Q1. What is the business of Rays of Belief Limited ?

It runs Mom’s Belief centres providing early intervention, therapy and support services for children with neurodevelopmental disorders across India.

Q2. Why is the company raising funds via IPO?

Rays of Belief is raising funds via IPO to open new centres, support existing operations, expand US presence, boost brand outreach and pursue acquisitions.

Q3. What is the size of the issue and where will it list?

The issue size of the IPO comprises entirely as Fresh Issue of up to 60 lakh equity shares. It will be listed on BSE and NSE platform.

Q5. What are the potential upsides?

Upsides include pioneering a niche segment, strong growth demand, expanding centre network, improving financial trends and first-mover listing advantage.

Q6. How to apply for the IPO?

Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

Rays of Belief Limited: New IPO, Price, Profit

Open

Rays of Belief Limited: New IPO, Price, Profit

Market Cap

₹ 499 Crore

IPO Issue Size

₹ 125 Crore

Expected Price by IPOCorner

₹ 227- 239

IPO Score

*Score varies on actual price

Rays of Belief Limited is a Haryana-based company operating a network of child development and therapy centres under the brand Mom’s Belief. It provides intervention services and multidisciplinary support for children with neurodevelopmental disorders (such as autism and ADHD), including early intervention, parental guidance, occupational and language therapy, and family support programs across India.

Rays of Belief Limited filed its DRHP with SEBI on February 11, 2026. Issue size of the IPO is ₹ 125 Crore consisting entirely as a Fresh Issue of up ₹ 125 Crore.
It provides clinical support services for children with developmental disorders (Autism, ADHD, learning delays) including therapy, assessments, customized plans, parent coaching, and holistic developmental interventions. It operates around 136 centres across 20+ states/UTs in India and claims to be among the largest players in structured child development services in the segment.
Subscription date to apply for Rays of Belief Limited starts on 01st Sep’26 and closes on 03rd Sep’26. Price band for the IPO is ₹ 227-239 with a lot size of 62 Shares.

Year	2025
Networth	₹ 15.02 Cr
Revenue	₹ 36.42 Cr
EBITDA	₹ 3.02 Cr
PAT	₹ 5.88 Cr
EBITDA Margin	8.28%
PAT Margin	16.15%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	01-Sep'26
Close Date	03-Sep'26
Anchor Investor Bidding	31-Aug'26
Allotment Date	04-Sep'26
Refunds& Demat Credit	07-Sep'26
Tentative Listing Date	08-Sep'26

Use Of Proceeds

Purpose	Amount
Capital Expenditure ( In Crores)	57.62
Working Capital requirements	10 cr
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-	-
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General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	₹ 22.1	₹ 30.6	₹ 36.4
PAT (₹ Cr)	₹ -8.5	₹ 0.9	₹ 5.9
Asset (₹ Cr)	₹ 7.8	₹ 12.9	₹ 26.1
Net Worth (₹ Cr)	₹ 4.4	₹ 5.8	₹ 15.0

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
31-Aug	₹ 227-239	₹ 38	₹ 2,356
30-Aug	₹ 227-239	₹ 36	₹ 2,232
29-Aug	₹ 227-239	₹ 28	₹ 1,736
28-Aug	₹ 227-239	₹ 06	₹ 372
27-Aug	₹ 227-239	₹ 15	₹ 930

Pros

Strong growth potential in specialized child developmental care with rising awareness and demand in India.
First-mover advantage in a largely underserved segment with few listed peers.
Expanding centre network and pan-India presence supports scale/market capture.
Experienced leadership under founder-CEO focused on niche healthcare services.
Regulatory progress with SEBI draft prospectus indicates preparation for public listing.

Cons

No price band or subscription dates officially announced yet, increasing uncertainty.
Segment growth depends on awareness & affordability, which may limit near-term revenues.
High expansion costs for setting up and maintaining therapy centres could pressure margins.
Competitive pressures from unorganised/local therapy providers may affect market share.
Healthcare services sensitive to economic cycles, potentially lowering discretionary spend.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Carving Futures Pte. Ltd.	92.63%
Nitish Bindlish	0.3%
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-	-
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Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	62 Shares	1	62 Shares	₹ 14,818
Retail (Max)	62 Shares	13	806 Shares	₹ 1,92,634
HNI (Min)	62 Shares	14	868 Shares	₹ 2,07,452
HNI (Max)	62 Shares	66	4,092 Shares	₹ 9,77,988
Big HNI (Min)	62 Shares	67	4,154 Shares	₹ 9,92,806

Key Performance Index (KPI)

ROE	56.56%
ROCE	7.49%
RoNW	56.56%

Lead / Book Running Lead Managers

ICICI Securities Limited,IIFL Capital Services Limited ,Nuvama Wealth Management Limited

Registrar (RTA)

MUFG Intime India Private Limited

Q1. What is the business of Rays of Belief Limited ?
It runs Mom’s Belief centres providing early intervention, therapy and support services for children with neurodevelopmental disorders across India.
Q2. Why is the company raising funds via IPO?
Rays of Belief is raising funds via IPO to open new centres, support existing operations, expand US presence, boost brand outreach and pursue acquisitions.
Q3. What is the size of the issue and where will it list?
The issue size of the IPO comprises entirely as Fresh Issue of up to 60 lakh equity shares. It will be listed on BSE and NSE platform.
Q5. What are the potential upsides?
Upsides include pioneering a niche segment, strong growth demand, expanding centre network, improving financial trends and first-mover listing advantage.
Q6. How to apply for the IPO?
Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.