Rays of Belief IPO
Updated 11 Sept 2026, 5:03 pm.
Minimum investment (Retail)
₹14,818
1 lot · 62 shares at the upper price band
Price band
₹239
Latest GMP
Not yet quoted
Est. listing price
—
Issue size
₹125 Cr
GMP history
Each point is a recorded observation from the scheduled data sync.
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- Mainboard
- Price band
- ₹239
- Issue size
- ₹125 Cr
- Lot size
- 62
- Opens
- 1 Sept 2026
- Closes
- 3 Sept 2026
- Allotment
- 4 Sept 2026
- Listing
- 8 Sept 2026
- Est. listing price
- —
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- Kfin Technologies Ltd.
- Minimum investment
- ₹14,818 (1 lot · 62 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital only
- Fresh issue
- ₹125 Cr
- Listing at
- BSE, NSE
- Refunds
- 7 Sept 2026
- Shares credited
- 7 Sept 2026
- Promoter holding
- 91.72% before · 68.77% after
- Lead managers
- Mefcom Capital Markets Ltd.
Offer documents & links
Subscription by category
As of 3 Sept 2026, 1:24 pm.
Total subscription
64.62x
Full issue details
Details as published for this issue, read 11 Sept 2026, 4:57 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 1 to 3 Sep, 2026 |
|---|---|
| Listed on | Tue, Sep 8, 2026 |
| Face Value | ₹ 10 per share |
| Price Band | ₹227 to ₹239 |
| Issue Price | ₹239 per share |
| Lot Size | 62 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 52,30,000 shares (agg. up to ₹ 125 Cr) |
|---|---|
| Fresh Issue | 52,30,000 shares (agg. up to ₹ 125 Cr) |
| Share Holding Pre Issue | 1,56,71,682 shares |
| Share Holding Post Issue | 2,09,01,682 shares |
| BSE Script Code / NSE Symbol | 544906 / MOMSBELIEF |
| ISIN | INE1FCO01014 |
IPO Timetable
- IPO Open
- Tue, Sep 1, 2026
- IPO Close
- Thu, Sep 3, 2026
- Allotment
- Fri, Sep 4, 2026
- Refund
- Mon, Sep 7, 2026
- Credit of Shares
- Mon, Sep 7, 2026
- Listing
- Tue, Sep 8, 2026
Issue Reservation
| Investor Category | Shares | % of Total Issue | Max Allottees |
|---|---|---|---|
| QIB | 39,22,500 | 75.00% | NA |
| − Anchor Investor | 20,92,190 | 40.00% | NA |
| − QIB (Ex. Anchor) | 18,30,310 | 35.00% | NA |
| NII (HNI) | 7,84,500 | 15.00% | NA |
| − bNII > ₹10L | 5,23,000 | 10.00% | 602 |
| − sNII < ₹10L | 2,61,500 | 5.00% | 301 |
| Retail | 5,23,000 | 10.00% | 8,435 |
| Total | 52,30,000 | 100.00% | — |
Rays of Belief IPO comprises a total issue size of 52,30,000 shares. Out of which, 39,22,500 (75.00%) are allocated to QIB , 7,84,500 (15.00%) allocated to NII 5,23,000 (10.00%) allocated to RII .
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 62 | ₹14,818 |
| Retail (Max) | 13 | 806 | ₹1,92,634 |
| S-HNI (Min) | 14 | 868 | ₹2,07,452 |
| S-HNI (Max) | 67 | 4154 | ₹9,92,806 |
| B-HNI (Min) | 68 | 4216 | ₹10,07,624 |
Investors can bid for a minimum of 62 shares and in multiples thereof.
IPO Subscription Details
IPO Anchor Investors
| Bid Date | Mon, Aug 31, 2026 |
|---|---|
| Shares Offered | 20,92,190 |
| Anchor Portion (₹ Cr.) | 50.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sat, Oct 3, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Wed, Dec 2, 2026 |
Rays of Belief IPO raises ₹ 50.00 crore from anchor investors . Rays of Belief IPO Anchor bid date is August 31, 2026 .
IPO Anchor Investors List
About Rays of Belief Ltd.
Incorporated in 2017, 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.
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, under its brand name Mom's Belief. These centres are spread across 57 cities and 20 states and union territories in India, with a strong presence in Tier 2 cities. The network includes 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres, helping extend developmental care to underserved and semi-urban areas.
The Company primarily serves children aged 18 months to 12 years, while specialised programs are available for children up to 15 years, focusing on vocational and life skills. Its multidisciplinary services include early intervention, parental guidance, occupational therapy, language therapy and family support programs.
The centres are equipped with 150+ teaching tools, while home-based learning kits provide access to 2,000+ teaching tools, supported by regular follow-ups and progress monitoring. As of March 31, 2026, the Company had a team of 340+ full-time clinical professionals.
In June 2025, Rays of Belief Ltd. 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. The acquisition added three centres in Virginia, located in Salem, Lynchburg and Roanoke.
