Bookbuilding IPO | ₹[.] Cr | Listing at BSE, NSE |
SEBI has approved the Initial Public Offer (IPO) of Rays of Belief Ltd. on December 31, 2025. The company will proceed with next steps to launch the Initial Public Offer (IPO) subject to market conditions and other approvals. The SEBI approval is valid for 18 months.
Rays of Belief Ltd. IPO is a Book Build Issue consisting solely of fresh issue of upto 0.60 crore equity shares.
The equity shares are proposed to be listed on NSE and BSE. Mefcom Capital Markets Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Rays of Belief IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 60,00,000 shares (agg. up to ₹[.] Cr) |
| Fresh Issue | 60,00,000 shares (agg. up to ₹[.] Cr) |
| Share Holding Pre Issue | 1,54,67,619 shares |
| Share Holding Post Issue | 2,14,67,619 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Mon, Aug 25, 2025 Confidential |
| SEBI/Exchange approval received | Wed, Dec 31, 2025 Confidential |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Issue size |
| Retail Shares Offered | Not more than 10% of the Issue |
| NII Shares Offered | Not more than 15% of the Issue |
Rays of Belief is a for-profit social enterprise that provides personalized intervention plans for children with Neurodevelopmental Disorders (NDDs) such as Autism, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delay. Our goal is to improve awareness, access, quality, and affordability of care, while empowering parents to support their child’s development actively.
It started its first centre in Gurgaon in 2018 and has grown to 136 centres across 57 cities in India as of September 30, 2025, under the brand Mom’s Belief. Most of the centres are located in Tier 2 cities, helping expand access beyond major urban areas.
Since 2018, the company has served over 56,500 children. These services are designed mainly for children aged 18 months to 12 years, with special programs up to age 15 that focus on vocational and life skills. The company offers early intervention, occupational therapy, language therapy, parental guidance, and family support.
Its centers are equipped with 150+ teaching tools, including sensory equipment, puzzles, and worksheets. On June 23, 2025, the company acquired Mom's Belief US Inc. as a wholly-owned subsidiary, with 3 centres in Virginia in Salem, Lynchburg, and Roanoke.
Competitive Strengths:
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 26.12 | 12.89 | 7.78 |
| Total Income | 36.54 | 30.76 | 22.27 |
| Profit After Tax | 5.88 | 0.85 | -8.46 |
| EBITDA | 3.02 | 1.49 | -7.22 |
| NET Worth | 15.02 | 5.78 | 4.36 |
| Reserves and Surplus | 14.70 | 5.47 | 4.06 |
| Total Borrowing | 4.36 | ||
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals | 37.09 |
| 2 | School Collaboration Centres | 6.45 |
| 3 | Centre for Excellence and Research | 4.91 |
| 4 | Upskilling Academy | 2.86 |
| 5 | Technology (hardware) costs | 6.31 |
| 6 | Expenditure for lease payments for our existing centres in India | 14.45 |
| 7 | Investment in our Subsidiary, Mom’s Belief US Inc., for making lease / license payments for our existing centres in the USA | 10.13 |
| 8 | Expenditure for brand awareness and inclusive outreach programs | 10.21 |
| 9 | Funding inorganic growth through unidentified acquisition and General corporate purposes | |
| Total | 92.41 |
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 6.98% | 56.56% |
| ROCE | 10.78% | 7.49% |
| Debt/Equity | 0.17 | 0.29 |
| RoNW | 6.98% | 56.56% |
| PAT Margin | 3.14% | 16.15% |
| EBITDA Margin | 10.08% | 8.28% |
| Pre IPO | Post IPO | |
|---|---|---|
| Promoter Holding | 92.93% |
| Period Ended | 30 Sep 2025 | |||
|---|---|---|---|---|
| Assets | 46.49 | |||
| Total Income | 43.27 | |||
| Profit After Tax | 1.35 | |||
| EBITDA | 4.35 | |||
| NET Worth | 23.76 | |||
| Reserves and Surplus | 8.29 | |||
| Total Borrowing | 4.00 | |||
| Amount in ₹ Crore | ||||
Lead Manager Reports
Rays of Belief IPO is a main-board IPO of 60,00,000 equity shares of the face value of ₹10 aggregating up to ₹[.] Crores. The issue is priced at To be declared. The minimum order quantity is .
The Rays of Belief IPO open and close dates are not available as of now.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Rays of Belief IPO using UPI as a payment gateway. Zerodha customers can apply in Rays of Belief IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Rays of Belief IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Rays of Belief IPO dates are not announced. Please check back again after some time.
Rays of Belief IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Rays of Belief IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Rays of Belief IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Rays of Belief IPO allotment status.
The Rays of Belief IPO listing date is not yet announced. The tentative date of listing is .
