Mom's Belief parent files UDRHP for IPO to fund expansion plans

Rays of Belief, the parent company of child development and therapy organisation Mom's Belief, founded by Nitin Bindlish, has filed Updated Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India on February 11 for IPO to raise funds for its expansion plans. The IPO comprises of entirely fresh issue of 60 lakh shares with no offer-for-sale component. This means the entire issue proceeds (excluding offer expenses) will be used for the company. The company had filed IPO papers via confidential route in August 2025, which subsequently cleared by capital markets regulator SEBI on December 31, 2025. Promoter Carving Futures owns 92.63 percent stake in Rays of Belief, while the 7.07 percent shares are held by the public including KAPICO Investment, and Rainmatter Investments. Nitin Bindlish, the founder of Mom's Belief, holds 48.69 percent shareholding in Carving Futures. Incorporated in 2017, Haryana-based Rays of Belief that claims the first in India and seventh globally in offering intervention plans for children with neurodevelopmental disorders (NDDs) operates 136 centres across 20 states and union territories in India. Based on number of centres, also it is India’s largest "For Profit Social Enterprise" in the segment. The company plans to spend Rs 57.6 crore of IPO proceeds for establishment of new centres on leased premises and associated technology (hardware) costs. Click Here To Read All IPO News Further, Rs 14.4 crore will be utilised for lease payments for existing centres in India, and Rs 10.1 crore investment in subsidiary, Mom’s Belief US Inc for making lease or license payments for existing centres in the USA. The company will also spend Rs 10.2 crore for brand awareness and inclusive outreach programs, and the remainder amount for inorganic growth through unidentified acquisition and general corporate purposes. Rays of Belief being the first in the segment planning for listing does not have comparable peers in the listed space. Mom’s Belief, which offers a comprehensive and multidisciplinary suite of services, spanning early intervention, parental guidance, occupational therapy, language therapy and family support programs, has recorded profit of Rs 1.3 crore on revenue of Rs 43.1 crore for six months period ended September 2025. Profit in the fiscal year ended March 2025 increased nearly seven-fold to Rs 5.8 crore, from Rs 0.8 crore in previous year. Revenue in the same period soared 19 percent to Rs 36.4 crore, up from Rs 30.6 crore. Mefcom Capital Markets is appointed as the merchant banker for the Rays of Belief IPO.