Rays of Belief IPO opens today: GMP at 20%; Check price band, lot size and key details

The Rays of Belief IPO opens for subscription today, September 1, giving investors a three-day window to place their bids. The issue will close on September 3.

The Rs 125-crore IPO is entirely a fresh issue of 52.30 lakh shares, with the company setting the price band at Rs 227-239 per share.

Investors can bid in lots of 62 shares, with the minimum investment for retail investors amounting to Rs 14,818 at the upper end of the price band.


Investor sentiment appears upbeat in the grey market, with the IPO currently commanding a 20% Grey Market Premium (GMP), signalling positive expectations ahead of its stock-market debut.

The share allotment is expected to be finalised on September 4, while the shares are tentatively scheduled to list on both the NSE and BSE on September 8, 2026.

Ahead of the public issue, Rays of Belief raised Rs 50 crore from anchor investors. The anchor bidding took place on August 31, 2026.

Mefcom Capital Markets Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is acting as the registrar.

Rays of Belief IPO GMP Today

The latest Grey Market Premium (GMP) for the Rays of Belief IPO stands at Rs 48, indicating a 20% premium over the upper end of the price band at Rs 239 per share. Based on the prevailing GMP, the estimated listing price is around Rs 287 per share.

The Grey Market Premium (GMP) is an unofficial indicator of market sentiment and does not guarantee the actual listing price. GMP can fluctuate before listing and should not be considered a reliable predictor of listing gains.

IPO Objects of the Issue

The company plans to use the net proceeds primarily to expand and strengthen its learning and education infrastructure. This includes setting up company-owned learning centres and centres in partnership with licensed professionals (Rs 26.88 crore), school collaboration centres (Rs 5.54 crore), a Centre for Excellence and Research (Rs 2.45 crore) and an Upskilling Academy (Rs 2.05 crore).

It also plans to spend Rs 4.44 crore on technology hardware and Rs 14.45 crore on lease payments for existing centres in India.

Additionally, Rs 10.13 crore will be invested in its US subsidiary, Mom’s Belief US Inc., towards lease and licence payments for existing centres. The company plans to allocate Rs 10.21 crore towards brand awareness and inclusive outreach programmes, with the remaining proceeds earmarked for inorganic growth through unidentified acquisitions and general corporate purposes.

The total estimated utilisation of the issue proceeds is Rs 76.15 crore.

Financial Performance

Rays of Belief Ltd. reported a 125% year-on-year increase in total income, rising from Rs 36.54 crore in FY25 to Rs 82.06 crore in FY26.

Despite the strong revenue growth, profit after tax (PAT) declined 16% to Rs 4.96 crore in FY26 from Rs 5.88 crore in FY25, pointing to pressure on profitability during the year.

About Rays of Belief

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 opened its first centre in Gurgaon in 2018 and expanded its network from 71 centres in FY23 to 136 as of March 31, 2026, under the Mom’s Belief brand. The centres span 57 cities across 20 states and Union Territories, comprising 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres.

The company primarily serves children aged 18 months to 12 years, with specialised programmes for those up to 15 years. Its services include early intervention, parental guidance, occupational therapy, language therapy and family support. As of March 31, 2026, it had more than 340 full-time clinical professionals.

In June 2025, Rays of Belief acquired Mom’s Belief US, Inc. and Allergy and Immunology Virginia, LLC, adding three centres in Virginia, located in Salem, Lynchburg and Roanoke.

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