
Close Date
Thu, 03 Sep 2026
Price Band
₹ 227 – 239
Lot Size
62
Issue Size
₹ 125.00 Cr
Minimum Investment
₹ 14,818 (62 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Rays of Belief IPO is currently open for subscription and will remain open until September 03, 2026. According to the Red Herring Prospectus (RHP), the IPO is a book-built issue with a total issue size of ₹125.00 Crore, comprising a fresh issue of 52.30 Lakh equity shares aggregating to ₹125.00 Crore.
The Rays of Belief IPO opened for subscription on September 01, 2026, and will close on September 03, 2026. The basis of allotment is expected to be finalized on September 04, 2026, while the shares are tentatively scheduled to be listed on the NSE and BSE on September 08, 2026.
The company has fixed the price band at ₹227 to ₹239 per share, with a lot size of 62 shares. Retail investors are required to make a minimum investment of ₹14,818 (based on the upper price band) to apply for one lot.
KFin Technologies Limited is the registrar to the issue. Mefcom Capital Markets Limited are the Book Running Lead Managers (BRLMs) to the issue.
Before investing in the Rays of Belief IPO, investors should carefully review the company's financial performance, business model, IPO objectives, and risk factors disclosed in the offer documents. Interested investors should submit their applications before the subscription window closes on September 03, 2026.
Rays of Belief IPO Timeline (Tentative)
- IPO Open Date
- Tue, 01 Sep 26
- IPO Close Date
- Thu, 03 Sep 26
- Basis of Allotment
- Fri, 04 Sep 26
- Initiation of Refunds
- Mon, 07 Sep 26
- Credit of Shares to Demat
- Mon, 07 Sep 26
- Listing Date
- Tue, 08 Sep 26 — BSE & NSE
Open Date
01 September 2026
Close Date
03 September 2026
Basis Of Allotment
04 September 2026
Listing Date
08 September 2026
IPO Subscription
Check Live Subscription →The Rays of Belief IPO has received bids for 1,13,82,828 shares against 39,22,310 shares offered, resulting in an overall subscription of 3.63x. the NII category is subscribed 2.07x, Retail Investors 18.63x, and QIBs 0.01x. Within the NII category, BNII is subscribed 1.12x, while SNII is subscribed 3.97x.
QIB
0.01x
NII
0.39x
BNII
0.13x
SNII
3.97x
RII
18.63x
Total
3.63x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 5,23,000 shares, representing 10% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 18,30,310 shares (35%), while Non-Institutional Investors (NIIs) receive 7,84,500 shares (15%).
| Category | Shares Offered | Shares Offered |
|---|---|---|
| Anchor Investors | 2,092,190 | 40% |
| Qualified Institutions | 1,830,310 | 35% |
| Non-Institutional | 784,500 | 15% |
| BNII | 523,000 | 10% |
| SNII | 261,500 | 5% |
| Retail Investors | 523,000 | 10% |
| Total | 5,230,000 | 100% |
Financials Details(₹ in Crores)
| Particular | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 50.89 | 26.12 | 12.89 |
| Revenue | 82.06 | 36.54 | 30.76 |
| Profit After Tax | 4.96 | 5.88 | 0.85 |
| Net Worth | 30.81 | 15.02 | 5.78 |
| Reserve & Surplus | 15.22 | 14.7 | 5.47 |
| Total Borrowings | 3.61 | 4.36 | 0 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Rays of Belief Limited KPI Information
| Particular | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 21.64 | 56.56 | 16.83 |
| ROCE % | 29.74 | 7.49 | 4.58 |
| Debt / Equity | 0.12 | 0.29 | 0 |
| RoNW % | 21.64 | 56.56 | 16.83 |
| Pat Margin % | 6.07 | 16.15 | 2.79 |
Peers Comparison
No Peer Comparision Available
About Rays of Belief Limited
Rays of Belief is a for-profit social enterprise focused on improving the lives of children with Neurodevelopmental Disorders (NDDs) by making high-quality, personalized intervention and developmental care more accessible and affordable. The company operates under the brand name Mom’s Belief and works closely with children and their families to support developmental progress while empowering parents to play an active role in their child’s care.
The company commenced operations with its first centre in Gurugram in 2018. Since then, it has expanded significantly across India. As of September 30, 2025, Mom’s Belief had 136 centres across 57 cities in India, with a significant proportion of its centres located in Tier 2 cities. This network enables the company to extend developmental and therapeutic services beyond major metropolitan areas and reach families in underserved markets.
Since its inception in 2018, the company has provided services to more than 56,500 children. Its primary target group comprises children between 18 months and 12 years of age, while specialized programs are also available for children up to 15 years, particularly those focusing on vocational development, independence, and life skills.
Services and Intervention Programs
Rays of Belief provides personalized intervention plans based on each child's developmental needs. Its services address a broad range of NDDs and developmental conditions, including:
Autism Spectrum Disorder (ASD)
Attention-Deficit/Hyperactivity Disorder (ADHD)
Down Syndrome
Cerebral Palsy
Intellectual Disability
Learning Disabilities
Global Developmental Delay (GDD)
The company's intervention ecosystem includes early intervention, occupational therapy, language and communication therapy, parental guidance, and family support. By combining therapeutic interventions with parent participation, the company aims to create a more consistent developmental environment for children both at its centres and at home.
