Rays of Belief IPO
Miscellaneous • ₹125 Cr
Medium risk because:
- 5 material risk factors disclosed in DRHP
- The company operates its centres on leases with tenures ranging from 11 months to three ye…
- The company’s revenue is concentrated in certain geographies and city tiers. During FY26, …
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹239
Lot Size
62 shares
Issue Size
₹125 Cr
Open
01 Sept 2026
Close
03 Sept 2026
Subscription
107×
IPO Schedule
| Issue Open Date | 01 Sept 2026 |
| Issue Close Date | 03 Sept 2026 |
| Allotment Date | 04 Sept 2026 |
| Listing Date | 07 Sept 2026 |
About Rays of Belief
Rays of Belief Limited is a for-profit social enterprise that provides 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. Its personalised intervention plans are based on each child's needs and condition severity. The company provides early intervention, parental guidance, occupational therapy, language therapy, and family support programmes through its centres and digital e-therapy programmes. Its services primarily cater to children aged 18 months to 12 years, with programmes for children up to 15 years focused on vocational and life skills. The company operates under the brand name Mom’s Belief and had 136 centres across 57 cities in 20 states and Union Territories in India as of March 31, 2026. It also has three centres in Virginia, USA, following its acquisition of Mom’s Belief US, Inc. in June 2025.
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 moderate disclosed risk (5/10), 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.
- As of March 31, 2026, the company had 136 centres across 57 cities in 20 states and Union Territories in India, compared with 71 centres in FY24. The network includes centres across Tier 1, Tier 2, an
- Based on the CARE report, the company ranked first in India and seventh globally among listed players by the number of centres offering intervention plans for children with neurodevelopmental disorder
- As of March 31, 2026, the company had more than 340 full-time clinical professionals, including 74 developmental and clinical psychologists, 139 occupational therapists, 72 speech-language pathologist
- The company’s revenue from operations increased from Rs 30.61 crore in FY24 to Rs 81.66 crore in FY26, representing a CAGR of 63.34%. EBITDA increased from Rs 1.49 crore to Rs 11.91 crore during the s
- The company provides intervention plans through its own centres, centres operated in partnership with licensed professionals, school collaboration centres and digital e-therapy programmes. Its centres
Score breakdown — what drove this verdict
Moderate risk from DRHP → score +0.0
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
07 Sept 2026
Price Since Listing
Returns are measured against the ₹239 issue price.
Listing
₹239
+0.0%
1 Week
₹224.96
-5.9%
Current
₹223.01
-6.7%
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FAQ
What is the price band of Rays of Belief IPO?
The price band is ₹239 per share with a lot size of 62 shares. Minimum investment: ₹14,818.
What does Rays of Belief do?
Rays of Belief Limited is a for-profit social enterprise that provides 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. Its personalised intervention plans are based on each child's needs and condition severity. The company provides early intervention, parental guidance, occupational therapy, language therapy, and family support programmes through its centres and digital e-therapy programmes. Its services primarily cater to children aged 18 months to 12 years, with programmes for children up to 15 years focused on vocational and life skills. The company operates under the brand name Mom’s Belief and had 136 centres across 57 cities in 20 states and Union Territories in India as of March 31, 2026. It also has three centres in Virginia, USA, following its acquisition of Mom’s Belief US, Inc. in June 2025.
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 6/10: Driven by QIB demand at 9.1x and moderate disclosed risk (5/10), 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.