Rays of Belief IPO Day 3: Subscription Status, Timeline & Key Issue Details

Rays of Belief's ₹125.00 crore initial public offering (IPO) entered its final day of public subscription today, September 3, 2026, with a price band of ₹227 to ₹239 per share. As of 10:05 A.M on the third day of bidding, the issue had been subscribed 4.51 times.

The IPO will remain open for subscription until September 3, 2026. The basis of allotment is expected to be finalised on September 4, 2026, while the shares are tentatively scheduled to be listed on the NSE and BSE on September 8, 2026.

Rays of Belief IPO - Issue Details

• Issue Type: Book Built Issue (Fresh Issue only)
• Total Issue Size: Up to ₹125.00 crore
• Fresh Issue: Up to ₹125.00 crore
• Offer for Sale (OFS): Not Applicable
• Face Value: ₹10 per equity share
• Price Band: ₹227 to ₹239 per share
• Lot Size: 62 shares
• Minimum Investment Amount (Retail Investor): ₹14,818 (62 shares at the upper price)
• Listing: BSE, NSE
• Book Running Lead Managers: Mefcom Capital Markets Limited
• Registrar: KFin Technologies Limited

Rays of Belief IPO Timeline (Tentative)

The expected IPO schedule is as follows:

Note: The allotment and listing dates are tentative and may be revised.

Explore other Upcoming IPOs on BSE and NSE.

Rays of Belief IPO Day 3 Subscription Status

[September 3, 2026, 10:05 A.M.]

Utilisation of IPO Proceeds

The company intends to utilise the net proceeds from the fresh issue towards:

• Funding capital expenditure towards establishment of new centres on leased premises (tenure of 11 months - 3 years) and associated technology (hardware) costs:
• Setting  up  new  centres  by  the company
• Setting up new centres in collaboration with schools
• Setting  up  of  new  centres  to  drive  research,  innovation,  and  best  practices  in  the  domain  of neurodevelopmental disorder
• Setting up of in-house training academies for continuous learning and professional upskilling
• Technology (hardware) costs.
• Expenditure for lease payments for the company’s existing centres in India.
• Investment in its subsidiary, Mom’s Belief US Inc., for making lease / license payments for its existing centres in the USA.
• Expenditure for brand awareness and inclusive outreach programs.
• Funding inorganic growth through unidentified acquisition 
• General corporate purposes.

About Rays of Belief Limited

Rays of Belief Limited is a healthcare services company that offers personalised therapy and early intervention programmes for children with neurodevelopmental disorders, including autism, ADHD, Down syndrome, cerebral palsy, and learning disabilities. Incorporated in 2017, the company provides multidisciplinary care for children up to 15 years of age.

It operates specialised therapy centres that deliver occupational, speech, and language therapy, along with parental counselling and family support services. As of March 31, 2026, the company employed more than 340 full-time clinical professionals and offered an extensive range of educational and therapeutic resources for both centre-based and home-based learning.

Key Financial Highlights 

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