Rays of Belief IPO
ListedMainboardOpens 1 September 2026Closes 3 September 2026
Incorporated in 2017 as 'Rays of Belief Private Limited' and operating under the flagship brand 'Mom's Belief', Rays of Belief Limited is a For-Profit Social Enterprise in the behavioural healthcare domain dedicated to…
Incorporated in 2017 as 'Rays of Belief Private Limited' and operating under the flagship brand 'Mom's Belief', Rays of Belief Limited is a For-Profit Social Enterprise in the behavioural healthcare domain dedicated to children with Neurodevelopmental Disorders (NDDs). The company provides personalized, evidence-based therapy and intervention programs for conditions such as Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disabilities, Learning Disabilities, and Global Developmental Delays. As of March 31, 2026, it operates a network of 136 centres across 57 cities in India (comprising Company Learning Centres, Licensed Professional Partnerships, School Collaboration Centres, and a Centre of Excellence and Research) as well as 3 acquired clinical centres in Virginia, USA.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
1 Sept
IPO Closes
3 Sept
Allotment
4 Sept
Listing
8 Sept
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 1 September 2026 |
| IPO Close Date | 3 September 2026 |
| Allotment Date | 4 September 2026 |
| Listing Date | 8 September 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,818 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,92,634 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,07,452 |
SHNI (Max)Below ₹10,00,000 | 67 | ₹9,92,806 |
BHNIAbove ₹10,00,000 | 68 | ₹10,07,624 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 75.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 10.00% |
| Total | 100.00% |
IPO Objectives
- Funding capital expenditure towards setting up New Centres across India (Company Learning Centres, School Collaboration Centres, Centre of Excellence, and Upskilling Academies) (₹26.88 Cr).
- School Collaboration Centres setup and infrastructure (₹5.54 Cr).
- Centre for Excellence and Research setup (₹2.45 Cr).
- Upskilling Academy establishment (₹2.05 Cr).
- Technology and hardware infrastructure costs (₹4.44 Cr).
- Expenditure for lease payments for existing centres in India (₹14.45 Cr).
- Investment in Subsidiary, Mom's Belief US Inc., for making lease/license payments for centres in the USA (₹10.13 Cr).
- Expenditure for brand awareness and inclusive outreach programs (₹10.21 Cr).
- Funding inorganic growth through unidentified acquisitions and General Corporate Purposes.
Strengths
- India's largest specialized For-Profit Social Enterprise network dedicated to personalized clinical care for children with Neurodevelopmental Disorders (NDDs).
- Extensive clinical talent pool comprising 340+ full-time child psychologists, occupational therapists, speech-language pathologists, and special educators.
- Asset-light, scalable expansion model spanning Company Learning Centres, Licensed Professional partnerships, and School Collaboration Centres.
- Multi-geography presence with overseas expansion in the United States and proprietary technology platforms supporting clinical R&D and data-driven therapy.
Weaknesses
- Geographic concentration risk, with 15.36% of FY26 revenue derived from Uttar Pradesh, Karnataka, and Delhi, and operational exposure to leased premises with short tenures (11 months to 3 years).
- High dependence on partnerships with Licensed Professionals (contributing 26.52% of FY26 revenue) and support service exports to group entities (25.56% of FY26 revenue).
- Elevated employee benefit costs (representing 52.48% of total expenses in FY26) alongside industry-wide talent scarcity and high attrition pressures.
- Societal stigma and limited public awareness surrounding neurodevelopmental conditions, which may impact customer adoption and enrolment velocity.
Financial Performance
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets (₹ Cr.) | 50.89 | 26.12 | 12.89 |
| Revenue (₹ Cr.) | 81.66 | 36.42 | 30.61 |
| PAT (₹ Cr.) | 4.96 | 5.88 | 0.85 |
| Net Worth (₹ Cr.) | 30.81 | 15.02 | 5.78 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Rays of Belief | 12.16 | 75.63 | 21.64% | 30.81 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 0.01x | 9.06x |
| NII | 0.39x | 2.07x | 279.1x |
| S-HNI | 0.9x | 3.98x | 229.67x |
| B-HNI | 0.13x | 1.12x | 303.82x |
| RII | 6.51x | 18.67x | 195.71x |
| Total | 1.18x | 3.63x | 107.68x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 18,30,310 | 1,65,76,630 | 396.18 |
| NII | 7,84,500 | 21,89,56,100 | 5,233.05 |
| Small NII | 2,61,500 | 6,00,57,726 | 1,435.38 |
| Big NII | 5,23,000 | 15,88,98,374 | 3,797.67 |
| RII | 5,23,000 | 10,23,53,940 | 2,446.26 |
| Total | 31,37,810 | 33,78,86,670 | 8,075.49 |
Company Details
- Rays of Belief Limited
- T-18/01-02, DLF Phase III, Gurugram, Haryana, India - 122 001
- +91 124 4075498
- cs@momsbelief.com
- https://www.momsbelief.com/
Registrar Details
- KFin Technologies Limited
- +91 40 6716 2222
- robl.ipo@kfintech.com
- https://www.kfintech.com/
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Sources
We match Rays of Belief IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- KFin Technologies LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.