Rays of Belief IPO: Price Band, Lot Size, Financials & Review
Rays of Belief IPO listed on BSE & NSE on Tue, 8 Sep 2026. The issue was subscribed 107.71x overall.
- Open Date
- 1 Sep 2026
- Close Date
- 3 Sep 2026
Last updated
- Price band
- ₹227 – ₹239
- Lot size
- 62 shares
- Min. investment
- ₹14,818
- Issue size
- ₹125 Cr
- Last GMP
- +₹15
- Subscribed
- 🔥 107.71x
Rays of Belief IPO details
Rays of Belief IPO is a ₹125 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
The issue was open from Tue, 1 Sep 2026 to Thu, 3 Sep 2026. Allotment was finalised on Fri, 4 Sep 2026, and the shares listed on BSE & NSE on Tue, 8 Sep 2026.
The price band is ₹227 to ₹239 per share and the lot size is 62 shares, so the minimum retail application is ₹14,818. Retail investors can apply for up to 13 lots (806 shares, ₹1,92,634).
KFin Technologies Limited is the registrar, and Mefcom Capital Markets Limited is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last Rays of Belief IPO GMP before listing was +₹15 (+6.28% against the upper price band of ₹239), implying an estimated listing price of ₹254. Across 10 days of tracking, GMP ranged from +₹10 (05 Sep) to +₹48 (31 Aug).
| Last GMP | +₹15 |
|---|---|
| GMP vs upper band | +6.28% |
| Estimated listing price | ₹254 |
| Highest (31 Aug) | +₹48 |
| Lowest (05 Sep) | +₹10 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Rays of Belief IPO day-wise GMP.
Subscription
Day-wise subscription →Rays of Belief IPO was subscribed 107.71x overall: QIB 9.06x, NII 279.11x and retail 195.87x.
| Category | Subscribed |
|---|---|
| QIB | 9.06x |
| NII | 279.11x |
| └ bNII (above ₹10 lakh) | 303.82x |
| └ sNII (₹2–10 lakh) | 229.70x |
| Retail | 195.87x |
| Total | 107.71x |
Final figures at the close of bidding on 3 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Rays of Belief IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 20,92,190 | 40.00% |
| Qualified Institutions | 18,30,310 | 35.00% |
| Non-Institutional | 7,84,500 | 15.00% |
| └ BNII | 5,23,000 | 10.00% |
| └ SNII | 2,61,500 | 5.00% |
| Retail Investors | 5,23,000 | 10.00% |
| Total | 52,30,000 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Rays of Belief IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 62 | ₹14,818 |
| Retail (Max) | 13 | 806 | ₹1,92,634 |
| S-HNI (Min) | 14 | 868 | ₹2,07,452 |
| S-HNI (Max) | 67 | 4,154 | ₹9,92,806 |
| B-HNI (Min) | 68 | 4,216 | ₹10,07,624 |
Amounts at the upper end of the price band.
Issue structure and valuation
It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
At the upper price band of ₹239, the issue is priced at 75.63x pre-issue earnings and 100.84x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Promoter holding falls from 91.72% before the issue to 68.77% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹3.16 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 75.63x |
| EPS (post-issue) EPS on the enlarged share capital | ₹2.37 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 100.84x |
| Promoter holding (pre-issue) | 91.72% |
| Promoter holding (post-issue) | 68.77% |
Rays of Belief Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹36.54 Cr to ₹82.06 Cr, and profit after tax fell from ₹5.88 Cr to ₹4.96 Cr. The PAT margin for 31 Mar 2026 was 6.04%.
| 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 |
| Reserve & Surplus | 15.22 | 14.70 | 5.47 |
| Total Borrowings | 3.61 | 4.36 | 0.00 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | 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 | 0.00 |
| RoNW % | 21.64 | 56.56 | 16.83 |
| Pat Margin % | 6.07 | 16.15 | 2.79 |
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 |
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.
Promoters
Nitin Bindlish
Carving Futures Pte.Ltd.
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/
Rays of Belief IPO FAQs
- What is the Rays of Belief IPO price band?
- The Rays of Belief IPO price band is ₹227 to ₹239 per share.
- What is the Rays of Belief IPO lot size and minimum investment?
- The Rays of Belief IPO lot size is 62 shares. The minimum retail investment is ₹14,818 for one lot at the upper price band. Retail investors can apply for up to 13 lots (806 shares), costing ₹1,92,634.
- When was Rays of Belief IPO open for subscription?
- Rays of Belief IPO was open for subscription from Tue, 1 Sep 2026 to Thu, 3 Sep 2026.
- What is the Rays of Belief IPO subscription status?
- Rays of Belief IPO was subscribed 107.71x overall: QIB 9.06x, NII 279.11x and retail 195.87x. Day-wise and category-wise figures are on the subscription page.
- What was the Rays of Belief IPO GMP before listing?
- The last Rays of Belief IPO GMP before listing was +₹15 (+6.28% against the upper price band of ₹239), implying an estimated listing price of ₹254. Across 10 days of tracking, GMP ranged from +₹10 (05 Sep) to +₹48 (31 Aug). GMP is an unofficial grey market indicator and can change quickly.
- What is the Rays of Belief IPO allotment date?
- The Rays of Belief IPO basis of allotment was finalised on Fri, 4 Sep 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the Rays of Belief IPO listing date?
- Rays of Belief IPO listed on BSE & NSE on Tue, 8 Sep 2026.
- Is the Rays of Belief IPO a fresh issue or an offer for sale?
- It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
- Who are the registrar and lead managers of the Rays of Belief IPO?
- The registrar for the Rays of Belief IPO is KFin Technologies Limited, and the book running lead manager is Mefcom Capital Markets Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.