Rays of Belief Limited IPO Details

Factual IPO information from public filings. Not investment advice.

Issue Details

Price Band: ₹227 – ₹239
Lot Size: 62 shares
Min. Investment: ₹14,818
Total Issue Size: ₹125 Cr; 52,30,000 shares
Fresh Issue: ₹125 Cr; 52,30,000 shares
Offer for Sale: ₹0 Cr
Face Value: ₹10 per share
Issue Type: Book-built IPO
Listing At: BSE, NSE
Shares Pre-Issue: 1,56,71,682
Shares Post-Issue: 2,09,01,682

Lot Size & Investment

1 lot = 62 shares

Retail (min)

1 lot · 62 shares

Retail (max)

13 lots · 806 shares

S-HNI (min)

14 lots · 868 shares

Application	Lots	Shares	Amount
Retail	1	62	₹14,818
Small HNI (S-HNI)	14	868	₹2,07,452
Big HNI (B-HNI)	68	4,216	₹10,07,624

Financial Performance

Restated figures in ₹ crore, unless stated otherwise

Financial performance by period
Period	Mar-26	Mar-25	Mar-24
Assets	50.89	26.12	12.89
Total Income	82.06	36.54	30.76
Profit After Tax	4.96	5.88	0.85
EBITDA	11.91	3.02	1.49
Net Worth	30.81	15.02	5.78
Reserves & Surplus	15.22	14.7	5.47
Total Borrowing	3.61	4.36	—

Key Performance Indicators

Key performance indicators
Period	Mar-26	Mar-25
RoNW (%)	21.64	56.56
EPS (₹)	—	3.16
P/E (pre-issue)	—	75.63
P/E (post-issue)	—	100.84

About Rays of Belief Limited

Incorporated in 2017, Rays of Belief Ltd. is a for-profit social enterprise providing personalised intervention plans for children with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. The Company started its first centre in Gurgaon in 2018 and has since expanded from 71 centres in Fiscal 2023 to 136 centres as of March 31, 2026, under its brand name Mom’s Belief. These centres are spread across 57 cities and 20 states and union territories in India, with a strong presence in Tier 2 cities. The network includes 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres, helping extend developmental care to underserved and semi-urban areas. The Company primarily serves children aged 18 months to 12 years, while specialised programs are available for children up to 15 years, focusing on vocational and life skills. Its multidisciplinary services include early intervention, parental guidance, occupational therapy, language therapy and family support programs. The centres are equipped with 150+ teaching tools, while home-based learning kits provide access to 2,000+ teaching tools, supported by regular follow-ups and progress monitoring. As of March 31, 2026, the Company had a team of 340+ full-time clinical professionals. In June 2025, Rays of Belief Ltd. acquired Mom's Belief US, Inc. as its wholly owned subsidiary and Allergy and Immunology Virginia, LLC as its step-down subsidiary in the USA. The acquisition added three centres in Virginia, located in Salem, Lynchburg and Roanoke.