Rays of Belief IPO: Issue Details, Business Overview and a Flat Debut
Rays of Belief IPO opens on September 1 with a price band of ₹227–₹239 per share. Check the latest GMP, IPO dates, lot size, reservation and financial performance.
Rays of Belief IPO: The ₹125 crore fresh issue was open from 1 to 3 September 2026 at ₹227 to ₹239 per share. Allotment took place on 4 September, and the shares listed on both the NSE and BSE at ₹239 on 8 September 2026, exactly the issue price, with no listing gain.
Rays of Belief IPO: Rays of Belief is a company that provides therapy and personalised support to children with developmental and learning difficulties, including autism, ADHD, Down syndrome, and cerebral palsy.
The company came to market with a ₹125 Cr IPO, which was to be entirely a fresh issue. Here are the key details of the Rays of Belief IPO.
Rays of Belief IPO Details
Here are the key dates and issue details.
-
Rays of Belief IPO is worth ₹125.00 Cr, and the issue is entirely a fresh issue of ₹125 Cr
-
Rays of Belief IPO opened for subscription on 1 Sep 2026 and closed on 3 Sep 2026. The price band was set between ₹227 to ₹239
-
Rays of Belief IPO’s allotment took place on 4 Sep 2026 and the shares were listed on the BSE and NSE on 8 Sep 2026.
-
The promoter and Promoter Group held 92.93% before the IPO, which came down after listing.
-
The IPO proceeds were earmarked for company and school learning centres (₹32.42 crore), Centre for Excellence and Research (₹2.45 crore), Upskilling Academy (₹2.05 crore), technology hardware (₹4.44 crore), lease payments in India and the US (₹24.58 crore), brand awareness and outreach (₹10.21 crore), and funding acquisitions and general corporate purposes.
-
Kfin Technologies Ltd. was the registrar for the Rays of Belief IPO.
|
Parameter |
Detail |
|---|---|
|
IPO Open Date |
1 Sep 2026 |
|
IPO Close Date |
3 Sep 2026 |
|
Allotment Date |
4 Sep 2026 |
|
Listing Date |
8 Sep 2026 (BSE & NSE) |
|
Price Band |
₹227 to ₹239 per share |
|
Lot Size |
62 shares |
|
Minimum Investment |
₹14,818 |
|
Fresh Issue |
₹125 Cr |
|
Offer for Sale (OFS) |
- |
|
Total Issue Size |
₹125 Cr |
Rays of Belief IPO Listing Performance
Rays of Belief finalised its issue price at ₹239, the top of the ₹227 to ₹239 band, and the shares listed flat at ₹239 on both the NSE and BSE on 8 September 2026. The grey market premium ahead of listing had suggested a gain of close to 20%, so the flat debut was a clear miss against grey market expectations.
About Rays of Belief IPO
Incorporated in 2017, Rays of Belief provides therapy and personalised support to children with developmental and learning difficulties, including autism, ADHD, Down Syndrome and cerebral palsy. The company operates under the Mom’s Belief brand.
It started its first centre in Gurgaon in 2018 and has grown from 71 centres in FY23 to 136 centres as of March 31, 2026. These centres are spread across 57 cities and 20 states and union territories, with a strong presence in Tier 2 cities.
The company mainly works with children aged 18 months to 12 years, while some programmes are available for children up to 15 years. Its services include early intervention, occupational therapy, language therapy, parental guidance and family support.
The centres use 150+ teaching tools, while home-learning kits offer 2,000+ tools. As of March 31, 2026, the company had 340+ full-time clinical professionals.
In June 2025, Rays of Belief acquired Mom's Belief US, Inc. as a wholly owned subsidiary, adding three centres in Virginia: Salem, Lynchburg and Roanoke.
Strengths
- Largest organised network in India for neurodevelopmental-disorder intervention services — 136 centres across 57 cities in 20 states/UTs, under the "Mom's Belief" brand
- Personalised, multidisciplinary care model backed by a clinical team of 340+ professionals
- Digital service-delivery capability alongside a research-informed treatment approach
- Meaningful Tier 2/3 city presence, reaching underserved markets
Risk Factors
- Entire business model depends on leased premises across all 136 locations — lease-renewal risk
- High employee costs as a share of total expenses (clinical staff-heavy model)
- Limited operating history — reported losses in Fiscal 2023, and negative operating cash flows in past periods
- Regional revenue concentration and reliance on related-party arrangements and licensed-professional partnerships
Rays of Belief IPO Reservation
For Rays of Belief IPO, 10% of the issue has been reserved for retail investors. The table below shows the allocation across different investor categories.
|
Investor Category |
Shares Offered |
|---|---|
|
QIB Investors |
75% |
|
Retail Investors |
10% |
|
NII (HNI) Investors |
15% |
Rays of Belief IPO Lot Size
Retail investors could apply for a minimum of 1 lot, which includes 62 shares costing ₹14,818. Maximum investment allowed for retail investors is 13 lots, which totals 806 shares and costs ₹1,92,634
|
Application |
Lots |
Shares |
Amount (₹) |
|---|---|---|---|
|
Retail (Min) |
1 |
62 |
14,818 |
|
Retail (Max) |
13 |
806 |
1,92,634 |
|
S-HNI (Min) |
14 |
868 |
2,07,452 |
|
S-HNI (Max) |
67 |
4,154 |
9,92,806 |
|
B-HNI (Min) |
68 |
4,216 |
10,07,624 |
Rays of Belief IPO Financial Performance
Over the past 3 years, the company’s PAT and PAT margin have remained positive and growing. All financial details are provided in the table below.
|
Period Ended |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|---|---|---|---|
|
Revenue from Ops (₹ Cr) |
81.66 |
36.42 |
30.61 |
|
Total Income (₹ Cr) |
82.06 |
36.54 |
30.76 |
|
EBITDA (₹ Cr) |
11.91 |
3.02 |
1.49 |
|
EBITDA Margin (%) |
14.59 |
8.28 |
4.87 |
|
PAT (₹ Cr) |
4.96 |
5.88 |
0.85 |
|
PAT Margin (%) |
6.07 |
16.15 |
2.79 |
|
ROE (%) |
21.64 |
56.56 |
16.83 |
|
ROCE (%) |
29.74 |
7.49 |
NA |
|
Debt-Equity Ratio (in times) |
0.12 |
0.29 |
NA |
Source: Rays of Belief IPO RHP
Conclusion
Rays of Belief IPO was a ₹125 crore fresh issue from a company that provides therapy and personalised support to children with developmental and learning difficulties. The proceeds were earmarked for new learning centres (₹32.42 crore), a research centre, an upskilling academy, technology, lease payments in India and the US, brand building and acquisitions. Despite strong demand during the issue, the shares listed flat at ₹239 on 8 September 2026. Investors should judge the stock on centre expansion and utilisation rather than on the IPO frenzy.
All topics
Click the link, confirm the box next to sahi.com is checked — ignore any other results.