Rays of Belief IPO to Open on September 1, 2026: Check Price Band, Issue Size and Key Details

Rays of Belief's initial public offering (IPO) is set to open for subscription on September 1, 2026. According to the Red Herring Prospectus (RHP), the ₹125.00 crore book-built issue comprises a fresh issue of up to 0.52 crore equity shares, with no offer for sale (OFS) component.

The IPO will remain open until September 3, 2026, while the anchor investor portion will open for subscription on August 31, 2026. The basis of allotment is expected to be finalised on September 4, 2026, and the shares are tentatively scheduled to be listed on the BSE and NSE 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 Category-wise Investment Limits

The application size for each category is as follows -

The minimum investment amount for each category, based on the upper price band of ₹239 per share, is as follows -

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

Established in 2017, Rays of Belief Limited provides personalised intervention programs for children with neurodevelopmental disorders (NDDs), including autism spectrum disorder (ASD), ADHD, Down syndrome, cerebral palsy, intellectual disability, learning disabilities, and global developmental delays. Its services support children up to 15 years of age, with a focus on vocational and life skills for long-term development.

The company operates multidisciplinary centres offering early intervention, occupational and language therapy, parental guidance, and family support programs. As of March 31, 2026, it had over 340 full-time clinical professionals, with centres equipped with 150+ teaching tools and home-based learning kits containing 2,000+ educational resources.

Key Financial Highlights 

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