Rays of Belief IPO: Date, Price, GMP & Review | Finowings

Rays of Belief IPO- Complete Overview

Rays of Belief IPO is a Mainboard IPO with an issue size of Rs. 125 Cr by Rays of Belief Limited, which is a for-profit social company that offers children with neurodevelopmental disorders (NDDs), such as autism spectrum disorder (ASD), ADHD, Down syndrome, cerebral palsy, intellectual disability, learning disabilities, and global developmental delays, individualized intervention plans.

Under the Mom's Belief brand, the company opened its first location in Gurgaon in 2018 and has since grown from 71 locations in Fiscal 2023 to 136 locations as of March 31, 2026. With a significant presence in Tier 2 cities, these centers are dispersed throughout 57 cities in 20 Indian states and union territories. Underprivileged and semi-urban areas can receive developmental care thanks to the network's 42 Tier 1, 77 Tier 2, and 17 Tier 3 centers.

This new IPO is to be launched on 01 Sep 2026, and its ‘initial public offering’ will end on 03 Sep 2026.

Rays of Belief IPO Details

This Mainline IPO comprises a wholly fresh issue of 0.52 crore shares. The Rays of Belief IPO listing date (expected) might be Tuesday, Sep 08, 2026, and the listing on the BSE and NSE. 

The Rays of Belief IPO price band is Rs. 227 to Rs. 239.

IPO Timetable (Tentative)

The Rays of Belief IPO date is from 01 Sep to 03 Sep, with IPO allotment on Sep 04, refund initiation on Sep 07, and listing on Sep 08, 2026.

If you want to apply for the IPO, click to open a Demat Account.

Industry Overview & Outlook

As the demand for specialized services rises, the market is expected to expand to around INR 18,932 million by CY34, growing at a CAGR of 6.29% during the CY26-34 period. 

Rays of Belief Company Financial Performance

Rays of Belief- Profit & Loss

(Amount in Cr)

Rays of Belief- Balance Sheet

(Amount in Cr)

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Rays of Belief IPO- Business Model

Rays of Belief (Mom’s Belief) earns revenue mainly by providing therapy and intervention services for children with neurodevelopmental disorders (Autism, ADHD, etc.).

Main sources of income:

• Therapy centre fees – Parents pay for sessions at company-owned and partnership centres across India.
• Online / e-therapy programs – Digital therapy and parental guidance services.
• Export of services – R&D, clinical support and business services provided to its holding company and promoter group entities (mainly Singapore & USA).
• Overseas centres – Revenue from 3 therapy centres in the USA (acquired in 2025).
• FY26: International (Export + USA centres) = 67.3%, Domestic = 32.7%
• FY25: International (Export) = 39.6%, Domestic = 60.4%
• FY24: International (Export) = 34.1%, Domestic = 65.9%
  
  

Revenue Bifurcation

(Source: RHP)

Installed capacity

As of 31 March 2026:

• 139 centres in total (136 in India + 3 overseas centres in Virginia, USA).
• India presence: 42 centres in Tier-1, 77 in Tier-2, and 17 in Tier-3 cities across 57 cities and 20 states/UTs.
• Clinical team: Over 340 full-time professionals (psychologists, occupational therapists, speech-language pathologists, special educators, etc.).
• Children served: 9,205 in FY26 (cumulative >58,000 since inception in 2018).
  
  

Company Growth Trajectory

The company has expanded rapidly from 71 centres in FY24 to 139 centres by FY26, driven by new centre additions (especially the partnership model) and the US acquisition. Revenue more than doubled, with EBITDA expanding sharply, reflecting improving operating leverage as centres mature.

The Objective of the Issue

• Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals. ~ Rs. 26.88 Cr.
• School Collaboration Centres. ~ Rs. 5.54 cr.
• Centre for Excellence and Research. ~ Rs. 2.45 Cr.
• Upskilling Academy. ~ Rs. 2.05 Cr.
• Technology (hardware) costs. ~ Rs. 4.44 Cr.
• Expenditure for lease payments for existing centres in India. ~ Rs. 14.45 Cr.
• Investment in Subsidiary, Moms Belief US Inc., for making lease/license payments for existing centres in the USA. ~Rs. 10.13 Cr.
• Expenditure for brand awareness and inclusive outreach programs. ~Rs. 10.21 Cr.
• General Corporate Purposes.
  
