RB
Rays of Belief Limited IPO
Mom’s Belief · Neurodevelopmental Care · Social Enterprise · Therapy & Early Intervention
📋 Mainline IPO
Fresh Issue Only
NSE, BSE
₹239
Upper Price
₹125.00 Cr
Issue Size
Sep 8, 2026
Listing Date
₹374.55 Cr
Market Cap (Pre)
📅 IPO Timetable
All dates tentative🟢
IPO Opens
Tuesday, 1 September 2026
Bidding starts — apply before close
🔒
IPO Closes
Thursday, 3 September 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Friday, 4 September 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Monday, 7 September 2026
Unallotted funds returned; shares credited to demat
🏷️
Tuesday, 8 September 2026
Trading begins from 10:00 AM IST
📋 IPO Details
IPO Open Date1 September 2026 (Tue)
IPO Close Date3 September 2026 (Thu)
Listing Date8 September 2026 (Tue)
Face Value₹10 per share
Price Band₹227 to ₹239
Issue Price (Upper Band)₹239 per share
Issue TypeBook Build — Fresh Issue Only
Lot Size62 shares
Total Issue Size52,30,000 shares (₹125.00 Cr)
Fresh Issue52,30,000 shares (₹125.00 Cr)
Offer for Sale (OFS)0 shares (₹0 Cr)
Pre-Issue Shares1,56,71,682
Post-Issue Shares2,09,01,682
Promoter Holding (Pre)92.93%
Market Cap (Pre-IPO)₹374.55 Cr
Listing ExchangeNSE, BSE
Lead ManagerMefcom Capital Markets Ltd.
RegistrarKfin Technologies Ltd.
💰 Lot Size & Minimum Investment
At upper price ₹239| Investor Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail — Minimum | 1 | 62 | ₹14,818 |
| Retail — Maximum | 13 | 806 | ₹1,92,634 |
| S-HNI (sNII) — Min | 14 | 868 | ₹2,07,452 |
| S-HNI (sNII) — Max | 67 | 4,154 | ₹9,92,806 |
| B-HNI (bNII) — Min | 68 | 4,216 | ₹10,07,624 |
⚠️ Note: Investors can bid for a minimum of 62 shares and in multiples thereof. Retail individual investors can apply up to ₹2,00,000.
👥 Investor Reservation
Allocated portion of Net OfferNot less than 75%
QIB Portion
Not more than 10%
Retail Portion
Not more than 15%
NII Portion
📊 Subscription Status
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📈 Company Financials
Restated Consolidated · ₹ Crore| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 50.89 | 26.12 | 12.89 |
| Total Income | 82.06 | 36.54 | 30.76 |
| PAT | 4.96 | 5.88 | 0.85 |
| EBITDA | 11.91 | 3.02 | 1.49 |
| Net Worth | 30.81 | 15.02 | 5.78 |
| Reserves & Surplus | 15.22 | 14.70 | 5.47 |
| Total Borrowing | 3.61 | 0.00 | 4.36 |
Income Growth
FY 2023–24₹30.76 Cr
FY 2024–25₹36.54 Cr
FY 2025–26₹82.06 Cr
🎯 Key Performance Indicators
21.64%
ROE
FY 2025–26
0.12
Debt/Equity
FY 2025–26
29.74%
ROCE
FY 2025–26
6.07%
PAT Margin
FY 2025–26
14.59%
EBITDA Margin
FY 2025–26
21.64%
RoNW
FY 2025–26
136
Total Centres
57 Cities / 20 States
340+
Clinical Staff
Professionals
⚖️ Valuation & EPS
Pre-IPO EPS
₹3.16
FY26 earnings + pre-issue shares
P/E: 75.63xPost-IPO EPS
₹2.37
FY26 earnings + post-issue shares
P/E: 100.84xPrice to Book Value
15.25x
At upper price band ₹239
Market Cap (Pre-IPO)
₹374.55 Cr
At issue price ₹239
ℹ️
Pre-IPO EPS (₹3.16) based on pre-issue shares (1,56,71,682) and FY26 earnings. Post-IPO EPS (₹2.37) accounts for the dilution resulting from the issuance of 52,30,000 fresh equity shares extending the total post-issue equity to 2,09,01,682 shares. Post-IPO Market Cap expands to ₹499.55 Cr.