Centre Infrastructure
Mom’s Belief centres are designed to provide children with a structured and engaging environment for therapy and learning. The centres are equipped with more than 150 teaching and intervention tools, including sensory equipment, puzzles, worksheets, and other developmental resources. These tools are used as part of individualized intervention programs tailored to each child's specific developmental requirements.
Focus on Parents and Families
A key aspect of Rays of Belief's approach is its emphasis on parental involvement. In addition to providing direct therapeutic services to children, the company guides parents on how to understand their child's developmental needs and actively participate in the intervention process. This approach is intended to extend developmental support beyond the centre and into the child's everyday home and family environment.
International Expansion
As part of its international expansion, on June 23, 2025, the company acquired Mom's Belief US Inc. as a wholly owned subsidiary. Mom's Belief US Inc. operated three centres in Virginia, located in Salem, Lynchburg, and Roanoke. The acquisition marked an important step in expanding the company's presence beyond India and establishing its model of developmental and therapeutic care in the United States.
Overall Mission
Rays of Belief aims to address key challenges faced by families of children with developmental needs, particularly limited awareness, restricted access to specialized services, variations in quality, and affordability of care. Through its expanding centre network, personalized intervention programs, parent-focused approach, and presence in Tier 2 cities, the company seeks to build a more accessible and comprehensive ecosystem for children with neurodevelopmental and developmental disorders.
Rays of Belief IPO Promoters
Nitin Bindlish
Carving Futures Pte.Ltd.
Promoters Holding
Holding Pre Issue
91.72%
Holding Post Issue
68.77%
Rays of Belief IPO Objective
Rays of Belief Limited Address / Contact Details
Rays of Belief Ltd.
J-1919, Basement,
Chittranjan Park,
Delhi, New Delhi, 110019
Tel:+91 124 4075498
Email:cs@momsbelief.com
Website: https://www.momsbelief.com/
IPO Snapshot
Rays of Belief IPO Lot Size
The Rays of Belief IPO has a lot size of 62 shares. Retail investors require a minimum investment of ₹14,818 by applying for 1 lot (62 shares). The maximum application allowed for the retail category is 13 lots (806 shares), requiring an investment of ₹1,92,634.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 62 | 14,818.00 |
| Retail (Max) | 13 | 806 | 192,634.00 |
| S-HNI (Min) | 14 | 868 | 207,452.00 |
| S-HNI (Max) | 67 | 4,154 | 992,806.00 |
| B-HNI (Min) | 68 | 4,216 | 1,007,624.00 |
Issue Reservation
- Anchor Investors — 40%
- QIB — 35%
- NII — 15%
- RII — 10%
Book Running Lead Managers
- Mefcom Capital Markets Limited
IPO Documents & Links
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Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Rays of Belief IPO?
Rays of Belief IPO is a Book-building IPO with a total issue size of ₹125 crore. The Rays of Belief IPO price band is ₹227 to 239 per share. The Rays of Belief IPO subscription opens on Tue, Sep 1, 2026, and closes on Thu, Sep 3, 2026. The Rays of Belief IPO will be listed on the BSE,NSE. KFin Technologies Limited is the registrar for the Rays of Belief IPO.
When will the Rays of Belief IPO open for subscription?
The Rays of Belief IPO opens on Tue, Sep 1, 2026 and closes on Thu, Sep 3, 2026
What is Rays of Belief IPO Price Band?
Rays of Belief IPO Price Band is ₹227 to 239 per share.
What is Rays of Belief IPO Lot Size?
Rays of Belief IPO lot size is 62 shares, Retail investors need a minimum investment of ₹14818 based on the upper price band
What is the minimum investment for Rays of Belief IPO?
The minimum investment for Rays of Belief IPO is ₹14818, based on one lot of 62 shares at the upper price band of ₹239 per share.
How to apply for Rays of Belief IPO?
Investors can apply for the Rays of Belief IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Thu, Sep 3, 2026. The application amount remains blocked until the Rays of Belief IPO allotment is finalized.
What is Rays of Belief IPO Issue Size?
Rays of Belief IPO issue size is ₹125 crores.
What is the Rays of Belief IPO Allotment Date?
Rays of Belief IPO allotment date is Fri, Sep 4, 2026.
Who is the Rays of Belief IPO Registrar?
The registrar for Rays of Belief IPO is KFin Technologies Limited. Investors can go to KFin Technologies Limited website to check Rays of Belief IPO allotment status, refund processing, and other IPO-related information.
What is the Rays of Belief IPO GMP?
The Rays of Belief IPO GMP (Grey Market Premium) is ₹42 as of Wed, Sep 2, 2026. Based on the upper price band of ₹239 per share, the estimated Rays of Belief IPO listing price is ₹281, indicating a potential listing gain of approximately 17.57% over the issue price.
Who is the Rays of Belief IPO Lead Manager?
The book-running lead managers (BRLMs) for the Rays of Belief IPO are Mefcom Capital Markets Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Rays of Belief IPO Red Herring Prospectus (RHP).