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IPO ·
BSE, NSE
Rays of Belief Ltd
Listed
Incorporated in 2017, Rays of Belief Ltd. is a for-profit social enterprise providing personalised intervention plans for children with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder (ASD), ADHD, Down Synd
Issue details
Price band
₹227 – ₹239
Face value
₹10
Lot size
62 shares
Minimum investment
₹14,818
Issue size
₹125.00 Cr
Fresh issue
₹125.00 Cr
Offer for sale
—
Issue type
Book Built
Exchange
BSE, NSE
Key dates
Opens
1 Sep 2026
Closes
3 Sep 2026
UPI mandate cut-off
5:00 PM on 3 Sep 2026
Allotment
4 Sep 2026
Refunds
7 Sep 2026
Shares in demat
7 Sep 2026
Listing
8 Sep 2026
Subscription and listing
Subscription
63.69x
Listing price
₹239
Registrar
Kfin Technologies Ltd
Lead manager
Mefcom Capital Markets
Subscription by category
Total
63.69x
Total applications
15,10,671
Anchor investors
Amount raised
₹50.00 Cr
Bid date
31 Aug 2026
50% lock-in ends
3 Oct 2026
Rest lock-in ends
2 Dec 2026
Listing day
Issue price
₹239
Open
₹239.00
High
₹239.00
Low
₹227.32
Day close
₹228.34
Listing gain at open
0.00%
Issue structure
Shares reserved per category and share of the total issue
QIB
39,22,500
75.00%
Anchor Investor
20,92,190
40.00%
QIB (Ex. Anchor)
18,30,310
35.00%
NII
7,84,500
15.00%
bNII > ₹10L
5,23,000
10.00%
sNII < ₹10L
2,61,500
5.00%
Retail
5,23,000
10.00%
Total
52,30,000
100.00%
Finaccle’s quick read
Neutral
FY26 income up 125%, PAT down 16%, ROE 21.64%, D/E 0.12, post-issue P/E 100.84x.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Incorporated in 2017, Rays of Belief Ltd. is a for-profit social enterprise providing personalised intervention plans for children with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. The Company started its first centre in Gurgaon in 2018 and has since expanded from 71 centres in Fiscal 2023 to 136 centres as of March 31, 2026, under its brand name Mom’s Belief. These centres are spread across 57 cities and 20 states and union territories in India, with a strong presence in Tier 2 cities.
Founded
Promoters
Promoter holding
Financial performance
Period
PAT
ROE
21.64%
ROCE
29.74%
Debt / equity
0.12
PAT margin
6.07%
P/E post issue
100.84
Market cap
₹499.55 Cr
Use of IPO money
Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals
₹26.88 Cr
School Collaboration Centres
₹5.54 Cr
Centre for Excellence and Research
₹2.45 Cr
Upskilling Academy
₹2.05 Cr
Technology (hardware) costs
₹4.44 Cr
Expenditure for lease payments for existing centres in India
₹14.45 Cr
Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA
₹10.13 Cr
Expenditure for brand awareness and inclusive outreach programs
₹10.21 Cr
Funding inorganic growth through unidentified acquisition and General corporate purposes
₹38.55 Cr
Issue Expenses
₹16.20 Cr
Strengths
✓
Revenue up 125% in FY26 to ₹82.06 Cr
✓
ROE of 21.64% and ROCE of 29.74%
✓
Moderate leverage: debt to equity 0.12
Risks to watch
!
PAT fell 16% in FY26
!
Rich valuation: post-issue P/E of 100.84x
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.