Rays of Belief IPO: Rs 125 Cr Raise Opens Sept 2026

Rays of Belief is launching its initial public offering (IPO) to raise Rs 125 crore, with the subscription period set for September 01, 2026, to September 03, 2026.

IPO Specifics

The 100% book building issue comprises 52,30,000 shares, each with a face value of Rs 10. Shares are priced within a band of Rs 227 to Rs 239 per equity share. The lower side pricing is 22.70 times its face value, while the higher side is 23.90 times.

Mefcom Capital Markets is the book running lead manager for this offering, with Mayank Bhargava serving as the compliance officer.

Rays of Belief operates as a For-Profit Social Enterprise, providing intervention plans for children with Neurodevelopmental Disorders (NDDs). These personalized plans address conditions such as Autism Spectrum Disorder (ASD), Attention-Deficit/ Hyperactivity Disorder (ADHD), Down Syndrome (DS), Cerebral Palsy (CP), Intellectual Disability (ID), Learning Disabilities (LD), and Global Developmental Delays (GDD).

Market Allocation and Expansion

Not more than 75% of the issue is designated for Qualified Institutional Buyers (QIBs), including 5% for mutual funds. Non-institutional bidders will receive not less than 15% of the issue, and the remaining 10% is allocated for retail investors.

The company, operating under the brand Mom’s Belief, began with a single center in Gurgaon in 2018. It expanded significantly to 71 centers by Fiscal 2023 and further to 136 centers as of March 31, 2026, across 57 cities in 20 Indian states and union territories. Its presence is predominantly in Tier 2 cities, with 42 centers in Tier 1, 77 in Tier 2, and 17 in Tier 3 cities in India.

The services primarily target children from 18 months up to 12 years of age, with specialized vocational and life skills programs for older children up to 15 years. Shares from this offering will be listed on both BSE and NSE.