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Rays of Belief
128.19xsubscribed

Rays of Belief

Hospital & Healthcare Services
listed
₹14,074Min. investment

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 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

As on 01-Sep-26, 5:30 PM

Rays of Belief Timeline

  1. Pre-apply
    31 Aug 2026
  2. Bid start
    1 Sep 2026
  3. Bid end
    3 Sep 2026
  4. Allotment
    4 Sep 2026
  5. Release of funds
    7 Sep 2026
  6. Demat transfer
    7 Sep 2026
  7. Listing
    8 Sep 2026

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

Rays Of Belief IPO Analysis

IPO REVIEW

Rays of Belief | Analysis Video

Should you apply?

Watch our analysts break down the Rays Of Belief IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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.

Objectives of Rays Of Belief IPO

General corporate purposes
39.10%
IPO proceeds will fund corporate purposes, acquisitions, and issue expenses.
Capital expenditure towards new centres
33.10%
₹41.36 crore will fund new centres and technology costs.
Lease payments for existing centres
11.50%
The company will use ₹14.45 crore towards lease payments for its existing centres in India.
Investment in Mom’s Belief US Inc.
8.10%
The company will use ₹10.13 crore towards lease and licence payments for its existing US centres.
Brand awareness and outreach programmes
8.10%
The company will use ₹10.21 crore towards brand awareness and inclusive outreach programmes.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹81.66Cr63.33%₹4.96Cr₹499.5Cr74.450.12
This sector (avg.)₹810.55Cr---₹87.66Cr₹10,075.9Cr55.140.40
₹21,794Cr---₹1,472.1Cr₹1,00,081.3Cr59.860.96
₹7,028.46Cr---₹1,075.88Cr₹93,096.78Cr68.940.32
₹7,782.75Cr---₹809.39Cr₹64,284.69Cr63.430.28

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

Rays of Belief Contact Details

Company NameRays of Belief

How to apply for Rays of Belief?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Rays Of Belief IPO FAQs

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.
Rays of Belief will be open between 2026-09-01 and 2026-09-03.
Rays of Belief allotment date is 2026-09-07. For Rays of Belief allotment status check, you can visit the website of the registrar of the IPO.
For Rays of Belief, the IPO registrar is KFIN TECHNOLOGIES LIMITED. You can check Rays of Belief allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Rays of Belief shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Rays of Belief lot size is 62 and minimum order quantity is 62.
Rays of Belief has set the price band for its IPO at 239 per equity share with a face value of 10.