Rays of Belief IPO: Mom's Belief operator announces price band for issue opening on September 1

Rays of Belief, which operates under the brand Mom’s Belief, will open its initial public offering on September 1, with a price band of Rs 227-239 per share. The IPO will close on September 3, while the anchor investor bidding will open on August 31. Investors can bid for a minimum of 62 shares and in multiples of 62 shares thereafter. The equity shares are proposed to be listed on the main board of BSE and NSE.

Rays of Belief IPO size

The issue is a fresh issue of up to 52.30 lakh equity shares of face value Rs 10 each. At the lower end of the price band, the issue size will be Rs 118.72 crore, while at the upper end, it will be Rs 125 crore. There is no offer-for-sale component, which means the entire proceeds will go to the company.


About Rays of Belief

Mom’s Belief is positioned to become India’s first for-profit social enterprise to list on the mainboard of the Indian stock exchanges. The company provides personalised intervention plans for children with neurodevelopmental disorders such as autism spectrum disorder, ADHD, Down Syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delay.

The company was founded to address barriers in the behavioural health segment, including low awareness, limited access, uneven quality of care and affordability. Its intervention model aims to involve parents and families as co-therapists in a child’s developmental journey.

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Since starting operations in 2018, the company has served more than 58,000 children. As of March 31, 2026, more than 2,500 active children were enrolled under its intervention plans across centres and digital platforms.

The company had a multidisciplinary clinical team of 3,340 full-time clinical professionals as of March 31, 2026. The team includes child and adolescent psychologists, occupational therapists, speech-language pathologists, special educators, behaviour therapists and early childhood development professionals. It also had more than 80 clinical operations, headquarters, and support staff.

As of March 31, 2026, Mom’s Belief operated 136 centres across 57 cities in 20 states and union territories. This included 42 centres in Tier 1 cities, 77 centres in Tier 2 cities and 17 centres in Tier 3 cities. Its presence is mainly concentrated in Tier 2 cities.

According to the CARE Report cited by the company, Mom’s Belief ranked first in India by number of centres offering intervention plans for children with neurodevelopmental disorders. It ranked seventh globally among listed players operating in a similar behavioural health domain.

Use of proceeds

The company plans to use part of the IPO proceeds to expand its centre network across India. Between FY27 and FY29, it plans to open 319 new centres, including 128 in Tier 1 cities, 121 in Tier 2 cities and 70 in Tier 3 cities.

The IPO will be made through the book-building process. At least 75% of the issue will be available for qualified institutional buyers, up to 15% for non-institutional investors and up to 10% for retail investors.

Mefcom Capital Markets is the sole book-running lead manager to the issue, while Kfin Technologies is the registrar.

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