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HomeIPORays of Belief

About Rays of Belief

Ray of Belief is a profit-based social enterprise which provides personalized intervention programs for children suffering from Neurodevelopmental Disorders (NDDs), such as Autism Spectrum Disorder (ASD), Attention Deficit Hyperactivity Disorder (ADHD), Down’s Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delay. The objective of Ray of Belief is to ensure that there is better knowledge, accessibility, quality of care, and affordability of care along with empowering parents to facilitate their child’s progress. The company began its first centre in Gurgaon in 2018, and as of September 30, 2025, it operates 136 centres in 57 different cities in India operating under the name of Mom’s Belief. The centers are mostly located in Tier 2 cities and help increase awareness among the population living there. As per records, the company has catered to over 56,500 children since 2018. This is particularly aimed at children between the age group of 18 months and 12 years, whereas specific interventions up to the age of 15 are aimed at vocational and life skill training. These include sensory equipment, puzzles, and worksheets. In June 23, 2025, the company purchased Mom's Belief US Inc., its wholly-owned subsidiary, which has 3 centers operating in Salem, Lynchburg, and Roanoke cities in Virginia.

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Live IPOs

National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Rays of Belief

Rays of Belief

Open Date

Sep 1, 2026

Close Date

Sep 3, 2026

listed

Min Investment

₹14,818

Lot Size

62 Shares

Issue Size

₹125 Cr

Price Range

₹227 - ₹227

Listing Date

Sep 8, 2026

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RHP PDF

Revenue Growth

Company Valuation

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The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹15(+6.28%)GMP
6.28%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Rays of Belief IPO - Issue Objectives

₹41.36 crore will fund new centres and technology costs. The company will use ₹14.45 crore towards lease payments for its existing centres in India. The company will use ₹10.13 crore towards lease and licence payments for its existing US centres. The company will use ₹10.21 crore towards brand awareness and inclusive outreach programmes. IPO proceeds will fund corporate purposes, acquisitions, and issue expenses.

Capital expenditure towards new centres

33.1%

Lease payments for existing centres

11.5%

Investment in Mom’s Belief US Inc.

8.1%

Brand awareness and outreach programmes

8.1%

General corporate purposes

39.1%

1

Capital expenditure towards new centres

₹41.36 crore will fund new centres and technology costs.

33.10%
2

Lease payments for existing centres

The company will use ₹14.45 crore towards lease payments for its existing centres in India.

11.50%
3

Investment in Mom’s Belief US Inc.

The company will use ₹10.13 crore towards lease and licence payments for its existing US centres.

8.10%
4

Brand awareness and outreach programmes

The company will use ₹10.21 crore towards brand awareness and inclusive outreach programmes.

8.10%
5

General corporate purposes

IPO proceeds will fund corporate purposes, acquisitions, and issue expenses.

39.10%

IPO Subscription Status

QIB
9.06x
NII
279.11x
Individual
195.86x
Total
107.71x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Rays of Belief

In Cr.

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Growing centre network

The company had 139 centres as of FY26, including 77 in Tier 2 cities and 17 in Tier 3 cities. This gives it a presence beyond major cities, where access to specialised care remains limited.

02

Rising demand for NDD therapies

India’s neurodevelopmental disorders market is growing as awareness improves and more children are diagnosed. The ASD therapy market, for instance, increased from ₹708.8 crore in CY18 to ₹1,090 crore in CY25 and is expected to reach ₹1,893.2 crore by CY34.

03

Partnership-based model

The company works with licensed professionals and operates centres across Tier 1, Tier 2 and Tier 3 cities. This allows it to expand its network without relying entirely on company-owned centres.

04

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Shortage of trained professionals

India does not have enough developmental paediatricians, child psychologists, speech therapists and special educators. This shortage could make it difficult for the company to expand its centres while maintaining access to qualified professionals.

02

Uneven access to specialised care

Most specialised services are concentrated in major cities, while smaller cities and rural areas have limited access. Low awareness and stigma around developmental disorders can also delay diagnosis and treatment.

03

Contact Details

Rays of Belief

J-1919, Basement, Chittaranjan Park, New Delhi, Delhi - 110019.

+91124407549
cs@momsbelief.com
https://momsbelief.com

Rays of Belief IPO - FAQs

Rays of Belief IPO is a Mainboard IPO. The issue is priced at 227-₹239. The minimum order quantity is 62 Shares. The IPO opens on 1 Sep, and closes on 3 Sep. TBA is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.








IPO Timeline

  • Pre Apply2026-08-31
  • Bidding Starts2026-09-01
  • Bidding Ends2026-09-03
  • Allotment Finalisation2026-09-04
  • Release of Funds2026-09-07
  • Demat Transfer2026-09-07
  • Listing2026-09-08

Improving financial performance

Revenue rose 124.2% YoY to ₹81.66 crore in FY26 from ₹36.42 crore in FY25. EBITDA also increased to ₹11.91 crore from ₹3.02 crore during the same period.

05

Scope for expansion in underserved markets

Access to specialists remains uneven across India, with rural and underserved areas having fewer developmental paediatricians, psychologists, speech therapists and special educators. This leaves room for organised players to expand their services in these markets.

No directly comparable listed peer

There are currently no Indian listed companies operating in a directly comparable business segment. The global companies identified in the prospectus are much larger and operate across broader behavioural-health markets, making direct comparisons difficult.

04

Lack of uniform clinical guidelines

India does not have a single nationwide set of clinical guidelines for diagnosing and managing neurodevelopmental disorders. Different hospitals and organisations may follow their own frameworks, which can lead to differences in clinical practices.

05

New centres take time to mature

Revenue varies depending on how long a centre has been operational. In FY26, centres that had been running for more than 36 months generated average monthly revenue of ₹0.33 million per centre, compared with ₹0.15 million for centres aged 13–24 months. This suggests newer centres may take time to reach the revenue levels of mature centres.