Rays of Belief IPO

Rays of Belief IPO is a book-built issue worth ₹125 crore, comprising an entirely fresh issue of 0.52 crore shares. There is no offer-for-sale component.

The IPO will open for subscription on September 1, 2026, and close on September 3, 2026. The share allotment is expected to be finalized on September 4, 2026, while the company is likely to list on both the NSE and BSE on September 8, 2026.

The price band has been fixed at ₹227 to ₹239 per share, with a lot size of 62 shares. At the upper end of the price band, retail investors will need to invest a minimum of ₹14,818 for one lot.

Mefcom Capital Markets Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is the IPO registrar.

About Rays of Belief 

Rays of Belief Limited, primarily known by its brand name Mom’s Belief, is a specialized healthcare provider focused on pediatric behavioral health and developmental care. The company offers intervention programs for children with neurodevelopmental conditions such as Autism Spectrum Disorder (ASD), Attention Deficit Hyperactivity Disorder (ADHD), speech delays, and learning disabilities. 

Its services are delivered through a hybrid model that combines physical therapy centers, digital e-therapy, and home-based intervention plans. The company provides a range of therapies, including speech and language therapy, occupational therapy, behavior therapy, special education, and parent training. 

With centers across Tier-1, Tier-2, and Tier-3 cities, Rays of Belief is expanding access to specialized care beyond major urban areas. Its focus is on making early intervention more accessible while bringing greater consistency and structure to pediatric therapy services across India. 

Rays of Belief IPO Objectives

1. ₹41.36 crore will be used for capital expenditure to establish 319 new therapy and educational centres, including Company Learning Centres, School Collaboration Centres, Centres for Excellence & Research, and Upskilling Academies, along with the required technology hardware.
2. ₹14.45 crore will be deployed over the next three fiscal years toward lease and licence payments for the company’s existing therapy centres across India.
3. ₹10.13 crore will be invested in the wholly owned US subsidiary, Mom’s Belief US, Inc., to meet lease and licensing expenses for its operational centres in Virginia.
4. ₹10.21 crore will support brand awareness and community outreach, including digital marketing, early intervention programmes, and NDD awareness webinars.
5. The remaining net proceeds will be used for potential inorganic growth opportunities, including acquisitions, and general corporate purposes.

Industry Outlook

1. The NDD intervention services market is projected to reach approximately ₹18,932 million by CY34, growing at a 6.29% CAGR from CY26 to CY34.
2. The behavioral healthcare and NDD intervention market remains highly fragmented, creating opportunities for scaled providers to consolidate the industry; Rays of Belief Limited ranks 1st in India by center count and 7th globally among listed peers.
3. Demand is expanding beyond Tier-1 cities into Tier-2 and Tier-3 markets, with 77 of the company’s 136 centers, or over 56%, located in Tier-2 cities.
4. The sector is seeing growing demand for integrated, multi-disciplinary care, including early intervention, speech therapy, occupational therapy, behavior therapy, and parental guidance.
5. Behavioral and developmental healthcare is increasingly adopting hybrid care models, combining physical therapy centers with digital and home-based intervention services to improve accessibility.
6. The addressable population is expanding beyond children aged 18 months to 12 years, with services increasingly extending to those up to 15 years through life-skills and vocational training aimed at supporting the transition to adulthood.

Financial Performance of Rays of Belief

Rays of Belief Peer Comparison

Strengths and Opportunities for Rays of Belief

1. Rays of Belief holds the #1 position in India by center count for NDD intervention, with 136 centers across 57 cities in 20 states and UTs as of March 31, 2026, and ranks 7th globally among listed behavioral healthcare peers.
2. The company has served over 58,000 children since 2018, with its annual active service base reaching 9,205 children in FY26.
3. Rays of Belief had 340+ full-time clinical professionals as of March 31, 2026, including occupational therapists, psychologists, speech-language pathologists, and special educators.
4. Its technology-backed ecosystem includes 150+ clinical teaching tools at physical centres and home-learning kits with 2,000+ proprietary intervention tools, supported by digital progress-tracking software.
5. The company follows an omnichannel delivery model spanning Company Learning Centres, School Collaboration Centres, home-based kits, digital e-therapy, and international operations.
6. The company plans to deploy ₹41.36 crore of IPO proceeds toward 319 new therapy and learning centres, school collaboration centres, upskilling academies, and supporting technology infrastructure, significantly expanding its existing network.
7. With over 56% of its centres located in Tier-2 and Tier-3 cities, the company is positioned to tap rising demand for specialized intervention services beyond major metros.
8. The planned ₹10.13 crore investment in Mom’s Belief US, Inc. provides scope to expand the company’s physical presence and revenue base in North America.
9. The company also has scope to extend its services beyond children aged 18 months to 12 years to teenagers up to 15 years, particularly through life-skills and vocational training.

Risks and Threats for Rays of Belief

1. The company plans to use ₹41.36 crore of IPO proceeds to establish 319 new centres, more than tripling its current network of 136 centres, which could create execution challenges related to leases, approvals, staffing, and centre ramp-up.
2. The business depends on 340+ full-time clinical professionals, making it vulnerable to employee attrition and shortages of qualified occupational therapists, psychologists, speech-language pathologists, and special educators.
3. With most centres operating from leased properties across 57 cities, rising rents, unfavourable lease renewals, or early terminations could increase costs and disrupt operations.
4. The planned ₹10.13 crore investment in Mom’s Belief US, Inc. exposes the company to overseas regulatory requirements, foreign exchange fluctuations, and additional operational complexity.
5. As the company works directly with children with developmental and behavioral needs, clinical errors, service inconsistencies, or disputes at individual centres could affect the wider Mom’s Belief brand.
6. Despite strong recent revenue growth, the company has historically operated with modest margins, with PAT margin at 2.79% in FY24, creating a risk of margin pressure if new-centre costs grow faster than enrolments.
7. Rapid expansion from 136 centres to more than 450 could increase working capital requirements for therapy kits, diagnostic tools, lease deposits, and other operating expenses.
8. The portion of IPO proceeds earmarked for potential acquisitions and general corporate purposes carries allocation risk, particularly if suitable targets are not identified or acquisitions fail to deliver expected returns.
9. Growing competition from local clinics, hospital-based therapy centres, and digital e-therapy platforms could put pressure on pricing and increase customer acquisition costs.
10. Limited insurance coverage for pediatric behavioral therapies such as ASD and ADHD interventions leaves families dependent on out-of-pocket spending, which could weaken demand during economic slowdowns.
11. Changes in regulations covering allied healthcare professionals, licensing requirements, or school collaboration practices could increase compliance costs or affect the company’s existing service delivery model.

Rays of Belief IPO Reservation

Rays of Belief IPO Promoter Holding

The promoters of the company are Nitin Bindlish and Carving Futures Pte.Ltd.

Rays of Belief IPO Registrar and Lead Managers

Rays of Belief IPO Lead Managers

Mefcom Capital Markets Ltd.

Registrar for Rays of Belief IPO

Name: Kfin Technologies Ltd.

Phone: 040-79615565

Email ID: robl.ipo@kfintech.com

How To Check the Allotment Status of the Rays of Belief IPO ?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Milky Mist Ltd. IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Apply for Rays of Belief IPO Online?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Rays of Belief IPO

Address: J-1919, Basement, Chittranjan Park, New Delhi, 110019

Phone: +91 124 407549

Email ID: cs@momsbelief.com