Rays of Belief

Rays of Belief

OPEN

IPO Date: 1 Sept - 3 Sept 2026

Listing Date: 8 Sept 2026

Price Range

Rs.227 - Rs.239

Issue Size

125 Cr

Min Investment

14,074

Lot Size

62 Shares

Schedule of Rays of Belief

Issue open date

1 Sept 2026

Issue close date

3 Sept 2026

UPI mandate deadline

3 Sept 2026 (5 PM)

Allotment finalization

4 Sept 2026

Share credit

7 Sept 2026

Listing date

8 Sept 2026

Mandate end date

18 Sept 2026

Issue size

Funds Raised in the IPOAmount
Overall125 Cr
Fresh Issue125 Cr
Offer for Sale0 Cr

Allotment DetailsNew

Allotment TimelineDetails
Allotment Date4 Sept 2026
Allotment Link{Link}

Grey Market PremiumNew

Grey Market Premium (GMP) is the premium at which the shares are traded in the grey market. It gives a fair idea about the listing price of the IPO shares. The GMP can be positive or negative based on the demand and supply of the shares in the grey market.

DateIpo PriceGMPEstimated Listing Price
2 Sept 202623938277 (15.9%)
31 Aug 202623948287 (20.08%)
30 Aug 202623935274 (14.64%)
29 Aug 202623926265 (10.88%)
28 Aug 202623929268 (12.13%)
27 Aug 202623910249 (4.18%)
26 Aug 202623918257 (7.53%)
25 Aug 20262390239 (0%)
24 Aug 20262390239 (0%)
23 Aug 20262390239 (0%)
22 Aug 20262390239 (0%)
21 Aug 20262390239 (0%)
20 Aug 20262390239 (0%)

Performance Rays of Belief

Issue PriceListing GainCurrent Market PriceP/L
Rs.227 - Rs.239............

About Rays of Belief

Rays of Belief Limited is a for-profit social enterprise that provides intervention plans for children with neurodevelopmental disorders (NDDs), including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. Its personalised intervention plans are based on each child's needs and condition severity. The company provides early intervention, parental guidance, occupational therapy, language therapy, and family support programmes through its centres and digital e-therapy programmes. Its services primarily cater to children aged 18 months to 12 years, with programmes for children up to 15 years focused on vocational and life skills. The company operates under the brand name Mom’s Belief and had 136 centres across 57 cities in 20 states and Union Territories in India as of March 31, 2026. It also has three centres in Virginia, USA, following its acquisition of Mom’s Belief US, Inc. in June 2025.

Founded in2017
Managing directorMr Nitin Bindlish
Parent organization

Financial Overview

Strengths

  • Largest Indian For-Profit Social Enterprise for neurodevelopmental disorders by centre count.
  • Scalable, asset-light business model using leased premises and professional partnerships.
  • Specialized multidisciplinary team of over 337 full-time clinical professionals.
  • Diversified revenue from domestic centres, online therapy, and international service exports.
  • Established presence in 57 Indian cities with a growing international footprint in the US.

Risks

  • Short-term leases create relocation risks and potential unrecoverable capital expenditure losses.
  • High dependence on skilled clinical staff leads to significant employee benefit expenses.
  • High revenue concentration with newly acquired US centres driving over half of FY25 revenue.
  • Disagreements or early terminations with licensed professional partners could force centre closures.
  • Rising trade receivables and delayed client payments could negatively impact operating cash flows.

Subscription Figures

CategorySubscription (No. of times)
Qualified Institutional Buyers (QIBs)N/A
Non-Institutional Investors (NIIs)N/A
Retail Individual Investors (RIIs)N/A
EmployeeN/A
TotalN/A