- Issue price
- ₹239per share
- Issue size
- ₹125 Cr52,30,000 shares
- Face value
- ₹10per equity share
- Lot size
- 62 sharesMin. ₹14,818 at the upper price
- Anchor biddingMon, 2026
- OpensTue, 2026
- ClosesThu, 2026
- ListingTue, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue
- Fresh issue
- 52,30,000 shares (₹125 Cr)
- Offer for sale
- None
- Total issue
- 52,30,000 shares (₹125 Cr)
- Face value
- ₹10
- Listing at
- NSE, BSE
- Promoter holding
- 0.29% → 0.22%
Source: ProspectusUpdated
Reservation
Share of the total issue- Anchor40.0%
- QIB ex-anchor35.0%
- Retail10.0%
- Big NII10.0%
- Small NII5.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 5,23,000 | 10.00% | 10% |
| Non-institutional investors (NII) | 7,84,500 | 15.00% | 15% |
| Small NII (₹2–10 lakh) | 2,61,500 | 5.00% | — |
| Big NII (above ₹10 lakh) | 5,23,000 | 10.00% | — |
| Qualified institutional buyers (QIB) | 39,22,500 | 75.00% | 75% |
| QIB, excluding anchor | 18,30,310 | 35.00% | — |
| Anchor investors | 20,92,190 | 40.00% | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹239 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 62 | ₹14,818 |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2025-26 (Consolidated)- EPS (basic)
- ₹3.21
- EPS (basic) (FY 2024-25 (Standalone))
- ₹3.84
- EPS (basic) (FY 2023-24 (Standalone))
- ₹0.56
- P/E (FY 2025-26 at lower end of price band)
- 70.72×
- P/E (FY 2025-26 at higher end of price band)
- 74.45×
- RoNW
- 21.64%
- RoNW (FY 2024-25 (Standalone))
- 56.56%
- RoNW (FY 2023-24 (Standalone))
- 16.83%
- NAV per share (As on March 31, 2026 (Consolidated))
- ₹15.67
- NAV per share (At Issue Price)
- ₹72.67
- EBITDA margin
- 14.59%
- PAT margin
- 6.07%
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 31 Mar 2026FY 2025-26 (Consolidated) | 31 Mar 2025FY 2024-25 (Standalone) | 31 Mar 2024FY 2023-24 (Standalone) |
|---|---|---|---|
| Revenue from operations | 81.66 | 36.42 | 30.61 |
| Total income | 82.06 | 36.54 | 30.76 |
| EBITDA | 11.91 | 3.02 | 1.49 |
| Profit after tax | 4.96 | 5.88 | 0.85 |
| Net worth | 30.81 | 15.02 | 5.78 |
| Reserves and surplus | 15.22 | 14.70 | 5.47 |
| Total assets | 50.89 | 26.12 | 12.89 |
FY 2025-26 (Consolidated) vs FY 2024-25 (Standalone): revenue +124.2%, profit after tax −15.7%.
Source: ProspectusUpdated
About the company
The company is a for-profit social enterprise that provides personalised intervention plans for children with neurodevelopmental disorders. It operates a network of centres in India under the Mom's Belief brand, along with a small number of centres in the USA through a subsidiary. Its services include early intervention, therapy and family support, and it also offers online therapy.
- Incorporated
- 2017
- Industry
- Healthcare Services
- CIN
- U85110DL2017PLC322623
- Website
- momsbelief.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Before issue | After issue |
|---|---|---|
| Carving Futures Pte. Ltd. | — | — |
| Nitin Bindlish | 0.29% | 0.22% |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Capital expenditure for new centres on leased premises, including technology hardware | 41.36 |
| Lease payments for existing centres in India | 14.45 |
| Investment in US subsidiary to pay lease or licence costs for existing US centres | 10.13 |
| Brand awareness and inclusive outreach programmes | 10.21 |
| Inorganic growth through unidentified acquisitions and general corporate purposes | 38.55 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Claims to be the largest for-profit social enterprise offering intervention plans for neurodevelopmental disorders in India, by number of centres.
- Operates a multi-city network of 136 centres across 57 cities in India, with a larger share in Tier 2 cities.
- Revenue from operations grew sharply over the last three fiscals, and the company reported profit in each year shown.
- Employs over 340 full-time clinical professionals across several therapy disciplines.
- Offers virtual therapy and digital care models alongside in-person centres.
Risks
- Centres run on short leases of 11 months to 3 years, and immovable fit-out capex may be lost if leases are not renewed.
- About 15% of revenue comes from Uttar Pradesh, Delhi and Karnataka, so a downturn in these regions could hurt results.
- Pro forma financials for the US acquisition are illustrative and may not reflect actual results.
- Use of proceeds is not appraised by any bank or financial institution, and definitive agreements for the objects are not yet signed.
- There has been no prior public market for the shares, and the post-listing price may differ from the issue price.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹239) appear here after the shares list on NSE and BSE.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Rays of Belief IPO open and close?
According to the Prospectus, the issue opens on Tuesday, 1 September 2026 and closes on Thursday, 3 September 2026.
What is the Rays of Belief IPO price band?
The final issue price is ₹239 per share.
What is the lot size of the Rays of Belief IPO?
One lot is 62 shares, which is ₹14,818 at ₹239 per share.
Where will Rays of Belief shares list?
On NSE and BSE. The tentative listing date is Tuesday, 8 September 2026.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the Rays of Belief IPO allotment status?
Search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹41.36 Cr for capital expenditure for new centres on leased premises, including technology hardware, ₹14.45 Cr for lease payments for existing centres in India, ₹10.13 Cr for investment in US subsidiary to pay lease or licence costs for existing US centres, ₹10.21 Cr for brand awareness and inclusive outreach programmes, ₹38.55 Cr for inorganic growth through unidentified acquisitions and general corporate purposes.
Related IPOs
Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.