Archive · 25 Aug 2026
Rays of Belief Sets IPO Price Band, Opens September 1
Rays of Belief, which runs the Mom's Belief brand, plans to sell new shares to the public.
This sale is called an initial public offering, or IPO.
Each share will cost between ₹227 and ₹239, and people must apply for at least 62 shares.
Applications are scheduled to open on September 1 and close on September 3.
The company wants to use the money to open 319 new centres and buy equipment and therapy materials.
These centres provide personalised support for children with developmental conditions.
As of March 31, 2026, the company had 136 centres in 57 cities across 20 states and union territories.
It had served more than 58,000 children since starting operations in 2018.
Its shares are expected to begin trading around September 8.
Rays of Belief has set its IPO price band at ₹227–239 per share, with a lot size of 62 shares.
The three-day issue will open on September 1 and close on September 3, following anchor-investor bidding on August 31.
The IPO consists entirely of up to 52.30 lakh fresh equity shares, with no offer-for-sale component, and is valued at up to ₹125 crore.
The company plans to use the proceeds for 319 new centres, centre fit-outs, therapy materials and technology hardware between FY27 and FY29.
Shares are expected to be allotted on September 4 and listed on the BSE and NSE on or about September 8.
- Who
- Rays of Belief Ltd., which operates under the Mom's Belief brand, is conducting the IPO.
- What
- The company is offering up to 52.30 lakh fresh equity shares at ₹227–239 per share.
- When
- Anchor bidding is scheduled for August 31, public subscription for September 1–3, allotment for September 4, refunds and demat credit for September 7, and listing for about September 8.
- Where
- Rays of Belief is based in Gurugram, and its shares are proposed to be listed on the BSE and NSE.
- Why
- The proceeds will support expansion, including 319 new centres, centre fit-outs, therapy-material inventory and technology hardware.
- Price band
- ₹227–239 per equity share; face value ₹10
- Lot size
- 62 shares and multiples of 62 thereafter
- Issue size
- Up to 52.30 lakh fresh equity shares; up to ₹125 crore at the upper price band
- Implied market capitalisation
- Estimated at ₹474–500 crore after the issue
- Investor allocation
- Not more than 75% for QIBs, at least 15% for NIIs and at least 10% for retail investors
- Expansion plan
- 319 new centres planned between FY27 and FY29
- Proposed capital expenditure
- ₹41.36 crore, including ₹34.99 crore for centre fit-outs, ₹1.93 crore for therapy-material inventory and ₹4.44 crore for technology hardware
- Financial performance
- Fiscal 2026 revenue was ₹81.66 crore and profit was ₹4.96 crore, compared with ₹36.42 crore revenue and ₹5.88 crore profit in the previous fiscal
