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Opens
1 Sept 2026
Closes
3 Sept 2026
Allotment
4 Sept 2026
Listing
8 Sept 2026
At a glance
IPO Open Tue, Sep 1, 2026 IPO Close Thu, Sep 3, 2026 Price Band To be declared Market Cap To be declared IPO Details IPO Date 1 to 3 Sep, 2026 Listing Date Tue, Sep 8, 2026 T Face Value ₹ 10 per share Price Band Sale Type Fresh capital only Issue Type Bookbuilding IPO Listing At BSE, NSE Total Issue Size 52,30,000 shares (agg. up to ₹ [.] Cr) Fresh Issue 52,30,000 shares (agg. up to ₹ [.] Cr) Share Holding Pre Issue 1,56,71,682 shares Share Holding Post Issue 2,09,01,682 shares IPO Timetable (Tentative) 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 IPOs Timetable Issue 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 About Rays of Belief Ltd. Updated on Aug 20, 2026 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.
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.
Overview
Rays of Belief IPO is a book build issue of 0.52 crore shares. The issue is entirely a fresh issue of shares.
Rays of Belief IPO opens for subscription on Sep 1, 2026 and closes on Sep 3, 2026. The allotment for the Rays of Belief IPO is expected to be finalized on Sep 4, 2026. Rays of Belief IPO will list on NSE and BSE with a tentative listing date fixed as Sep 8, 2026.
Rays of Belief IPO is set issue price band at [.] to [.] per share.
Mefcom Capital Markets Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Rays of Belief IPO RHP for detailed Information.
Issue details
IPO Date
1 to 3 Sep, 2026
Listing Date
Tue, Sep 8, 2026T
Face Value
₹10 per share
Sale Type
Fresh capital only
Issue Type
Bookbuilding IPO
Listing At
BSE, NSE
Issue 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 |
About the company
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.
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.
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.
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. As of March 31, 2026, the Company had a team of 340+ full-time clinical professionals.
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.
Financials
| Metric | 30 Sep 2025 |
|---|---|
| Assets | 46.49 |
| Total Income | 43.27 |
| Profit After Tax | 1.35 |
| EBITDA | 4.35 |
| NET Worth | 23.76 |
| Reserves and Surplus | 8.29 |
| Total Borrowing | 4.00 |
Amounts in ₹ Crore (restated)
Key performance indicators
| 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 |
Valuation
Valuation Metric
Pre IPO
EPS (₹)
3.16
Shareholding
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 92.93% | |
| Public | 7.07% | |
| Total | 100% |
Objects of the issue
- — Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals
- — School Collaboration Centres
- — Centre for Excellence and Research
- — Upskilling Academy
- — Technology (hardware) costs
- — Expenditure for lease payments for existing centres in India
- — Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA
- — Expenditure for brand awareness and inclusive outreach programs
- — Funding inorganic growth through unidentified acquisition and General corporate purposes
Intermediaries
Registrar
Kfin Technologies Ltd.
Lead manager(s)
Mefcom Capital Markets Ltd.
FAQs
How to apply in Rays of Belief IPO through Zerodha?+
Zerodha customers can apply online in Rays of Belief IPO using UPI as a payment gateway. Zerodha customers can apply in Rays of Belief IPO by login into Zerodha Console (back office) and submitting an IPO application form. Steps to apply in Rays of Belief IPO through Zerodha Visit the Zerodha website and login to Console. Go to Portfolio and click the IPOs link. Go to the ' Rays of Belief IPO ' row and click the 'Bid' button. Enter your UPI ID, Quantity, and Price. Submit IPO application form. Visit the UPI App (net banking or BHIM ) to approve the mandate. Visit Zerodha IPO Application Process Review for more detail.
When Rays of Belief IPO will open?+
The Rays of Belief IPO opens on Tue, Sep 1, 2026 and closes on Thu, Sep 3, 2026.
What is the lot size of Rays of Belief IPO?+
Rays of Belief IPO lot size and the minimum order quantity is not available at this time. Please check again later.
How to apply for Rays of Belief IPO?+
You can apply in Rays of Belief IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha , Upstox , 5Paisa , Nuvama , HDFC Bank , and SBI Bank .
When is Rays of Belief IPO allotment?+
The finalization of Basis of Allotment for Rays of Belief IPO will be done on Friday, September 4, 2026 , and the allotted shares will be credited to your demat account by Mon, Sep 7, 2026 . Check the Rays of Belief IPO allotment status .
When is Rays of Belief IPO listing date ?+
The Rays of Belief IPO listing date is not yet announced. The tentative date of listing is Tue, Sep 8, 2026 .
Aggregated from public IPO filings. GMP is unofficial grey-market chatter, not advice.