Rays of Belief Ltd. logo

Rays of Belief Ltd.

Upcoming

Mainboard

PRICE BAND

Rs 0 - 0

LOT SIZE

1

Shares

MIN INVEST

Rs 0

CUT-OFF

Rs 0

per share

Open

01 Sept 2026

Last Day

03 Sept 2026

Allotment

04 Sept 2026

Listing

08 Sept 2026

GMP Today

2m ago

0%

Rs 0 premium

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GMP Graph

Est. Listing Price

GMP Based

Rs 0

Issue Price + GMP (Dynamic)

Est. Profit (1 Lot)

GMP Based

+Rs 0

+0% (1 shares)

Subscription

-

Not open

Sub. Page
IPOGyani AI Engine - Live Prediction
0.0%

Range: 0.0% to 4.0%

Confidence: Moderate - 50%

Confidence Score - 50%

📈 GMP Trend⚓ Anchor Quality🧠 Sentiment 50/100📊 Sub 0x🏭 NA
Next refresh: --:---Updated: --:-- IST-Model: IPOGyani v2.1

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Real-time subscription data

Subscription data will appear when IPO opens

Current IPO Status: upcoming

Summarize with AI

Get a quick Rays of Belief Ltd. summary (150-200 words) from your favorite AI:

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About Rays of Belief Ltd.

NA

Incorporated in 2017, the company opened its first centre in Gurgaon in 2018 and has grown from 71 centres in FY2023 to 136 centres as of March 31, 2026, spread across 57 cities and 20 states and union territories in India, including 42 Tier 1, 77 Tier 2, and 17 Tier 3 centres.

The company primarily serves children aged 18 months to 12 years, with specialised vocational and life-skills programs extending up to age 15. Its multidisciplinary services span early intervention, parental guidance, occupational therapy, language therapy, and family support programs, supported by 150+ in-centre teaching tools and 2,000+ tools available through home-based learning kits. As of March 31, 2026, the company employed a team of 340+ full-time clinical professionals.

In June 2025, the company acquired Mom's Belief US, Inc. as a wholly owned subsidiary and Allergy and Immunology Virginia, LLC as a step-down subsidiary, adding three centres in Salem, Lynchburg, and Roanoke, Virginia.

The company's promoters are Nitin Bindlish and Carving Futures Pte. Ltd.

About Rays of Belief Ltd. IPO

Issue structure, view & risks

Rays of Belief IPO is a bookbuilt mainboard issue of 52,30,000 equity shares (face value ₹10 each), entirely a fresh issue with no offer-for-sale component. The issue opens on September 1, 2026 and closes on September 3, 2026, with tentative listing on BSE and NSE on September 8, 2026. The price band had not yet been declared as of this update.

Net proceeds are earmarked primarily for expanding learning centres and school-collaboration centres in India, funding a Centre for Excellence and Research and an Upskilling Academy, technology investments, lease payments for existing India centres, funding the US subsidiary's lease obligations, and brand-awareness initiatives, with a smaller unallocated portion for inorganic growth and general corporate purposes.

Company revenue grew 125% year-on-year in FY26 to ₹82.06 Cr, but profit after tax fell 16% to ₹4.96 Cr over the same period, indicating notable margin compression despite strong top-line growth. Mefcom Capital Markets Ltd. is the book-running lead manager and Kfin Technologies Ltd. is the registrar. As the price band is undeclared, valuation multiples (P/E, EV/EBITDA) cannot yet be assessed against listed peers in the consumer-services/healthcare-services space.

Issue Details

Total Issue Size

Rs 0 Cr

Price Band

Rs 0 - 0

Fresh Issue vs OFS

Basic Details

IPO Date
01 Sept 2026 - 03 Sept 2026
Listing Date
08 Sept 2026
Lot Size
1 Shares
Min Investment
Rs 0
Listing At
Mainboard
Lead Manager

Mefcom Capital Markets Ltd.

Registrar

Kfin Technologies Ltd.

Objects of the Issue (as per DRHP)

  • 1Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals (₹26.88 Cr)
  • 2School Collaboration Centres (₹5.54 Cr)
  • 3Centre for Excellence and Research (₹2.45 Cr)
  • 4Upskilling Academy (₹2.05 Cr)
  • 5Technology (hardware) costs (₹4.44 Cr)
  • 6Expenditure for lease payments for existing centres in India (₹14.45 Cr)
  • 7Investment in Subsidiary, Moms Belief US Inc., for lease/license payments for existing centres in the USA (₹10.13 Cr)
  • 8Expenditure for brand awareness and inclusive outreach programs (₹10.21 Cr)
  • 9Funding inorganic growth through unidentified acquisition and General corporate purposes (amount NA — see flag)

Key Performance Indicator (KPI)

KPI31 Mar 2026
ROE21.64%
ROCE29.74%
Debt/Equity0.12
RoNW21.64%
PAT Margin6.07%
EBITDA Margin14.59%
Price to Book Value-
Check IPO Peer Comparison here.
Pre IPOPost IPO
EPS (Rs)3.16-
P/E (x)--
Promoter Holding92.93%-
Market Cap-

Nitin Bindlish, Carving Futures Pte. Ltd.

