Rays of Belief IPO
Miscellaneous • ₹125cr
High risk because:
- Loss-making or weak profitability noted in DRHP
- 5 material risk factors disclosed in DRHP
- High dependence on skilled clinical staff leads to significant employee benefit expenses.
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹227-239
Lot Size
62 shares
Issue Size
₹125cr
Open
01 Sept 2026
Close
03 Sept 2026
Subscription
107×
GMP +₹15 → est. ₹254
IPO Schedule
| Issue Open Date | 01 Sept 2026 |
| Issue Close Date | 03 Sept 2026 |
| Allotment Date | 04 Sept 2026 |
| Listing Date | 08 Sept 2026 |
About Rays of Belief
Rays of Belief is a for-profit social enterprise delivering personalized intervention plans for children with neurodevelopmental disorders such as ASD, ADHD, and Down Syndrome. Operating an asset-light model, it runs Company Learning Centres, professional partnerships, and school collaborations across India and the US. Revenue comes from in-person centre operations, online therapy services, and export earnings via global R&D coordination and programmatic innovation, all delivered through accessible, family-centric care. Disclosure: Zerodha (via Rainmatter) holds a 1.09% pre-IPO stake in the company.   
Company Details
Founders / Promoters
Mr Nitin Bindlish
Founded
2017
Registrar
KARVY
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Rays of Belief — IPOFins Verdict
QuantitativeDriven by QIB demand at 9.1x and elevated disclosed risk (7/10), Rays of Belief listed at a premium of 0.0% to its issue price. The picture is mixed — treat this as one input alongside the DRHP, valuation, and your own risk appetite.
- Largest Indian For-Profit Social Enterprise for neurodevelopmental disorders by centre count.
- Scalable, asset-light business model using leased premises and professional partnerships.
- Specialized multidisciplinary team of over 337 full-time clinical professionals.
- Diversified revenue from domestic centres, online therapy, and international service exports.
- Established presence in 57 Indian cities with a growing international footprint in the US.
Score breakdown — what drove this verdict
High risk from DRHP → score -0.8
Institutional subscription → score +1.0
Strong retail interest → score +0.5
Actual listing outcome → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹239
Listing Price
₹239
Listing Gain/Loss
+0.00%
Listing Date
08 Sept 2026
Price Since Listing
Returns are measured against the ₹239 issue price.
Listing
₹239
+0.0%
Want to buy this stock?
Trade Rays of Belief on the secondary market
FAQ
What is the price band of Rays of Belief IPO?
The price band is ₹227-239 per share with a lot size of 62 shares. Minimum investment: ₹14,818.
What does Rays of Belief do?
Rays of Belief is a for-profit social enterprise delivering personalized intervention plans for children with neurodevelopmental disorders such as ASD, ADHD, and Down Syndrome. Operating an asset-light model, it runs Company Learning Centres, professional partnerships, and school collaborations across India and the US. Revenue comes from in-person centre operations, online therapy services, and export earnings via global R&D coordination and programmatic innovation, all delivered through accessible, family-centric care. Disclosure: Zerodha (via Rainmatter) holds a 1.09% pre-IPO stake in the company.   
Should I apply for Rays of Belief IPO?
Rays of Belief listed at ₹239 (+0.0% premium to the ₹239 issue price) after 106.8x subscription. IPOFins Score 5/10: Driven by QIB demand at 9.1x and elevated disclosed risk (7/10), Rays of Belief listed at a premium of 0.0% to its issue price. The picture is mixed — treat this as one input alongside the DRHP, valuation, and your own risk appetite.
Who founded Rays of Belief?
Rays of Belief was founded by Mr Nitin Bindlish in 2017.