Rays of Belief IPO
Rays of Belief, started in 2017, is a for-profit social enterprise that offers customized intervention programs for children with Neurodevelopmental Disorders (NDDs). The conditions they help with are Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays.
IPO GMP
+₹15
+6% expected gain
Price Band
₹239
Lot Size
62 shares
Min Investment
₹14,818
Listing Date
September 8, 2026
About Rays of Belief
Company overview, business, and key facts.
Rays of Belief, started in 2017, is a for-profit social enterprise that offers customized intervention programs for children with Neurodevelopmental Disorders (NDDs). The conditions they help with are Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays.
The company serves children between the ages of 18 months and 12 years, while also offering specialised programs for children up to 15 years, which teach vocational and life skills to help them become more independent. Its services include early intervention, Parental guidance, Occupational therapy, Language therapy, and family support programs. Furthermore, the company has a large range of learning resources, including 150+ teaching tools at centres, 2,000+ tools for home learning, Regular follow-ups, Progress monitoring, and 340+ clinical professionals.
Headquarters
New Delhi
Promoters
Nitin Bindlish, Carving Futures Pte
Website
https://www.momsbelief.com/
IPO Details
Subscription Status
How many times each investor category has bid for the issue.
Strengths & Risks
Strengths
- Leading Centre Network – Rays of Belief is considered to be the topmost enterprise in India in terms of having the highest number of centres delivering intervention plans for NDD children. Rays of Belief network of 136 centres allows accessibility to developmental care in multiple cities.
- Scalable Operations Proven by Growth: It has been seen that the firm has an established record of scalability and organic growth. The growing network of the company allows it to deliver interventions in a broader geographical location.
- Accessibility and Affordability: The company’s business model emphasizes easy and affordable delivery of developmental care for children suffering from NDD. Rays of Belief’s network helps to deliver personalized intervention plan for the family across various locations.
Risks
- Centre Premises on Lease: The centre’s operation of the company is done on leased premises for which the lease period varies between 11 months to 3 years. Majority of the capital expenditure of the company comprises immovable fit outs which are not recoverable in case of not renewal of lease and closure of centre/relocation.
- Geographical Concentration: In FY 2026, 15.36% of Revenue from Operations were generated by centres based in Uttar Pradesh, Karnataka, and Delhi. Furthermore, 17.58% of Revenue from Operations were generated by centres in Tier 2 cities and any loss of business from these areas may have an adverse impact on revenues and profits.
- Reliance on Transactions with Related Parties and Acquired Centres: In FY 2026, 25.56% of Revenue from Operations were generated by the exports of support services to Carving Futures Pte. Ltd. and Carving Futures Inc. Any adverse development in relation to these transactions could have a material impact on the business.
Financials
Restated summary financials for the most recent periods.
Figures are indicative and restated for presentation.
Rays of Belief IPO Key Numbers
Calculated by IPOLyst from the published offer-document data. These are figures, not buy or sell calls.
Market cap at upper band
₹499.6 Cr
Post-IPO shares × upper price band
P/E on 2026 profit
100.7x
Price to sales
6.09x
Revenue growth, 2026
+124.6%
63.3% a year over the period
Profit growth, 2026
-15.6%
141.6% a year over the period
Profit margin (PAT)
6%
EBITDA margin 14.59%
ROE / ROCE
21.64% / n/a%
As published in the offer document
Promoter holding
91.72% → 68.77%
Before → after the IPO
Issue mix
100% fresh / 0% sale
Fresh issue goes to the company, offer for sale to selling shareholders
GMP-implied gain per lot
₹930
62 shares on ₹14,818. GMP is unofficial.
Watch-outs
- Profit fell 15.6% in 2026.
Scenarios apply today's grey market premium figures to the upper price band. They are illustrations, not predictions. GMP is unofficial and can be wrong.
Not yet available for this IPO: listed peer comparison.
IPO Analysis SummaryAI-generated
A plain-language review of Rays of Belief's financials, valuation and demand, based only on the verified figures above. For information only. It does not recommend whether to apply.
Rays of Belief IPO Review
Analysis based on live GMP, subscription, and issue details.
As of today, Rays of Belief IPO is trading at a grey market premium (GMP) of +₹15 (+6% estimated listing gain), indicating positive market sentiment.
The IPO has been subscribed 106.83x overall — QIB: 9.06x, NII: 278.82x, Retail: 190.99x.
Rays of Belief IPO subscription has closed. The shares are expected to list on September 8, 2026.
The minimum investment required is ₹14,818 for 62 shares (1 lot). Retail investors can apply at cut-off price for the best chance of allotment.
Key strengths include: Leading Centre Network – Rays of Belief is considered to be the topmost enterprise in India in terms of having the highest number of centres delivering intervention plans for NDD children. Rays of Belief network of 136 centres allows accessibility to developmental care in multiple cities.; Scalable Operations Proven by Growth: It has been seen that the firm has an established record of scalability and organic growth. The growing network of the company allows it to deliver interventions in a broader geographical location.. Investors should note the following risks: Centre Premises on Lease: The centre’s operation of the company is done on leased premises for which the lease period varies between 11 months to 3 years. Majority of the capital expenditure of the company comprises immovable fit outs which are not recoverable in case of not renewal of lease and closure of centre/relocation.; Geographical Concentration: In FY 2026, 15.36% of Revenue from Operations were generated by centres based in Uttar Pradesh, Karnataka, and Delhi. Furthermore, 17.58% of Revenue from Operations were generated by centres in Tier 2 cities and any loss of business from these areas may have an adverse impact on revenues and profits..
Disclaimer: IPO GMP is indicative and sourced from the grey market. This is not investment advice. Please consult a SEBI-registered advisor before investing.
Rays of Belief IPO — Frequently Asked Questions
What is Rays of Belief IPO GMP today?
Rays of Belief IPO GMP (grey market premium) today is +₹15, suggesting an estimated listing gain of +6%. GMP is indicative and subject to change.
What is the price band of Rays of Belief IPO?
The price band for Rays of Belief IPO is ₹239 with a lot size of 62 shares. The minimum investment required is ₹14,818.
When is Rays of Belief IPO allotment date?
Rays of Belief IPO allotment is expected to be finalised on September 4, 2026. You can check your allotment status on the registrar's website (Kfin Technologies Ltd.) using your PAN number.
When will Rays of Belief IPO list on NSE/BSE?
Rays of Belief IPO is expected to list on BSE, NSE on September 8, 2026.
How to check Rays of Belief IPO allotment status?
To check Rays of Belief IPO allotment status, visit the registrar's website (Kfin Technologies Ltd.) and enter your PAN number, application number, or DP/Client ID. You can also check on the BSE IPO allotment page at https://www.bseindia.com/investors/appli_check.aspx.
Should I apply for Rays of Belief IPO?
Rays of Belief IPO has a GMP of +₹15. Before applying, review the company's financials, business model, issue structure (OFS vs fresh issue), and sector outlook. IPOLyst is not a SEBI-registered investment advisor — please consult a qualified financial advisor before investing.
What is the lot size of Rays of Belief IPO?
The lot size for Rays of Belief IPO is 62 shares per lot. The minimum investment for retail investors is ₹14,818. Retail investors can apply for a maximum of 13 lots or up to ₹2 lakh, whichever is lower.