Company Financials

Total Income Growth

124.6% YoY

FY24

Rs 30.76 Cr

FY25

Rs 36.54 Cr

FY26

Rs 82.06 Cr

Other Financial Metrics

EBITDA (FY26)

Rs 11.91 Cr

294.4% YoY

ROE

21.64%

Return on Equity

ROCE

29.74%

Return on Capital

Debt/Equity

0.12

Low Debt

2-Year CAGR

Revenue CAGR63.3%
Profit CAGR141.6%

P/E Ratio

NA

At upper band

Market Cap

TBD

Post issue

MARKET SENTIMENT SCORE

0
50
100
50
Bullish

Based on expert reviews, GMP trends & market signals

Expert Reviews & Opinions

Expert reviews for Rays of Belief Ltd. IPO will appear here once available.

Reviews are summarized from YouTubers, analysts, news channels, and brokerage firms using AI.

IPO Details

Open Date01 Sept 2026
Close Date03 Sept 2026
Allotment Date04 Sept 2026
Listing Date08 Sept 2026
Issue TypeBook Build Issue
Issue SizeRs 0 Cr
Fresh IssueNil
OFSNil
Price BandRs 0 - 0
Lot Size1 shares
Min Investment (Retail)Rs 0
Face ValueRs 1 per share
Listing ExchangeMainboard

Company Information

Company NameRays of Belief Ltd. Ltd
IndustryNA
RegistrarKfin Technologies Ltd.
Lead ManagerMefcom Capital Markets Ltd.
Market Cap (Upper)TBD
P/E (Upper Band)N/A

About the Company

For-profit social enterprise providing personalised intervention programs for children with neurodevelopmental disorders under the Moms Belief brand.

Grey Market Premium

Rays of Belief Ltd. IPO GMP Today

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Rays of Belief Ltd. IPO - Frequently Asked Questions

9 common questions about this IPO

  • 01.What is the price band of Rays of Belief Ltd. IPO?
    The price band of Rays of Belief Ltd. IPO is to be announced. The lot size is 1 shares per lot, so the minimum retail investment is to be announced.
  • 02.What is the GMP of Rays of Belief Ltd. IPO today?
    The current Grey Market Premium (GMP) of Rays of Belief Ltd. IPO is TBA. GMP is an unofficial market signal and not a guaranteed listing price. IPOGyani updates GMP every 15 minutes from multiple grey-market sources - see the full GMP history and live trend on the dedicated GMP page.
  • 03.What is the subscription status of Rays of Belief Ltd. IPO?
    Rays of Belief Ltd. IPO is subscribed 0x overall so far. See the full day-wise category breakup (Retail, NII, QIB) and the live subscription trend on the dedicated subscription page.
  • 04.When is Rays of Belief Ltd. IPO opening and closing?
    Rays of Belief Ltd. IPO opens for subscription on 2026-09-01 and closes on 2026-09-03. The allotment is expected on 2026-09-04 and listing on 2026-09-08.
  • 05.What is the expected listing gain of Rays of Belief Ltd. IPO?
    IPOGyani's AI model predicts a listing gain of approximately 0% for Rays of Belief Ltd. IPO. The prediction combines subscription velocity, peer-group performance, sector trends and fundamentals. This is an estimate and not investment advice.
  • 06.Should I subscribe to Rays of Belief Ltd. IPO?
    Rays of Belief Ltd. IPO is currently 0x subscribed with a GMP of TBA and an AI-predicted listing gain of 0%. Read the full analysis on this page - including expert reviews, peer comparison, financials and subscription pattern - before making any investment decision.
  • 07.Who is the registrar of Rays of Belief Ltd. IPO?
    The registrar of Rays of Belief Ltd. IPO is Kfin Technologies Ltd.. After allotment you can check your status on the registrar's website using your PAN or application number.
  • 08.Who are the lead managers of Rays of Belief Ltd. IPO?
    The lead manager(s) of Rays of Belief Ltd. IPO is/are Mefcom Capital Markets Ltd..
  • 09.How can I apply for Rays of Belief Ltd. IPO?
    You can apply for Rays of Belief Ltd. IPO via UPI through any SEBI-registered broker (Zerodha, Groww, Upstox, ICICI Direct, HDFC Sky etc.) or through ASBA via your bank's net-banking portal. Select Rays of Belief Ltd., pick the number of lots (1 shares per lot), enter your UPI ID, and approve the mandate before the IPO closes on 2026-09-03.

Disclaimer

IPOGyani is not SEBI registered and does not provide investment advice. All information is for educational purposes only.

AI predictions are probabilistic estimates based on historical data and market trends. Past performance is not indicative of future results.

GMP (Grey Market Premium) data is sourced from various unofficial channels and may not be accurate. Always verify from multiple sources.

Investors should do their own research (DYOR) and consult a SEBI registered advisor before investing.

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