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InvestmentsIPORays of Belief IPO

Rays of Belief IPO

Mainboard

Open Date

1 Sep 2026

Close Date

3 Sep 2026

Min Investment

₹ 14,818

Lot Size

62

Issue Size

₹ 125.00 Cr

Price Range

₹ 227 - ₹ 239

Subscribed

-
Pre-Apply Now
status

This IPO is Open for Pre Apply.

IPO Timeline
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IPO Offer Start
1 Sep 2026
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IPO Offer Ends
3 Sep 2026
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Allotment Finalisation
4 Sep 2026
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Refund Initialisation
7 Sep 2026
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Non-Institutional Buyers (sHNI)
7 Sep 2026
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Listing of Shares
8 Sep 2026
IPO Subscription Details as on 1 Sep 2026, 09:41 AM
Qualified Instituational Buyers (QiB)
0 x
Retail
0 x
Total
0 x
Non-Institutional Buyer (bHNI)
0 x
Non-Institutional Buyer (sHNI)
0 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
Rays of Belief Limited is a For-Profit Social Enterprise providing intervention plans for children with Neurodevelopmental Disorders (NDDs) including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays. The company operates 136 centres across 57 cities spanning 20 states and union territories in India under the brand name Mom's Belief, serving children from 18 months up to 12 years of age with specialized programs extending to 15 years. The company ranks first in India by number of centres offering intervention plans for children with NDDs and has served upwards of 58,000 children since commencing operations in 2018.
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Founded In

2017

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Director

Afzal Mohammed Modak

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DRHP

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Financials of Rays Of Belief IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2024Mar 2025Mar 2026
Operating Revenue30.6136.4281.66
Other Income0.150.120.40
Total Income
30.7636.5482.06
Total Expenses
30.6636.1975.16
Profit Before Tax0.100.356.90
Total Profit
0.855.884.96

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company intends to establish new centres including Company Learning Centres, Company Learning Centres in partnership with Licensed Professionals, School Collaboration Centres, Centre for Excellence and Research, and Upskilling Academy. The funds will also cover technology hardware costs for these new centres.41
The company proposes to utilize funds towards lease payments for all existing centres in India to ensure continuity of operations and manage predictable contractual obligations for the next three fiscal years.14
The company intends to make capital infusion into its subsidiary for making lease and license payments for three existing centres located in Virginia, USA over the next three fiscal years.10
The company plans to invest in multi-channel outreach and engagement strategy including digital marketing, awareness webinars, offline activities, and community programs to build brand awareness and create inclusive access to services.10
The company intends to deploy remaining proceeds towards strategic acquisitions to enhance geographical reach and general corporate purposes including working capital requirements, office expansion, and other strategic initiatives as approved by the Board.-
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  • India's first ranking enterprise in terms of number of centres offering intervention plans for children with NDDs: The company ranks first in India and seventh globally among listed players in behavioral health domain, with 136 centres across 57 cities spanning 20 states and union territories in India as of March 31, 2026.
  • Pan India presence and geographic penetration: The company has established presence beyond major urban hubs with 42 centres in Tier 1, 77 centres in Tier 2 and 17 centres in Tier 3 cities, providing services in underrepresented and semi-urban geographies where access to developmental care has traditionally been limited.
  • Proven track record of delivering organic growth and scalable operations: The company witnessed an increase in Revenue from Operations from ₹306.08 million in Fiscal 2024 to ₹816.62 million in Fiscal 2026, reflecting CAGR of 63.34%. EBITDA improved from ₹14.91 million in Fiscal 2024 to ₹119.11 million in Fiscal 2026.
  • Focus on accessibility: The company strategically locates centres across Tier 1, Tier 2 and Tier 3 cities to ensure equitable access to therapies. The company also provides services through digital mode and offered comprehensive online programs during COVID-19 pandemic for free or on pay-as-you-like basis.
  • Comprehensive, multidisciplinary, high-quality care with client-focused approach: The company offers development-focused intervention plans tailored to specific needs of each child with over 340 full-time clinical professionals including 74 developmental and clinical psychologists, 139 occupational therapists, 72 speech-language pathologists and 50 special educators.
  • Research and Development focused approach and digital adaptability: The company's programs are prepared using evidence-based practices based on researched studies. The company has published two research reports in international journal and has integrated technology to provide e-therapy programs through digital mode to clients across 13 countries during COVID-19.
  • Professional and experienced management team: The company has professional and experienced management team supported by over 340 full-time clinical professionals. The Managing Director Nitin Bindlish has over 12 years of experience in healthcare industry and was honored as Social Entrepreneur of the Year 2023.

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