Mom’s Belief Parent Rays of Belief Eyes IPO for Expansion

Rays of Belief Ltd, the parent company of Mom’s Belief, is launching its Initial Public Offering (IPO) on September 1. The issue, which closes on September 3, consists entirely of a fresh issue of up to 52.30 lakh equity shares.

The Gurugram-based company previously raised Rs 5.89 crore through a pre-IPO private placement, priced at Rs 284-290 per share. This pre-IPO round reduced the fresh issue size from an initial 60 lakh shares.

IPO & Expansion Details

• IPO Launch: September 1
• Issue Close: September 3
• Anchor Bidding: August 31
• Proceeds for Expansion: Rs 41.36 crore
• New Centers Planned: 319 between FY27 and FY29

A significant portion of the IPO proceeds, specifically Rs 34.99 crore, is earmarked for center fit-outs. An additional Rs 1.93 crore will fund therapy-material inventory, and Rs 4.44 crore is allocated for technology hardware.

Operational Reach & Market Position

The company focuses its expansion on Tier-II and Tier-III cities, aiming to improve access to neurodevelopmental care. As of March 31, 2026, Rays of Belief operated 136 centers across 57 cities and 20 states/Union Territories.

Since 2018, the enterprise has served over 58,000 children with personalized intervention programs for neurodevelopmental conditions. A CARE report identifies Mom’s Belief as India’s largest, and globally seventh-largest, behavioral health operator by center count.

Financial Performance

Consolidated revenue from operations sharply increased to Rs 81.66 crore in FY26, up from Rs 36.42 crore in FY25. However, profit for the year saw a decline to Rs 4.96 crore from Rs 5.88 crore.

The equity shares will be listed on both the BSE and NSE, reflecting the company’s commitment to wider market participation. This strategic expansion aligns with the growing demand for specialized developmental therapies.