Rays of Belief logo

Rays of Belief

Upcoming

Mainboard

PRICE BAND

Rs 227 - 239

LOT SIZE

62

Shares

MIN INVEST

Rs 14,818

CUT-OFF

Rs 239

per share

Open

01 Sept 2026

Last Day

03 Sept 2026

Allotment

04 Sept 2026

Expected Refund

05 Sept 2026

Listing

08 Sept 2026

GMP Today

4m ago

0%

Rs 0 premium

Refresh in --:--
GMP Graph

Est. Listing Price

GMP Based

Rs 239

Issue Price + GMP (Dynamic)

Est. Profit (1 Lot)

GMP Based

+Rs 0

+0.0% (62 shares)

Subscription

-

Not open

Sub. Page
IPOGyani AI Engine - Live Prediction
+6.3%

Range: +2.3% to +10.3%

Confidence: Moderate - 54%

Confidence Score - 54%

📈 GMP Trend⚓ Anchor Quality🧠 Sentiment 54/100📊 Sub 0x🏭 NA
Next refresh: --:---Updated: --:-- IST-Model: IPOGyani v2.1

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Current IPO Status: upcoming

Summarize with AI

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

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About Rays of Belief

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 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 125 Cr

Price Band

Rs 227 - 239

Issue Size for Retails

Rs 43.75 Cr

= Total Issue Size × Retail Quota % / 100

= Rs 125 Cr × 35% / 100

Fresh Issue vs OFS

Fresh Issue
Rs 125 Cr (100%)

Basic Details

IPO Date
01 Sept 2026 - 03 Sept 2026
Listing Date
08 Sept 2026
Lot Size
62 Shares
Min Investment
Rs 14,818
Listing At
Mainboard

Reservation Quota

QIB

50%

Retail

35%

NII

15%

Lead Manager

Mefcom Capital Markets Ltd.

Registrar

Kfin Technologies Ltd.

Objects of the Issue (as per DRHP)

  • 1Funding capital expenditure towards establishment of new centres on leased premises and associated technology hardware costs (₹41.36 Cr)
  • 2Expenditure for lease payments for the company's existing centres in India (₹14.45 Cr)
  • 3Investment in subsidiary Mom's Belief US Inc. for lease or license payments for existing centres in the USA (₹10.13 Cr)
  • 4Expenditure for brand awareness and inclusive outreach programs (₹10.21 Cr)
  • 5Funding inorganic growth through unidentified acquisitions and general corporate purposes (balance amount not stated)

Key Performance Indicator (KPI)

KPIMar 31, 2025Mar 31, 2026
ROE56.56%21.64%
ROCE7.49%29.74%
Debt/Equity0.290.12
RoNW56.56%21.64%
PAT Margin16.15%6.07%
EBITDA Margin8.28%14.59%
Price to Book Value0.88
Check IPO Peer Comparison here.
Pre IPOPost IPO
EPS (Rs)3.162.37
P/E (x)75.63100.84
Promoter Holding92.93%NA
Market CapRs 499.55 Cr.

Nitin Bindlish and 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

NA

Return on Equity

ROCE

NA

Return on Capital

Debt/Equity

NA

 

2-Year CAGR

Revenue CAGR63.3%
Profit CAGR141.6%

P/E Ratio

100.84x

At upper band

Market Cap

Rs 500 Cr

Post issue

MARKET SENTIMENT SCORE

0
50
100
54
Bullish

Based on expert reviews, GMP trends & market signals

Expert Reviews & Opinions

0
Positive
2
Neutral
0
Negative
Business StandardNewsNeutral

By Editorial Desk

India's largest for-profit NDD intervention platform by centre count — 136 centres across 57 cities serving 58,000+ children with autism, ADHD, Down syndrome, and cerebral palsy. Revenue more than doubled to ₹81.66 crore in FY26 from ₹36.42 crore in FY25 — 125% growth is exceptional. However PAT declined from ₹5.88 crore to ₹4.96 crore despite the revenue surge — investment in expansion is compressing profitability. 100% fresh issue — all ₹125 crore goes to company to fund 319 new centres over FY27–FY29. Market cap at ₹239 upper band is ~₹500 crore. Verdict: High-growth social enterprise with a clear mission, but PAT decline during rapid growth warrants caution — apply for very long-term investors only.

24 Aug 2026View Source
BusinessTodayNewsNeutral

By Editorial Desk

First mainboard IPO of September 2026. Mom's Belief brand is well-recognised in India's underpenetrated NDD therapy market — only 4% of children with NDDs currently receive professional intervention, implying a massive addressable market. IPO proceeds fund 319 new centres — aggressive but capital-efficient expansion since each centre requires relatively low setup capex. Key concern: PAT fell 16% in FY26 despite 125% revenue growth, meaning the company is still in an investment phase with no near-term profitability improvement likely. At ₹239 upper band the valuation of ~₹500 crore is a pure growth-story bet — no meaningful P/E anchor exists. GMP not yet established. Verdict: Long-term thematic play on India's special needs education gap — not for investors seeking near-term returns or listing gains.

24 Aug 2026View Source

Reviews are AI-summarized from news channels, and other expert sources. Each summary is limited to 2 lines for quick reading.

IPO Lot Size

Investors can bid for a minimum of 62 shares and in multiples thereof.

ApplicationLotsSharesAmount
Retail (Min)162₹14,818
S-HNI (Min)14868₹2,07,452
B-HNI (Min)684,216₹10,07,624

IPO Details

Open Date01 Sept 2026
Close Date03 Sept 2026
Allotment Date04 Sept 2026
Expected Refund Date05 Sept 2026
Listing Date08 Sept 2026
Issue TypeBook Build Issue
Issue SizeRs 125 Cr
Fresh IssueRs 125 Cr
OFSNil
Price BandRs 227 - 239
Lot Size62 shares
Min Investment (Retail)Rs 14,818
Face ValueRs 1 per share
Listing ExchangeMainboard

Company Information

Company NameRays of Belief Ltd
IndustryNA
RegistrarKfin Technologies Ltd.
Lead ManagerMefcom Capital Markets Ltd.
Market Cap (Upper)Rs 500 Cr
P/E (Upper Band)100.84x

About the Company

Rays of Belief Ltd. is a for-profit social enterprise operating under the brand "Mom's Belief," providing personalised intervention plans for children with neurodevelopmental disorders such as Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, and related conditions.

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Rays of Belief IPO - Frequently Asked Questions

9 common questions about this IPO

  • 01.What is the price band of Rays of Belief IPO?
    The price band of Rays of Belief IPO is Rs 227-239 per share. The lot size is 62 shares per lot, so the minimum retail investment is Rs 14,818.
  • 02.What is the GMP of Rays of Belief IPO today?
    The current Grey Market Premium (GMP) of Rays of Belief 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 IPO?
    Rays of Belief 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 IPO opening and closing?
    Rays of Belief 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 IPO?
    IPOGyani's AI model predicts a listing gain of approximately 6.3% for Rays of Belief 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 IPO?
    Rays of Belief IPO is currently 0x subscribed with a GMP of TBA and an AI-predicted listing gain of 6.3%. 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 IPO?
    The registrar of Rays of Belief 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 IPO?
    The lead manager(s) of Rays of Belief IPO is/are Mefcom Capital Markets Ltd..
  • 09.How can I apply for Rays of Belief IPO?
    You can apply for Rays of Belief 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, pick the number of lots (62 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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