Mom's Belief parent raises Rs 2.3 crore from Myong Zin Park in pre-IPO round at Rs 622 crore valuation

Haryana-based Rays of Belief, the parent company of child development and therapy organisation Mom's Belief, has raised Rs 2.3 crore from Myong Zin Park in pre-IPO round on March 24, at a valuation of Rs 622 crore.

The company approached capital markets regulator SEBI by filing draft document via confidential route in August 2025. The said IPO papers were cleared by the regulator in December 2025.

Later, it has filed Updated Draft Red Herring Prospectus with SEBI in February 2026 to raise funds via initial public offering (IPO) which comprises of entirely fresh issue of 60 lakh shares with no offer-for-sale component.

In the same prospectus, it had also intimated about the fund raise via pre-IPO placement i.e. before filing of Red Herring Prospectus with the Registrar of Companies for launching IPO for the public subscription.

Accordingly, Rays of Belief, a for-profit social enterprise providing intervention plans for children with neurodevelopmental disorders (NDDs), has allotted 79,732 equity shares (0.51 percent of pre-IPO capital) to Myong Zin Park for Rs 2.3 crore via private placement i.e. pre-IPO round.

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The share allotment has taken place at a price of Rs 290 per share, valuing the company at Rs 622.5 crore. The pre-IPO placement was approved by the Board on March 18, and the shareholders on March 19.

The proceeds raised from pre-IPO placement will be completely utilised for general corporate purposes.

Accordingly, the amount proposed to be raised through fresh issue will be reduced to the extent of said pre-IPO placement funds.

Assuming Rs 290 per share as upper price band, Nitin Bindlish-founded Rays of Belief is expected to raise Rs 174 crore via its proposed IPO.

The company that started with first centre in Gurgaon in 2018 and subsequently scaled operations to 136 centres in September 2025 will spend Rs 57.6 crore of IPO proceeds for establishment of new centres on leased premises and associated technology (hardware) costs.

Further, Rs 14.4 crore will be utilised for lease payments for existing centres in India, and Rs 10.1 crore for investment in subsidiary, Mom’s Belief US Inc., for making lease or license payments for existing centres in the USA.

In addition to 136 centres in India, the company also operates additional three centres in the USA, which were acquired in June 2025.

Apart from above utilisation of IPO proceeds, Rs 10.2 crore will be set aside for brand awareness and inclusive outreach programs, and the remainder funds for inorganic growth through unidentified acquisition and general corporate purposes.

Mom's Belief services from early intervention, parental guidance, occupational therapy, language therapy to family support programs primarily caters to children from 18 months up to 12 years of age, with specialized programs for older children up to the age of 15 years focusing on vocational and life skills to facilitate a smooth transition to adulthood.

Nitin Bindlish-promoted Carving Futures holds 92.93 percent stake in Rays of Belief, while the remaining 7.07 percent shares are owned by several investors including Manish Agarwal, Kapico Investment, and Rainmatter Investments.

Mefcom Capital Markets is appointed for managing the Rays of Belief IPO.