Rays of Belief IPO Details
| IPO Open Date | September 1, 2026 |
| IPO Close Date | September 3, 2026 |
| Face Value | ā¹10 Per Equity Share |
| IPO Price Band | ā¹227 to ā¹239 Per Share |
| Issue Size | Approx ā¹125 Crores |
| Fresh Issue | Approx ā¹125 Crores |
| Offer for Sale | Nil |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
Rays of Belief IPO Review & Key Points
- Review: May Apply
Rays of Belief IPO Market Lot
The Rays of Belief IPO minimum market lot is 62 shares with ā¹14,818 application amount. The retail investors can apply up-to 13 lots with 806 shares of ā¹1,92,634 amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 62 | ā¹14,818 |
| Retail Maximum | 13 | 806 | ā¹1,92,634 |
| S-HNI Minimum | 14 | 868 | ā¹2,07,452 |
| S-HNI Maximum | 67 | 4,154 | ā¹9,92,806 |
| B-HNI Minimum | 68 | 4,216 | ā¹10,07,624 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | 20,92,190 Shares | 40% |
| QIB (Ex. Anchor) | 18,30,310 Shares | 35% |
| NII Shares Offered | 7,84,500 Shares | 15% |
| Retail Shares Offered | 5,23,000 Shares | 10% |
Rays of Belief IPO Anchor Investors
| Anchor Bidding Date | August 31, 2026 |
| Anchor Investors List | |
| Shares Offered | 20,92,190 Shares |
| Anchor Size | 50.00 Cr. |
| lock-in period end date 50% shares (30 Days) | Oct 4, 2026 |
| lock-in period end date 50% shares (90 Days) | Dec 3, 2026 |
Rays of Belief IPO Dates
The Rays of Belief IPO date is September 1 and the close date is September 3. The Rays of Belief IPO allotment will be finalized on September 4 and the IPO listing on September 8.
| IPO Open Date: | September 1, 2026 |
| IPO Close Date: | September 3, 2026 |
| Basis of Allotment: | September 4, 2026 |
| Refunds: | September 7, 2026 |
| Credit to Demat Account: | September 7, 2026 |
| IPO Listing Date: | September 8, 2026 |
Promoters and Holding Pattern
The promoters of the company are Nitin Bindlish and Carving Futures Pte.Ltd.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
| Promoter and Promoter Group | 14,374,264 | 91.72% | 14,374,264 | 68.77% |
| Others* | 1,297,418 | 8.28% | 6,527,418 | 31.23% |
| Total | 15,671,682 | 100% | 2,09,01,682 | 100% |
Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
| Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals | ā¹26.88 |
| School Collaboration Centres | ā¹5.54 |
| Centre for Excellence and Research | ā¹2.45 |
| Upskilling Academy | ā¹2.05 |
| Technology (hardware) costs | ā¹4.44 |
| Expenditure for lease payments for existing centres in India | ā¹14.45 |
| Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA | ā¹10.13 |
| Expenditure for brand awareness and inclusive outreach programs | ā¹10.21 |
| Funding inorganic growth through unidentified acquisition and General corporate purposes | ā¹- |
About Rays of Belief
Rays of Belief, started in 2017, is a for-profit social enterprise that offers customized intervention programs for children with Neurodevelopmental Disorders (NDDs). The conditions they help with are Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays.
The company serves children between the ages of 18 months and 12 years, while also offering specialised programs for children up to 15 years, which teach vocational and life skills to help them become more independent. Its services include early intervention, Parental guidance, Occupational therapy, Language therapy, and family support programs. Furthermore, the company has a large range of learning resources, including 150+ teaching tools at centres, 2,000+ tools for home learning, Regular follow-ups, Progress monitoring, and 340+ clinical professionals.
Company Financials
Amount ā¹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2024 | ā¹30.76 | ā¹30.66 | ā¹0.85 | ā¹12.89 |
| 2025 | ā¹36.54 | ā¹36.19 | ā¹5.88 | ā¹26.12 |
| 2026 | ā¹82.06 | ā¹75.16 | ā¹4.96 | ā¹50.89 |
Company Valuation – FY2026
Check Rays of Belief IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 21.64% |
| ROCE: | -% |
| EBITDA Margin: | 14.59% |
| PAT Margin: | 6.07% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ā¹3.21 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 21.64% |
| Net Asset Value (NAV): | ā¹15.67 |
Peer Group Comparison
- There are no listed companies in India.
IPO Lead Managers aka Merchant Bankers
- Mefcom Capital Markets Ltd.
Company Address
Rays of Belief Ltd.
J-1919, Basement,
Chittranjan Park, New Delhi,
Delhi, New Delhi, 110019
Phone: +91 124 407549
Email: cs@momsbelief.com
Website: https://www.momsbelief.com/
IPO Registrar
Kfin Technologies Ltd.
Phone: 040-79615565
Email: robl.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
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