Rays of Belief IPO GMP, Date, Price Band & Review

Rays of Belief IPO Details

Rays of Belief IPO is a book-built mainboard issue of ₹125 crore, entirely a fresh issue of 52.30 lakh equity shares. Each share has a face value of ₹10. The IPO is to be listed on both BSE and NSE platforms. The price band is ₹227 to ₹239 per share. The lot size for an application is 62 shares. The minimum amount of investment required by an individual investor (retail) is ₹14,818 (62 shares). The IPO window will be open on Tuesday, September 1, 2026 and will close on Thursday, September 3, 2026.

Mefcom Capital Markets Ltd. is acting as the book-running lead manager, while KFin Technologies Ltd. serves as the registrar to the issue.

Rays of Belief IPO Date & Timeline

Rays of Belief Limited filed its red herring prospectus on August 19, 2026. The IPO window will be open on Tuesday, September 1, 2026 and will close on Thursday, September 3, 2026. The IPO allotment is expected to be finalised on September 4, 2026, while refunds and credit of allotted shares to investors’ demat accounts are scheduled for September 7, 2026. The listing date on BSE and NSE is set for September 8, 2026.

Rays of Belief IPO GMP

A “grey market premium,” or GMP, basically means the extra premium at which an IPO’s shares are traded informally before they’re officially listed on the stock exchange.

For the Rays of Belief IPO, the GMP is at ₹15, mirroring how unofficial investors are feeling before the listing actually happens. That premium may point to a possible listing value of ₹254, which is about 6.28% higher than the issue price. Sure, the Grey Market Premium works like a strong demand barometer, but GMP is also highly unstable, so it should not be the only guide for how you decide to invest.

Company Background

Rays of Belief Limited was incorporated as a private limited company on August 23, 2017, and then was converted into a public limited company on November 04, 2024. Operating under the established brand name Mom’s Belief, the company offers structured and personalised programs that blend clinical assistance, learning support and parent coaching for children who have neurodevelopmental disorders.

Since it started, the company has served more than 58,000 children. It supported 9,205 children in Fiscal 2026, compared to 8,585 in Fiscal 2025 and 9,344 in Fiscal 2024. As of March 31, 2026, Rays of Belief ranked first in India by the number of centers among providers of intervention plans for children with neurodevelopmental disorders. It also placed seventh globally among listed players in a similar behavioural-health space, based on the CARE report that is mentioned in its prospectus.

Overall, the company is right on the edge where healthcare, education and family support all meet. The growth is being nudged along by rising awareness, earlier diagnosis, improved willingness toward therapy and the growing demand for a multidisciplinary care setup.

Operations & Product Range

Rays of Belief kind of provides structured intervention plans, mostly for children aged 18 months to 12 years. There are also specialized programs for kids that really focus on life skills and, like, vocational preparation. In general, the service portfolio includes the following set of supports:

The main services include:

• • Early Intervention – for spotting and tackling developmental delays when they're still early
• • Occupational Therapy – to strengthen daily life abilities and motor skills
• • Speech and Language Therapy – so communication gets better in day-to-day situations
• • Parental Guidance and Family Support Programs – training families to support the child’s growth at home
• • Vocational and Life Skills Programs – for older children, up to around 15 years

Facilities & Capacity

As of March 31, 2026, Rays of Belief was running 136 centres across 57 cities in 20 states and union territories in India. The spread was like this: 42 centres in Tier 1 cities, 77 in Tier 2 cities and 17 in Tier 3 cities. Also, the Rays of Belief had three centres via its US step-down subsidiary.

Most of the time it operates from leased premises. This asset-light approach cuts down the initial property investment and generally makes it easier to expand more quickly. But leases usually run from 11 months to three years. That creates exposure to things like rent going up, non-renewal issues, relocation costs, or even a scenario where investments made in a centre’s infrastructure get stranded.

The overall network includes company learning centres, centres run in partnership with licensed professionals, centres of excellence and research, and school collaboration centres.

Brands & Market Presence

Mom’s Belief is basically the company’s main, consumer-facing brand. The company sort of operates a few different kinds of centres to line up with the varied needs people have:

• • Company Learning Centres in partnership with Licensed Professionals—these run together with doctors and therapists such as paediatricians and speech-language pathologists
• • School Collaboration Centres—put in place inside existing schools and done in partnership with the schools themselves.
• • Centre for Excellence and Research (COER)—a hub for refining brand-new therapy methods and building training programs

In Fiscal 2026, 25.56% of revenue from operations came from the export of support services to Carving Futures Pte. Ltd. and Carving Futures Inc.

Revenue Streams & Business Model

The main source of income for Rays of Belief Limited is centre-based developmental and therapy services, which is backed up by online services, export of support services and also revenue coming from overseas centres. Domestic centre operations contributed ₹26.17 crore, partnership centres contributed ₹2.67 crore, export services generated ₹20.87 crore and overseas centres came to ₹34.09 crore.

The overseas business became part of the consolidated structure after the June 2025 acquisition of Mom’s Belief US Inc. and Allergy & Immunology Virginia, LLC. This acquisition added three centres in Virginia, in total. The partnership-centre model uses a mix of local presence and referrals from licensed professionals, while Rays of Belief’s brand, along with training, clinical protocols and service framework, stays in the middle of everything.

Financial Performance

In FY26, Rays of Belief Limited surged to a revenue of ₹81.66 crore. EBITDA edged higher from ₹3.02 crore to ₹11.91 crore, though PAT slipped a little from ₹5.88 crore to ₹4.96 crore, mainly on account of spending tied to expansion plus an overseas acquisition, which comes with such costs like that.

Meanwhile, the balance sheet also looks more robust, with total assets moved from ₹26.12 crore to ₹50.89 crore and net worth improved from ₹15.02 crore to ₹30.81 crore. For FY2026, the EBITDA margin landed at 14.59%, ROCE was recorded at 29.74%, and equity debt stood at 0.12, which indicates steadier operating momentum and a fairly controlled leverage setup.

Management & Shareholding

Rays of Belief Limited is being promoted by Nitin Bindlish along with Carving Futures Pte. Ltd., which is a Singapore-based holding company. The promoters held 92.93% of the pre-IPO equity, while the public shareholders kept the rest, 7.07%, via the pre-IPO placements.

After the IPO, the promoters’ stake is expected to shrink because fresh shares will reach new public shareholders through the new issue. The exact post-IPO shareholding will hinge on the final price band and how the allotment plays out.

Board & Key Management

Rays of Belief Ltd. is led by professionals, including Nitin Bindlish, as managing director. The independent directors include Bindu Damodaran, Nitin Ahuja and Sunil Kumar Agarwal. Mayank Bhargava shows up as the Company Secretary and Compliance Officer.

The company’s ability to scale seems tied to how management handles healthcare operations, meaning execution, along with careful professional hiring, centre expansion, technology adoption, and the integration of overseas operations.