  

Peers of Rays of Belief

No listed peer of a similar size is engaged in the same lines of business as mentioned in the RHP.

Evaluation of P/E Ratio

Considering the period ended on FY 2026 with an EPS of Rs. 3.21 from the last year, the resulting P/E ratio is 74.45x. 

Rays of Belief IPO Valuation

IPO's Strengths

• When it comes to the number of centers that provide intervention plans for kids with NDDs, Rays of Belief is the first company in India. Its 136-center network makes developmental care accessible in several places.

• The business has a history of both scalable operations and organic growth. Its ability to offer intervention services over a larger geographic area is supported by its growing network.

• The company's main goal is to give kids with NDDs developmental care that is both convenient and reasonably priced. Families can get individualized intervention plans at many locations because of its network-based strategy.
  
  

IPO's Weaknesses

• The locations of the company's centers are leased, with leases ranging from 11 months to 3 years. Immovable fit-outs at these locations account for a considerable amount of its capital expenditures, which might not be recouped if leases are not renewed or if centers are closed or moved.

• Centers in Delhi, Karnataka, and Uttar Pradesh accounted for 15.36% of Revenue from Operations in Fiscal 2026. Additionally, Tier 2 city centers accounted for 17.58% of Revenue from Operations.

• Dependency on Related Parties and Acquired Centers: The export of support services to Carving Futures Pte. Ltd. and Carving Futures Inc. accounted for 25.56% of Revenue from Operations in Fiscal 2026. Any unfavorable modification or termination of these agreements may impact the business.
  
  

Rays of Belief IPO GMP Today

Rays of Belief IPO GMP is Rs. 15 as of August 27, 2026, at the time of writing. With the upper price band of Rs. 239, Rays of Belief IPO's estimated listing price is Rs. 239. The expected listing gain/loss per share is 0%.

IPO Other Details

IPO Grey Market Premium

The current IPO GMP is available at our live IPO GMP page, where you can get the GMP today for open Mainboard and SME IPOs.

Rays of Belief IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (62 Shares) amounting to Rs. 14818 and 13 Lots (806 Shares) for Rs. 1,92,634, respectively, while for HNI investors, the minimum Lot is 14 (868 Shares) amounting to Rs. 2,07,452.

Rays of Belief IPO Reservation

Promoters and Management of Rays of Belief Ltd.

• Nitin Bindlish 

• Carving Futures Pte. Ltd.

IPO Lead Managers

• Mefcom Capital Markets Ltd.
  
  

Dividend Policy

The company has not paid a dividend during the last three FYs.

Rays of Belief IPO Review: Subscribe or Avoid?

The company is a for-profit social enterprise providing personalised therapy and intervention services for children with neurodevelopmental disorders through a growing network of centres in India and the USA.  

Revenue from operations rose from ₹306 Mn in FY24 to ₹817 Mn in FY26 (CAGR ~63%), supported by centre expansion from 71 to 139 and the recent US acquisition. EBITDA improved sharply from ₹15 Mn to ₹119 Mn over the same period, while a significant portion of FY26 revenue came from overseas centres and export of services.  

Key risks include concentration in partnership-based centres and export income, with operations remaining asset-light through leased premises.

Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor. 

Rays of Belief IPO News

Rays of Belief DRHP

Rays of Belief RHP

Rays of Belief IPO Allotment Status

Other Open Mainboard IPOs 2026

Lalithaa Jewellery Share Price

The Lalithaa Jewellery share price is Rs. 260 as of 24 August 2026 at 13:53 pm while writing this information. 

Skyways Air Services IPO GMP

Skyways Air Services IPO GMP is Rs. 30, showing a gain/loss of 21.74% as of 24 Aug 2026.

Tempsens Instruments IPO

Tempsens Instruments IPO was open from 20-24 August 2026.

Augmont Enterprises IPO GMP

Augmont Enterprises IPO GMP is Rs. 380, showing a gain/loss of 48.22% as of 24 August 2026. 

Symbiotec Pharmalab IPO GMP

Symbiotec Pharmalab IPO GMP is Rs. 395, showing a gain/loss of 39.98% as of 24 August 2026.

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.

You must consult your financial advisor before making any financial decisions.

To Apply for the IPO, Click Here.

To Read the Prospectus of the company, click here to download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.