🎯 Objects of the Issue
Net proceeds utilisation1
Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals
₹26.88 Cr
2
Lease payments for existing centres in India and investment in Moms Belief US Inc. for US centre leases
₹24.58 Cr
3
School Collaboration Centres, Centre for Excellence, Upskilling Academy & Tech Hardware
₹14.48 Cr
4
Brand awareness, inclusive outreach programs, inorganic acquisitions & General Corporate Purposes
Balance
Total Fresh Issue Goal
₹125.00 Cr
🏢 About Rays of Belief Ltd.
Est. 2017 · New Delhi · Healthcare & Social EnterpriseRays of Belief Limited, incorporated in 2017 and operating under the flagship brand Mom’s Belief, is a pioneer for-profit social enterprise delivering personalized 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.
Expanding rapidly from its first centre in Gurgaon (2018), the company has scaled to a network of 136 developmental centres across 57 cities and 20 states and union territories in India (42 Tier 1, 77 Tier 2, and 17 Tier 3 centres). Backed by 340+ full-time clinical professionals, 150+ specialized physical tools, and 2,000+ home-based kits, Mom’s Belief delivers multidisciplinary occupational therapy, speech-language therapy, and parental guidance. Following its strategic 2025 US acquisition of Mom’s Belief US, Inc. and Allergy and Immunology Virginia, LLC, the company operates three clinical centers in Virginia (Salem, Lynchburg, Roanoke).
Brand Ecosystem
🏥
Mom’s Belief Centres
136 integrated developmental centres across 57 Indian cities and 20 states/UTs
🧩
Clinical Interventions
Multidisciplinary therapy, occupational & language development, and parent training
🧰
Home-Based Kits
Customized remote care ecosystems with 2,000+ proprietary teaching and evaluation tools
🌍
US Clinical Footprint
Three operating clinics in Virginia (Salem, Lynchburg, Roanoke) via US subsidiaries
Competitive Strengths
🏆Leading specialized footprint in child neurodevelopmental care with deep penetration into Tier 2/3 cities
🧠Multidisciplinary clinical delivery powered by 340+ full-time professionals and standardized evaluation tools
🌐Scalable cross-border model combining physical centres, school collaborations, and US clinical presence
📈Strong revenue growth scaling 125% to ₹82.06 Cr in FY26 with minimal debt leverage (0.12 Debt/Equity)
Company Promoters
NB
Nitin Bindlish
Promoter, Rays of Belief Ltd.
CF
Carving Futures Pte.Ltd.
Promoter Entity, Rays of Belief Ltd.
📅 Key Dates
IPO Opens01 Sep 2026
IPO Closes03 Sep 2026
Allotment04 Sep 2026
Refund & Share Credit07 Sep 2026
Listing Day08 Sep 2026
💡 Quick Summary
Price Band₹227 – ₹239
Upper Price₹239 / share
Lot Size62 shares
Min. Investment (Retail)₹14,818
Issue Size₹125.00 Cr
ListingBSE, NSE
🏦 Registrar & Lead Manager
Lead Manager
Mefcom Capital Markets Ltd.
📍 Registered Address
Rays of Belief Ltd.
J-1919, Basement,
Chittranjan Park, New Delhi,
Delhi — 110019
📞 +91 124 407549
[email protected]
J-1919, Basement,
Chittranjan Park, New Delhi,
Delhi — 110019
📞 +91 124 407549
[email protected]
🛡️ Regulatory Note: Mainline IPO investments are subject to SEBI regulations. Always read the Prospectus/RHP before applying. Consult a SEBI-registered advisor before investing.
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Disclaimer: This page presents publicly available information from the Rays of Belief IPO RHP for informational purposes only. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
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