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Rays of Belief

128.19x

subscribed

Rays of Belief

Hospital & Healthcare Services
listed
₹14,074Min. investment
  1. Pre-apply
    31 Aug
  2. Bid start
    1 Sep
  3. Bid end
    3 Sep
  4. Allotment
    4 Sep
  5. Release of funds
    7 Sep
  6. Demat transfer
    7 Sep
  7. Listing
    8 Sep

Rays of Belief IPO Details

SectorHospital & Healthcare Services
Price range₹227 – ₹239
IPO type
Regular
Lot size62 shares
Issue size₹125Cr
Red Herring Prospectus
Read
Market Cap
₹499.5CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹81.66CrLower than sector avg
Growth rate3Y CAGR
63.33%

Rays of Belief IPO Overview

Rays of Belief Limited IPO will open for subscription on September 1, 2026, and the closing date for the IPO is September 3, 2026. After this, investors are expected to be updated about the allotment status on September 4, 2026. Investors who have been allotted shares can expect them to be credited to their demat account on September 7, 2026. The shares will be listed on the NSE and the BSE on Tuesday, September 8, 2026.

Rays of Belief IPO price band

The IPO is a fresh issue of 52.30 lakh equity shares. The IPO price band has been set between ₹227 and ₹239 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹125 crore. Rays of Belief IPO listing price will be determined on September 8, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

Rays of Belief IPO lot size

Rays of Belief IPO details have been declared. The minimum lot size for an application is 62 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹125 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹81.66Cr
This sector
₹810.55Cr
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹4.96Cr
This sector
₹87.66Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹499.5Cr
This sector
₹10,075.9Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
74.45
This sector
55.14
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.12
This sector
0.40
Compare with companies

Objectives

General corporate purposes
39.10%
Capital expenditure towards new centres
33.10%
Lease payments for existing centres
11.50%
Investment in Mom’s Belief US Inc.
8.10%
Brand awareness and outreach programmes
8.10%

Strength and Weakness

Growing centre network

The company had 139 centres as of FY26, including 77 in Tier 2 cities and 17 in Tier 3 cities. This gives it a presence beyond major cities, where access to specialised care remains limited.

Rising demand for NDD therapies

India’s neurodevelopmental disorders market is growing as awareness improves and more children are diagnosed. The ASD therapy market, for instance, increased from ₹708.8 crore in CY18 to ₹1,090 crore in CY25 and is expected to reach ₹1,893.2 crore by CY34.

Partnership-based model

The company works with licensed professionals and operates centres across Tier 1, Tier 2 and Tier 3 cities. This allows it to expand its network without relying entirely on company-owned centres.

Improving financial performance

Revenue rose 124.2% YoY to ₹81.66 crore in FY26 from ₹36.42 crore in FY25. EBITDA also increased to ₹11.91 crore from ₹3.02 crore during the same period.

Scope for expansion in underserved markets

Access to specialists remains uneven across India, with rural and underserved areas having fewer developmental paediatricians, psychologists, speech therapists and special educators. This leaves room for organised players to expand their services in these markets.

About Rays of Belief

Rays of Belief, operating under the brand name Mom’s Belief, is a for-profit social enterprise providing personalised intervention plans for children with neurodevelopmental disorders (NDDs), including Autism Spectrum Disorder (ASD), Attention-Deficit/Hyperactivity Disorder (ADHD), Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays.
The company opened its first centre in Gurugram in 2018 and has since expanded its presence across India. As of March 31, 2026, it had served more than 58,000 children since inception.
Overseas centres were the largest contributor to revenue in FY26, generating ₹34.09 crore or 41.7% of revenue from operations. Domestic centre operations contributed ₹26.17 crore or 32.1%, while exports of services contributed ₹20.87 crore or 25.56%. Online services accounted for ₹0.39 crore or 0.4%. Among domestic centre formats, centres operated in partnership with licensed professionals contributed ₹21.65 crore or 26.5% of revenue, while company learning centres contributed ₹3.84 crore or 4.7%.
As of March 31, 2026, Mom’s Belief had 136 centres across 57 cities and 20 states and Union Territories in India, comprising 42 centres in Tier 1 cities, 77 in Tier 2 cities and 17 in Tier 3 cities. It also had three centres in the US, all located in Virginia, following the acquisition of Mom’s Belief US, Inc. and Allergy & Immunology Virginia, LLC. The US centres currently provide allergy, asthma and immunology services, with plans to add behaviour-therapy support. The company served 9,205 children in FY26, compared with 8,585 in FY25 and 9,344 in FY24, and recorded 6,903 fresh enrolments during the year.
Mom’s Belief operates through Company Learning Centres, centres run in partnership with licensed professionals and school collaboration centres, supported by a Centre of Excellence and Research and an Upskilling Academy. During FY26, it added 17 centres through Licensed Professional partnerships and 10 School Collaboration Centres, taking the total network to 136. The partnership model brings paediatricians, developmental paediatricians, child psychiatrists, occupational therapists and speech-language pathologists into the network, with partners providing local presence and referrals while Mom’s Belief provides therapy services, standardised protocols, training and clinical support. As of March 31, 2026, the company had 521 permanent employees and 19 consultants, including 340 full-time clinical professionals.
The company plans to continue expanding its centre network, particularly through Licensed Professional and school partnerships, while adding Centres of Excellence and Research and Upskilling Academies. It is also evaluating acquisitions and strategic alliances in India and overseas.
Mom’s Belief operates in India's neurodevelopmental-disorders (NDD) therapy market, which includes services for ASD, ADHD, cerebral palsy, communication disorders, developmental delays, specific learning disorders, intellectual disability, Down Syndrome and motor disorders. The overall NDD market was valued at ₹526.23 crore in CY25. ADHD accounted for 33.43% of the market, followed by ASD at 20.85% and cerebral palsy at 18.44%. Communication disorders accounted for 12.10%, specific learning disorders 5.73%, developmental delays 4.57%, speech disorders 3.17%, intellectual disability 1.58% and motor disorders 0.13%.
Growth in the NDD therapy market is being supported by greater awareness, earlier diagnosis, rising demand for specialised intervention, improving healthcare infrastructure and increasing availability of trained professionals. Government agencies and NGOs are also working to improve awareness among families and caregivers and encourage early intervention. Technology-enabled services such as teletherapy are helping improve access to specialised care, while the regulatory framework continues to evolve, with gaps remaining in standardised protocols and specialised resources across states.
Mom’s Belief is expected to participate in this growth through its presence across Tier 2 and Tier 3 cities, multidisciplinary therapy offering and partnership-led centre model. Its three centres in Virginia also give it an overseas presence, while the expansion of the underlying NDD therapy markets provides room for further growth in demand for organised developmental-care services.
Now, Rays of Belief is launching its initial public offering (IPO), which consists of a fresh issue of ₹125 crore. Its shares will be listed on the NSE and BSE.

How to apply for Rays of Belief IPO?

If you are interested in this investment opportunity but unsure how to apply for the Rays of Belief IPO, follow these steps. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Rays of Belief IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Rays of Belief IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

IPO Analysis

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Rays of Belief Subscription Status

Date
QIB
NII
Retail
Total
01-Sep-26
0.0 times (X)
0.92 times (X)
4.25 times (X)
0.94 times (X)
02-Sep-26
0.0X
4.71X
11.64X
2.8X
03-Sep-26
8.56X
833.36X
191.21X
128.19X

Frequently asked questions

Investors can apply for the Rays of Belief through their Demat account via the stock exchange or through their broker.
The issue size of the Rays of Belief is 125 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.