Minimum Investment
About Company
Company Name: Rays of Belief Limited
Industry / Sector: Healthcare / Neurodevelopmental Disorder (NDD) Services
Founded Year: 2017
Promoters: Nitin Bindlish, Carving Futures Pte.Ltd.
Rays of Belief Ltd. is a for-profit social enterprise providing personalised 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, under its brand name 'Mom's Belief'. The Company started its first centre in Gurgaon in 2018 and has since expanded from 71 centres in Fiscal 2023 to 136 centres as of March 31, 2026, spread across 57 cities and 20 states and union territories in India. The network includes 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres. In June 2025, the Company acquired Mom's Belief US, Inc. as its wholly owned subsidiary and Allergy and Immunology Virginia, LLC as its step-down subsidiary in the USA, adding three centres in Virginia.
IPO Basic Details
| Company Name | Rays of Belief Limited |
| IPO Type | Mainboard IPO |
| Price Band | ₹227 – ₹239 |
| Lot Size | 62 Shares |
| Total Issue Size | 52,30,000 Equity Shares (₹125.00 Cr) |
IPO Strengths & Risks
Strengths
- Strong brand presence with 136 centres across 57 cities in India
- Extensive network with presence across Tier 1, 2 and 3 cities
- Multidisciplinary team of 340+ full-time clinical professionals
- 150+ teaching tools at centres and 2,000+ tools in home-based learning kits
- Strategic acquisition in the USA expanding international footprint
- For-profit social enterprise model addressing a critical healthcare gap
Risks
- High valuation with P/E of 100.84 (post-IPO), leaving no room for disappointment
- Declining PAT despite revenue growth (PAT dropped 16% in FY26)
- Dependence on government and regulatory support for NDD services
- Execution risks in scaling operations and integrating acquisitions
- Competition from other therapy and intervention providers
- Customer concentration and retention risks
IPO Important Dates
| IPO Open Date | 01 Sep 2026 |
| IPO Close Date | 03 Sep 2026 |
| Basis of Allotment | 04 Sep 2026 |
| Refund Initiation | Not specified in the source |
| Demat Credit Date | 07 Sep 2026 |
| Listing Date | 08 Sep 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – -
Investor Reservation
| QIB Quota | Not less than 75% of the Issue size |
| Retail Quota | Not more than 10% of the Issue |
| HNI Quota | - |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 62 | ₹14,818 |
| Retail Maximum | 13 Lots | 806 | ₹1,92,634 |
| S-HNI Minimum | 14 Lots | 868 | ₹2,07,452 |
| S-HNI Maximum | 66 Lots | 4,092 | ₹9,77,988 |
| B-HNI Minimum | 67 Lots | 4,154 | ₹9,92,806 |
Key Performance Indicators (KPI)
| ROE | Not explicitly stated in the source |
| ROCE | Not explicitly stated in the source |
| RoNW | - |
| PAT Margin | 6.04% (FY26) |
| EBITDA Margin | 14.51% (FY26) |
| EPS | ₹3.16 (Pre-IPO) |
| NAV per share | - |
| Debt to Equity | Not explicitly stated, but total borrowing stood at ₹3.61 Cr as of March 31, 2026 |
| P/E Ratio | - |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| FY2026 | ₹50.89 Cr | ₹82.06 Cr | ₹4.96 Cr | ₹11.91 Cr | ₹30.81 Cr | ₹3.61 Cr |
| FY2025 | ₹26.12 Cr | ₹36.54 Cr | ₹5.88 Cr | ₹3.02 Cr | ₹15.02 Cr | ₹4.36 Cr |
| FY2024 | ₹12.89 Cr | ₹30.76 Cr | ₹0.85 Cr | ₹1.49 Cr | ₹5.78 Cr | Not explicitly stated |
Grey Market Premium
| GMP Price | Not Available |
| Kostak Rate | Not Available |
| Subject to Sauda | Not Available |
| Last Updated | Not Available |
| Estimated Listing Price | TBA |
IPO Subscription Data
| Total Subscription | Pending |
| QIB (Ex Anchor) | Pending |
| HNI Subscription | Pending |
| Retail Subscription | Pending |
| Anchor | - |
IPO Intermediaries
Registrar: Kfin Technologies Ltd.
Registrar Website: https://ipostatus.kfintech.com/
IPO Lead Manager(s)
Company Information
Address: J-1919, Basement, Chittranjan Park, New Delhi, Delhi - 110019
Website: https://www.momsbelief.com/
Email: cs@momsbelief.com
Phone: +91 124 407549
IPO Documents
Frequently Asked Questions (FAQ)
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