Rays of Belief Limited debuted on the stock exchanges on Tuesday, September 8, 2026, with a flat listing on both the NSE and BSE. The shares opened at ₹239 each, matching the IPO issue price.

The company's ₹125 crore initial public offering was open for subscription from September 1 to September 3, 2026. The IPO received strong investor demand and was subscribed 107.71 times by the close of the bidding period.

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

Explore other Upcoming IPOs on BSE and NSE.

Rays of Belief IPO Overall Subscription Status

[September 3, 2026, 7:00 PM]

Category	Subscription (x)
Qualified Institutional Buyers (QIBs)	9.06x
Non-Institutional Investors (NIIs)	279.11x
Retail Individual Investors (RIIs)	195.87x
Total	107.71x

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 provides personalised intervention programmes for children with neurodevelopmental disorders, including autism spectrum disorder (ASD), ADHD, Down syndrome, cerebral palsy, and learning disabilities. Established in 2017, it supports children up to 15 years of age through early intervention, therapy, and life skills development.

The company operates multidisciplinary centres offering occupational therapy, speech and language therapy, parental guidance, and family support programmes. As of March 31, 2026, it had over 340 full-time clinical professionals and centres equipped with more than 150 teaching tools and 2,000 educational resources for centre- and home-based learning.

Key Financial Highlights

Particulars	FY26 (in ₹ crore)	FY25 (in ₹ crore)	FY24 (in ₹ crore)
Revenue from operations	81.66	36.42	30.61
EBITDA	11.91	3.02	1.49
Profit After Tax (PAT)	4.96	5.88	0.85