
Rays of Belief
OPENIPO Date: 1 Sept - 3 Sept 2026
Listing Date: 8 Sept 2026
Price Range
Rs.227 - Rs.239
Issue Size
125 Cr
Min Investment
₹14,074
Lot Size
62 Shares
Schedule of Rays of Belief
Issue open date
1 Sept 2026
Issue close date
3 Sept 2026
UPI mandate deadline
3 Sept 2026 (5 PM)
Allotment finalization
4 Sept 2026
Share credit
7 Sept 2026
Listing date
8 Sept 2026
Mandate end date
18 Sept 2026
Issue size
| Funds Raised in the IPO | Amount |
|---|---|
| Overall | 125 Cr |
| Fresh Issue | 125 Cr |
| Offer for Sale | 0 Cr |
Allotment DetailsNew
| Allotment Timeline | Details |
|---|---|
| Allotment Date | 4 Sept 2026 |
| Allotment Link | {Link} |
Grey Market PremiumNew
Grey Market Premium (GMP) is the premium at which the shares are traded in the grey market. It gives a fair idea about the listing price of the IPO shares. The GMP can be positive or negative based on the demand and supply of the shares in the grey market.
| Date | Ipo Price | GMP | Estimated Listing Price |
|---|---|---|---|
| 2 Sept 2026 | ₹239 | ₹38 | ₹277 (15.9%) |
| 31 Aug 2026 | ₹239 | ₹48 | ₹287 (20.08%) |
| 30 Aug 2026 | ₹239 | ₹35 | ₹274 (14.64%) |
| 29 Aug 2026 | ₹239 | ₹26 | ₹265 (10.88%) |
| 28 Aug 2026 | ₹239 | ₹29 | ₹268 (12.13%) |
| 27 Aug 2026 | ₹239 | ₹10 | ₹249 (4.18%) |
| 26 Aug 2026 | ₹239 | ₹18 | ₹257 (7.53%) |
| 25 Aug 2026 | ₹239 | ₹0 | ₹239 (0%) |
| 24 Aug 2026 | ₹239 | ₹0 | ₹239 (0%) |
| 23 Aug 2026 | ₹239 | ₹0 | ₹239 (0%) |
| 22 Aug 2026 | ₹239 | ₹0 | ₹239 (0%) |
| 21 Aug 2026 | ₹239 | ₹0 | ₹239 (0%) |
| 20 Aug 2026 | ₹239 | ₹0 | ₹239 (0%) |
Performance Rays of Belief
| Issue Price | Listing Gain | Current Market Price | P/L |
|---|---|---|---|
| Rs.227 - Rs.239 | .... | .... | .... |
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.
| Founded in | 2017 |
| Managing director | Mr Nitin Bindlish |
| Parent organization |
Financial Overview
Strengths
- 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.
Risks
- Short-term leases create relocation risks and potential unrecoverable capital expenditure losses.
- High dependence on skilled clinical staff leads to significant employee benefit expenses.
- High revenue concentration with newly acquired US centres driving over half of FY25 revenue.
- Disagreements or early terminations with licensed professional partners could force centre closures.
- Rising trade receivables and delayed client payments could negatively impact operating cash flows.
Subscription Figures
| Category | Subscription (No. of times) |
|---|---|
| Qualified Institutional Buyers (QIBs) | N/A |
| Non-Institutional Investors (NIIs) | N/A |
| Retail Individual Investors (RIIs) | N/A |
| Employee | N/A |
| Total | N/A |