Rays of Belief Limited

Rays of Belief (NEW IPO): GMP , Price, Review, Detail, Profit

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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 was incorporated in 2017 & currently Mr. Nitin Bindlish serves as the Managing Director of the company.

Rays of Belief Limited 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.

Rays of Belief Limited has filed its DRHP with SEBI proposing IPO of 6,000,000 equity shares consisting entirely as a Fresh Issue of up to 6,000,000 equity shares.

Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.

Check DRHP
Check IPO Allotment
Visit Official Website
Issue Size:6,000,000 equity shares
Fresh Issue:6,000,000 equity shares
Offer for Sale:N/A
Price Range:TBA
Lot Size:TBA
GMPPending

Rays of Belief Limited important data points

Revenue, PAT, EBITDA

YearFiscal 2024
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:₹ 10

IPO important dates

Open Date:TBA
Close Date:TBA
Anchor Investor BiddingTBA
Allotment Date:TBA
Refunds & Demat CreditTBA
Tentative Listing Date:TBA

Use of Proceeds

PurposeAmount
Setting up new Centres₹ 57.62 Cr
Investment in Subsidiary₹ 10.13 Cr
Lease rentals Payment₹ 14.44 Cr
Brand awareness/outreach programs₹ 10.20 Cr
General Corporate PurposeBalance

Rays of Belief Limited Financial Data

202320242025
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

Rays of Belief Limited IPO Grey Market Premium

DateIPO PriceIPO GMPProfit per lot
05-Apr₹ –₹ –₹ –
04-Apr₹ –₹ –₹ –
03-Apr₹ –₹ –₹ –
02-Apr₹ –₹ –₹ –
01-Apr₹ –₹ –₹ –
Rays of Belief Limited

Rays of Belief Limited IPO Pros & Cons

Strengths:

  • 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.

Risks:

  • 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.

Rays of Belief Limited Promoters – Pre offer equity (Approx)

Promoters%Shares
Carving Futures Pte. Ltd.~ 92.63 %
Nitish Bindlish~ 0.30 %
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–
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Rays of Belief Limited Lot Size details

Application TypeLot SizeNo. of LotNo. of SharesInvestment Amount
Retail (Min)–1–₹ –
Retail (Max)–13–₹ –
HNI (Min)–14–₹ –
HNI (Max)–66–₹ –
Big HNI (Min)–67–₹ –

Lead Managers / Registrars of Rays of Belief Limited

Lead / Book Running Lead ManagersICICI Securities Limited,
IIFL Capital Services Limited,
Nuvama Wealth Management Limited
Registrar (RTA)MUFG Intime India Private Limited

FAQ’s 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.

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

  • 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.

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

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

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