Rays of Belief shares make flat market debut, list at IPO price of Rs 239

Shares of Rays of Belief Ltd made a flat debut on September 8, listing at Rs 239 apiece on NSE and BSE, in line with the upper end of its IPO price band.

The Rs 125 crore IPO was priced at Rs 239 per share and comprised entirely a fresh issue of 52.30 lakh shares. Ahead of the public issue, the company raised Rs 50 crore from anchor investors, with the anchor bidding process taking place on August 31, 2026.

The IPO, which remained open for subscription from September 1 to September 3, 2026, drew an overwhelming response across investor categories. The issue was subscribed 107.71 times overall, with the retail portion subscribed 195.87 times, the Non-Institutional Investors (NIIs) category 279.11 times, and the Qualified Institutional Buyers (QIBs) portion 9.06 times.


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

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds of the Issue primarily towards expanding and strengthening its learning and education infrastructure. This includes setting up Company 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). The Company also plans to incur Rs 4.44 crore towards technology hardware and Rs 14.45 crore towards lease payments for its existing centres in India.

In addition, Rs 10.13 crore is proposed to be invested in its subsidiary, Moms Belief US Inc., towards lease/license payments for existing centres in the USA. The Company also proposes to spend Rs 10.21 crore on brand awareness and inclusive outreach programmes, while a portion of the Net Proceeds will be utilised for funding 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 strong 125% year-on-year growth in total income, which increased from Rs 36.54 crore in FY25 to Rs 82.06 crore in FY26.

Despite the significant growth in revenue, the company’s profit after tax (PAT) declined by 16% from Rs 5.88 crore in FY25 to Rs 4.96 crore in FY26, indicating pressure on profitability during the period.

About Rays of Belief

Founded in 2017, Rays of Belief Ltd. is a social enterprise offering personalised care and intervention programmes for children with neurodevelopmental disorders, including autism, ADHD, Down Syndrome and cerebral palsy.

Under its Mom’s Belief brand, the company has expanded from 71 centres in FY23 to 136 centres across 57 cities and 20 states/UTs as of March 31, 2026, with a strong presence in Tier 2 and Tier 3 cities.

Its services include early intervention, occupational and language therapy, parental guidance and family support. The company had 340+ full-time clinical professionals as of March 31, 2026.

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