Mom’s Belief IPO: Funding 319 Neurodevelopmental Centers in India

Mom’s Belief, a for-profit social enterprise, will launch its Initial Public Offering (IPO) on September 1, 2026, aiming to fund 319 new neurodevelopmental care centers across India by fiscal year 2029.

IPO Details and Capital Raised

The public issue, entirely a fresh issue of up to 52.30 lakh equity shares, will close on September 3, with anchor investor bidding scheduled for August 31.

• The company previously secured Rs 5.89 crore through a pre-IPO private placement.
• Total IPO proceeds are set at Rs 41.36 crore.

Expansion efforts will primarily focus on Tier-II and Tier-III cities, targeting areas with limited access to structured neurodevelopmental care.

Utilisation of Proceeds

• Rs 34.99 crore is allocated for center fit-outs.
• Rs 1.93 crore will be used for therapy-material inventory.
• Rs 4.44 crore is designated for technology hardware.

As of March 31, 2026, Rays of Belief, operating as Mom’s Belief, managed 136 centers across 57 cities and 20 states and Union Territories, having served over 58,000 children since its 2018 inception.

Market Position and Financials

A CARE report indicates Mom’s Belief holds the top position in India and seventh globally among listed players in the behavioral health sector by number of centers.

• Consolidated revenue from operations significantly increased to Rs 81.66 crore in FY26 from Rs 36.42 crore in FY25.
• However, profit for the year declined from Rs 5.88 crore to Rs 4.96 crore.

This expansion leverages growing demand for specialized developmental therapies, driven by increased awareness and diagnoses of developmental conditions. The equity shares are slated for listing on both the BSE and NSE.