Rays of Belief IPO: Date, Price, and Listing Date
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 Overview: Rays of Belief IPO, worth ₹125 Cr, will open for subscription from 1 Sep to 3 Sep 2026. Rays of Belief allotment is expected on 4 Sep, and shares are likely to be listed on BSE & NSE on 8 Sep 2026. The price band for Rays of Belief IPO is set between ₹227 to ₹239
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 is coming up with a ₹125 Cr IPO, which will be entirely a fresh issue. Here are the key details of the Rays of Belief IPO.
Rays of Belief IPO Details
Here are the listing dates and important details investors should know about the upcoming IPO in September 2026.
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Rays of Belief IPO is worth ₹125.00 Cr, and the issue is entirely a fresh issue of ₹125 Cr
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Rays of Belief IPO will open for subscription on 1 Sep 2026 and close on 3 Sep 2026. The price band is set between ₹227 to ₹239
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Rays of Belief IPO’s allotment is likely to take place on 4 Sep 2026 and the shares are expected to be listed on BSE and NSE on 8 Sep 2026.
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The promoter and Promoter Group currently hold 92.93%, which will come down after the listing.
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The IPO proceeds will be used 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.
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Kfin Technologies Ltd. will be the registrar for the Rays of Belief IPO.
|
Parameter |
Detail |
|---|---|
|
IPO Open Date |
1 Sep 2026 |
|
IPO Close Date |
3 Sep 2026 |
|
Expected Allotment Date |
4 Sep 2026 |
|
Expected 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 GMP Today
Rays of Belief IPO GMP today (3 Sep 2026) stands at ₹47, up 19.67% from its upper price band of ₹239 in the grey market (as per investor gain). GMP figures change daily based on market sentiment and demand for the IPO.
GMP figures are for news purposes only. We neither trade nor recommend trading in the grey market.
Investors should note the grey market premium is unofficial & not regulated by SEBI. GMP reflects only informal market trends and should not be considered a reliable indicator of listing gains.
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Rays of Belief IPO Day 3 Subscription Status
Rays of Belief IPO was subscribed 1.18 times on Day 1, as of 7:30 PM
Rays of Belief IPO was subscribed 3.63 times on Day 2, as of 7:30 PM
Rays of Belief IPO was subscribed 107.71 times on Day 3, as of 7 :49 PM
|
Date |
QIB (Ex Anchor) |
NII |
Retail |
Total |
|---|---|---|---|---|
|
1 Sep (Day 1) |
0.00 |
0.39 |
6.51 |
1.18 |
|
2 Sep (Day 2) |
0.01 |
2.07 |
18.67 |
3.63 |
|
3 Sep (Day 3) |
9.06 |
279.11 |
195.86 |
107.71 |
Source: NSE, as of 3 Sep 2026, 7:49 PM
Rays of Belief Share Listing
Rays of Belief shares are scheduled to debut on the NSE and BSE on 8 September 2026. The IPO was finalised at ₹239 per share, the upper end of the IPO’s price band of ₹227 to ₹239.
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 can 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 is drawing interest in the grey market on August 31, 2026, as the company reports positive profit margins. However, investors should look beyond GMP and assess the IPO based on its valuation, financial performance, business risks and comparison with listed peers.
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