Company Financials (Restated Standalone)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 50.89 | 26.12 | 12.89 |
| Total Income | 82.06 | 36.54 | 30.76 |
| Profit After Tax | 4.96 | 5.88 | 0.85 |
| EBITDA | 11.91 | 3.02 | 1.49 |
| NET Worth | 30.81 | 15.02 | 5.78 |
| Reserves and Surplus | 15.22 | 14.70 | 5.47 |
| Total Borrowing | 3.61 | 4.36 | — |
| Amount in ₹ Crore |
Rays of Belief Ltd.'s revenue increased by 125% and profit after tax (PAT) dropped by 16% between the financial year ending with March 31, 2026 and March 31, 2025.
Note:- Financials for FY 2026 are on Consolidated basis.
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IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals | 26.88 |
| 2 | School Collaboration Centres | 5.54 |
| 3 | Centre for Excellence and Research | 2.45 |
| 4 | Upskilling Academy | 2.05 |
| 5 | Technology (hardware) costs | 4.44 |
| 6 | Expenditure for lease payments for existing centres in India | 14.45 |
| 7 | Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA | 10.13 |
| 8 | Expenditure for brand awareness and inclusive outreach programs | 10.21 |
| 9 | Funding inorganic growth through unidentified acquisition and General corporate purposes | 38.55 |
| 10 | Issue Expenses | 16.20 |
| Total | 130.89 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 21.64% | 56.56% |
| ROCE | 29.74% | 7.49% |
| Debt/Equity | 0.12 | 0.29 |
| RoNW | 21.64% | 56.56% |
| PAT Margin | 6.07% | 16.15% |
| EBITDA Margin | 14.59% | 8.28% |
| NAV | 15.67 | 272.01 |
| Price to Book Value | — | 0.88 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 3.16 | 2.37 |
| P/E (x) | 75.63 | 100.84 |
| Market Cap at Offer Price | ₹375Cr. | ₹477.27 Cr |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 91.72% | 68.77% |
| Public | 8.28% | 31.23% |
| Total | 100% | 100% |
Company Promoters: Nitin Bindlish and Carving Futures Pte.Ltd..
Rays of Belief IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 2 | 0 | 2 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Subscription Status
| Category | Subscription (x) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 9.06 | 18,30,310 | 1,65,76,630 |
| NII | 279.11 | 7,84,500 | 21,89,65,648 |
| bNII (> ₹10L) | 303.82 | 5,23,000 | 15,88,98,374 |
| sNII (< ₹10L) | 229.70 | 2,61,500 | 6,00,67,274 |
| Retail | 195.86 | 5,23,000 | 10,24,37,330 |
| Total | 107.71 | 31,37,810 | 33,79,79,608 |
The Rays of Belief IPO is subscribed 107.71 times on September 3, 2026 6:54:57 PM (Day 3). The public issue subscribed 195.86 times in the retail category, 9.06 times in the QIB category, and 279.11 times in the NII category. Check Day by Day Subscription Details (Live Status)
Reload
Total Applications: 15,56,764
Company Financials (Restated Consolidated)
| Period Ended | 30 Sep 2025 |
|---|---|
| Assets | 46.49 |
| Total Income | 43.27 |
| Profit After Tax | 1.35 |
| EBITDA | 4.35 |
| NET Worth | 23.76 |
| Reserves and Surplus | 8.29 |
| Total Borrowing | 4.00 |
| Amount in ₹ Crore |
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLM and commissions including underwriting commission, brokerage and selling commission, as applicable | 4.00 |
| 2 | Selling commission and processing fees for SCSBs (1)(2) and Bidding Charges for Members of the Syndicate, Registered Brokers, CRTAs and CDPs | 4.60 |
| 3 | Fees payable to the Registrar to the Issue | 0.16 |
| 4 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees, NSDL and CDSL fees and other regulatory expenses | 2.25 |
| 5 | Printing and stationery expenses | 0.07 |
| 6 | Advertising and marketing expenses | 0.90 |
| 7 | Fees payable to the legal counsel | 1.26 |
| 8 | Fees payable to the other advisors to the Issue | 2.15 |
| 9 | Miscellaneous | 0.80 |
| Total | 16.20 |
Listing Day Trading Information
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹ 239.00 | ₹ 239.00 |
| Open | ₹ 239.00 | ₹ 239.00 |
| Low | ₹ 228.00 | ₹ 227.32 |
| High | ₹ 239.00 | ₹ 239.00 |
| Last Trade | ₹ 228.25 | ₹ 228.34 |
Check IPO Performance…
IPO Registrar
Kfin Technologies Ltd.
040-79615565
robl.ipo@kfintech.com
IPO Lead Manager(s)
Mefcom Capital Markets Ltd.
Contact Details
Rays of Belief Ltd. Address
J-1919, Basement,
Chittranjan Park, New Delhi,
Delhi, New Delhi , 110019
+91 124 407549
cs@momsbelief.com
Rays of Belief IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
Rays of Belief Share Price, Stock Price - NSE/BSE Live
NDTV Profit · 10 Sept 2026
LRSD Capital acquires 6.48% stake in Rays of Belief via IPO allotment
scanx.trade · 9 Sept 2026
Rays of Belief IPO Listing Today: Check Share Price
Univest · 8 Sept 2026
Rays Of Belief Lists Flat; IPO Subscribed 107.71 Times
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Rays of Belief is flat on debut
business-standard.com · 8 Sept 2026
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BusinessLine · 8 Sept 2026
Rays Of Belief Shares Make Flat Stock Market Debut, List At Rs 239 Despite Oversubscribed IPO
NDTV Profit · 8 Sept 2026
