Rays of Belief Limited is a for-profit social enterprise providing personalized intervention plans for children with Neurodevelopmental Disorders (NDDs), while improving access, quality, and affordability of developmental care and empowering parents to support their child’s development.
The company started its first centre in Gurgaon in 2018 and, as of March 31, 2026, operated 136 centres across 57 cities in 20 states and union territories in India under the Mom’s Belief brand. The company has a strong presence in Tier 2 cities.
Since 2018, the company has served over 58,000 children and offers early intervention, therapy, parental guidance and family support programs, primarily for children aged 18 months to 12 years.
Its centres use 150+ teaching tools, while home-based learning kits include 2,000+ tools supported by progress monitoring.
On June 23, 2025, the company acquired Mom’s Belief US, Inc. and Allergy and Immunology Virginia, LLC, adding three centres in Virginia to expand its presence in the US.
As of March 31, 2026, the company had over 340 full-time clinical professionals, including 74 psychologists, 139 occupational therapists, 72 speech-language pathologists, and 50 special educators.
Rays of Belief IPO – Details
| IPO Opening Date | 01 September 2026 |
| IPO Closing Date | 03 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 52,30,000 Shares Worth ₹[] Crore Fresh Issue: 52,30,000 Shares Worth ₹[] Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹[] – ₹[] per share |
| Market Lot | [] Shares |
| Min Order | [] Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | KFin Technologies Limited |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Rays of Belief IPO – Date Schedule
| IPO Open Date | 01 September 2026 |
| IPO Close Date | 03 September 2026 |
| Basis of Allotment | 04 September 2026 |
| Initiation of Refund | 07 September 2026 |
| Credit of Shares to Demat Account | 07 September 2026 |
| IPO Listing Date | 08 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 03, 2026 |
Rays of Belief IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | – | – | ₹ |
| Retail (Max) | – | – | ₹ |
| S-HNI (Min) | – | – | ₹ |
| S-HNI (Max) | – | – | ₹ |
| B-HNI (Min) | – | – | ₹ |
Competitive Strength
- India’s first (1st) ranking enterprise in terms of number of centres offering intervention plans for children with NDDs.
- Proven track record of delivering organic growth and scalable operations.
- Accessibility to convenient and affordable developmental care.
- Comprehensive, multidisciplinary, high-quality care and follow a client-focused approach.
- Professional and experienced management team.
- Research and Development (“R&D”) focused approach and digital adaptability.
Company Promoters
- Nitin Bindlish
- Carving Futures Pte.Ltd.
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 (Standalone) | ₹30.76 Cr | ₹30.66 Cr | ₹0.85 Cr | – |
| 31 March 2025 (Standalone) | ₹36.54 Cr | ₹36.19 Cr | ₹5.88 Cr | ₹4.36 Cr |
| 31 March 2026 (Consolidated) | ₹82.06 Cr | ₹75.16 Cr | ₹4.96 Cr | ₹3.61 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 21.64% |
| ROCE | 29.74% |
| Debt/Equity | 0.18 |
| RoNW | 21.64% |
| PAT Margin | 6.07% |
| EBITDA Margin | 14.59% |
| NAV | 15.67 |
| Pre IPO | Post IPO | |
| EPS (₹) | 3.21 | |
| P/E (x) |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| The company plans to use the IPO proceeds for establishing new centres on leased premises, including Company Learning Centres, School Collaboration Centres, Centres for Excellence and Research, Upskilling Academies, and for associated technology hardware costs. | ₹41.36 |
| Expenditure for lease payments for our existing centres in India. | ₹14.45 |
| Investment in its Subsidiary, Mom’s Belief US Inc., for making lease/license payments for the existing centres in the USA. | ₹10.13 |
| Expenditure for brand awareness and inclusive outreach programs. | ₹10.21 |
| Funding inorganic growth through unidentified acquisition and General corporate purposes. | – |
Rays of Belief IPO Peer Comparison
- There are no listed companies in India or overseas with a business portfolio and scale of operations comparable to the company. Therefore, an industry peer comparison is not available.
✅Strengths
- Largest NDD intervention centre network in India.
- Pan-India presence across 57 cities.
- Comprehensive, personalized and multidisciplinary care model.
- Strong digital and R&D capabilities.
- Experienced management and clinical team.
⚠️Risks
- Dependence on licensed professional partnerships.
- New centres take time to reach breakeven.
- Limited availability of skilled clinical professionals.
- Service quality issues may harm the brand.
- Expansion may require higher investments and cash flows.
Rays of Belief IPO Promoter Holding
| Pre Issue Share Holding | 92.93% |
| Post Issue Share Holding | – |
Rays of Belief IPO Prospectus
Company Contact Information
| Rays of Belief Ltd. J-1919, Basement, Chittranjan Park, New Delhi, Delhi, New Delhi, 110019 Phone: +91 124 407549 Email: cs@momsbelief.com Website: https://www.momsbelief.com/ |
Rays of Belief IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: robl.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Rays of Belief IPO Lead Manager(s)
| 1. Mefcom Capital Markets Ltd. |
Rays of Belief IPO FAQs
| What is the Rays of Belief IPO? Rays of Belief IPO is a main-board IPO. The issue is priced at ₹[]to ₹[] per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Rays of Belief IPO open? The IPO is to open on 01 September 2026 for QIB, NII, and Retail Investors. |
| What is Rays of Belief IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is the Rays of Belief IPO Size? Rays of Belief IPO size is ₹[] Crore. |
| What are the Rays of Belief IPO Minimum and maximum lot sizes for Retail? The minimum bid is [] Shares with ₹[], while the maximum bid is [] Shares with ₹[]. |
| What is the Rays of Belief IPO Allotment Date? Rays of Belief IPO allotment date is 04 September 2026. |
| What is the Rays of Belief IPO Listing Date? Rays of Belief IPO listing date is 08 September 2026. The IPO is to be listed on the BSE and the NSE. |
