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Rays of Belief IPOLISTED
Rays of Belief is a for-profit social enterprise providing personalized intervention plans for children with Neurodevelopmental Disorders through its Mom’s Belief brand.
Listing price
₹239
Listing gain
+0.00%
Current
₹239
Listed
08 Sept 26
Opens
01 Sept 26Closes
03 Sept 26Allotment
04 Sept 26Refund
07 Sept 26Demat
07 Sept 26Listing
08 Sept 26Listed at
₹239
+0.00% on 08 Sept 26
Overview
Price band
₹227-239
Lot size
62 shares
Min. investment
₹14,818
Issue size
₹125.00 Cr
52.30 L shares
Fresh issue
₹125 Cr
52.30 L shares
Face value
₹10 / share
Issue type
Book Built Issue
Listing at
NSE, BSE
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| Anchor Investor | 20,92,190 | 40% |
| QIB | 18,30,310 | 35% |
| NII (HNI) | 7,84,500 | 15% |
| B-HNI | 5,23,000 | 10% |
| S-HNI | 2,61,500 | 5% |
| Individual | 5,23,000 | 10% |
| Total | 52,30,000 | 100% |
Lot size & investment
| 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 |
Listing performance
NSE/BSE: RAYSOFBELIEFListing gain
0.00%
Gain per retail lot
₹0
Latest vs issue
—
GMP was
₹10 (+4.18%)
Issue price
GMP estimate
Listing price
Latest price appears here during market hours.
Rays of Belief Live GMP
Latest GMP
₹10
All-time high
₹64
All-time low
₹0
Subscription
04 Sept, 12:00 amOversubscribed 107.71 times · 15,56,764 applications
Total applications
15,56,764
Total bid amount
₹8,078 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | 18,30,310 | 1,65,76,630 | 9.06x | ₹396 Cr |
| NII (HNI) | 7,84,500 | 21,89,65,648 | 279.11x | ₹5,233 Cr |
| B-HNI | 5,23,000 | 15,88,98,374 | 303.82x | ₹3,798 Cr |
| S-HNI | 2,61,500 | 6,00,67,274 | 229.70x | ₹1,436 Cr |
| Retail | 5,23,000 | 10,24,37,330 | 195.86x | ₹2,448 Cr |
| Total | 31,37,810 | 33,79,79,608 | 107.71x | ₹8,078 Cr |
Application-wise breakup
| Category | Applications reserved | Applied | Times |
|---|---|---|---|
| B-HNI | 603 | 37,445 | 62.10x |
| S-HNI | 301 | 67,183 | 223.20x |
| Retail | 8,435 | 14,59,809 | 173.07x |
Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
21.64%
PAT Margin
6.07%
ROCE
29.74%
EBITDA Margin
14.59%
Debt to Equity Ratio
0.18
RoNW
21.64%
Valuation vs listed peers
EPS Pre IPO
₹3.16
EPS Post IPO
₹2.37
P/E Pre IPO
75.63
P/E Post IPO
100.84
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+166.8%
Profit growth FY24 → FY26
+483.5%
ROCE
29.74%
- PAT margin 6.1% and ROCE 29.7%.
Strengths & risks
- Largest NDD intervention centre network in India.
- Pan-India presence across 57 cities.
- Comprehensive, personalized and multidisciplinary care model.
- Strong digital and R&D capabilities.
- Experienced management and clinical team.
Buzz score · Neutral
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| The company plans to use the IPO proceeds for establishing new centres on leased premises, including Company Learning Centres, School Collaboration Centres, Centres for Excellence and Research, Upskilling Academies, and for associated technology hardware costs. | 41.36 |
| Expenditure for lease payments for our existing centres in India. | 14.45 |
| Investment in its Subsidiary, Mom’s Belief US Inc., for making lease/license payments for the existing centres in the USA. | 10.13 |
| Expenditure for brand awareness and inclusive outreach programs. | 10.21 |
| Funding inorganic growth through unidentified acquisition and General corporate purposes. | - |
Company & documents
Rays of Belief Limited is a for-profit social enterprise providing personalized intervention plans for children with Neurodevelopmental Disorders (NDDs), while improving access, quality, and affordability of developmental care and empowering parents to support their child’s development.
The company started its first centre in Gurgaon in 2018 and, as of March 31, 2026, operated 136 centres across 57 cities in 20 states and union territories in India under the Mom’s Belief brand. The company has a strong presence in Tier 2 cities.
Since 2018, the company has served over 58,000 children and offers early intervention, therapy, parental guidance and family support programs, primarily for children aged 18 months to 12 years.
Its centres use 150+ teaching tools, while home-based learning kits include 2,000+ tools supported by progress monitoring.
On June 23, 2025, the company acquired Mom’s Belief US, Inc. and Allergy and Immunology Virginia, LLC, adding three centres in Virginia to expand its presence in the US.
As of March 31, 2026, the company had over 340 full-time clinical professionals, including 74 psychologists, 139 occupational therapists, 72 speech-language pathologists, and 50 special educators.
Registrar
Company contact
Rays of Belief Ltd.
J-1919, Basement, Chittranjan Park, New Delhi, Delhi, New Delhi, 110019
Phone: +91 124 407549
Email: cs@momsbelief.com
Book running lead managers
- Mefcom Capital Markets Ltd.
Promoters
- Nitin Bindlish
- Carving Futures Pte.Ltd.