Rays of Belief IPO Day 2: Issue booked nearly 4x with retail portions leading; check category-wise subscription

The initial public offering (IPO) of Rays of Belief, which operates under the brand name Mom’s Belief, continued to see decent demand on the second day of bidding, with the issue subscribed over 3.63 times on Wednesday, September 2.

Until 5 PM, the initial share sale of the company had received bids for 1,13,82,828 shares as compared to 131,37,810 shares on offer, as per exchange data.

The non-institutional investor (NII) category was subscribed 2.07 times, while the retail individual investor (RII) segment saw a 18.63 times subscription. However, the Qualified Institutional Buyers (QIB) portion was booked 0.01 times.

The IPO is a fresh issue of 52.30 lakh equity shares, with the price band fixed at ₹227 to ₹239 per share.

The IPO is a book-building issue comprising a fresh issue of ₹125 crore. The total issue size is approximately ₹125 crore.

The minimum lot size is 62 shares, and investors are required to apply for at least one lot.

Rays of Belief IPO: Allotment and listing date

Rays of Belief IPO Objective

The money raised from the IPO will be used towards the following objectives:

About the company

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.

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.

During FY26, it added 17 centres through Licensed Professional partnerships and 10 School Collaboration Centres, taking the total network to 136.