Rays of Belief Limited IPO Price: ₹227 to ₹239 per share
IPO Dates: 1 to 3 Sep, 2026
Company Overview
Incorporated in 2017, Rays of Belief Ltd. is a for-profit social enterprise providing personalised intervention plans for children with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays.
Business Operations
The Company primarily serves children aged 18 months to 12 years, while specialised programs are available for children up to 15 years, focusing on vocational and life skills.
Its multidisciplinary services include early intervention, parental guidance, occupational therapy, language therapy, and family support programs.
Centre Network
The Company started its first centre in Gurgaon in 2018 and has since expanded from 71 centres in Fiscal 2023 to 136 centres as of March 31, 2026, under its brand name Mom’s Belief.
These centres are spread across 57 cities and 20 states and union territories in India, with a strong presence in Tier 2 cities.
The network includes 42 Tier 1, 77 Tier 2, and 17 Tier 3 centres, helping extend developmental care to underserved and semi-urban areas.
Services & Infrastructure
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.
Workforce
As of March 31, 2026, the Company had a team of 340+ full-time clinical professionals.
Global Presence
In June 2025, Rays of Belief Ltd. acquired Mom’s Belief US, Inc. as its wholly owned subsidiary and Allergy and Immunology Virginia, LLC as its step-down subsidiary in the USA.
The acquisition added three centres in Virginia, located in Salem, Lynchburg, and Roanoke.
Bidding Starts In
Rays of Belief Limited IPO Specifics:
| IPO Date | 1 to 3 Sep, 2026 |
| Listing Date | Tue, Sep 8, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹227 to ₹239 |
| Lot Size | 62 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size |
52,30,000 shares (agg. up to ₹125 Cr) |
| Fresh Issue |
52,30,000 shares (agg. up to ₹125 Cr) |
| Share Holding Pre Issue | 1,56,71,682 shares |
| Share Holding Post Issue | 2,09,01,682 shares |
Rays of Belief Limited IPO Timetable (Important Dates)
| Event | Date |
|---|---|
| IPO Open | Tue, Sep 1, 2026 |
| IPO Close | Thu, Sep 3, 2026 |
| Allotment | Fri, Sep 4, 2026 |
| Refund | Mon, Sep 7, 2026 |
| Credit of Shares | Mon, Sep 7, 2026 |
| Listing | Tue, Sep 8, 2026 |
Rays of Belief Limited IPO Lot Size
Bidders have the opportunity to bid for a minimum of 62 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| 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 |
Rays of Belief Limited IPO Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not less than 75% of the Issue size |
| Retail | Not more than 10% of the Issue |
| NII | Not more than 15% of the Issue |
Rays of Belief Limited IPO Financial Information
| Particulars (₹ Cr) | 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 & Surplus | 15.22 | 14.70 | 5.47 |
| Total Borrowing | 3.61 | 4.36 | – |
Key Performance Indicator- Rays of Belief Limited IPO
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 21.64% | 56.56% |
| ROCE | 29.74% | 7.49% |
| Debt/Equity | 0.12 | 0.29 |
| RoNW | 21.64% | 56.56% |
| PAT Margin | 6.07% | 16.15% |
| EBITDA Margin | 14.59% | 8.28% |
| NAV | 15.67 | 272.01 |
| Price to Book Value | – | 0.88 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 3.16 | 2.37 |
| P/E (x) | 75.63 | 100.84 |
| Market Cap at Offer Price | ₹375Cr. | ₹499.55 Cr |
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
Rays of Belief Limited IPO RHP
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