For-profit social enterprise Rays of Belief Ltd, the parent company of Mom’s Belief, has set the price for its upcoming Rs 125 crore initial public offering, launching next week.
Rays of Belief IPO price band
Rays of Belief IPO opening and closing dates
Rays of Belief IPO will open for subscription on Tuesday, September 1 and close on Thursday, September 3.
Rays of Belief IPO details
The public issue is entirely a fresh issue of up to 52.30 lakh equity shares, with no offer-for-sale component. The company had raised Rs 5.89 crore through a pre-IPO private placement, which was subsequently adjusted against the fresh issue, reducing its size from the 60 lakh shares proposed in its updated draft papers filed in February.
“The pre-IPO placements were made at a price of Rs 284 per share and Rs 290 per share,” according to the RHP filed on August 19.
Rays of Belief IPO proceeds
The IPO proceeds will support the next phase of expansion, including setting up 319 new centres between FY27 and FY29. Of the proposed Rs 41.36 crore allocation, the company will utilise Rs 34.99 crore for centre fit-outs, Rs 1.93 crore on therapy-material inventory and Rs 4.44 crore on technology hardware.
A for-profit social enterprise, Rays of Belief offers personalised intervention plans for children with neurodevelopmental disorders, including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays.
The company is expanding at a time when demand for specialised developmental therapies is rising, driven by greater awareness of developmental conditions and increased diagnoses.
The Gurugram-based company intends to focus particularly on Tier-II and Tier-III cities, where access to structured neurodevelopmental care remains relatively limited. The company started operations in 2018. As of March 31, 2026, Rays of Belief operated 136 centres across 57 cities and 20 states and Union Territories. It has served more than 58,000 children since commencing operations in 2018.
According to a CARE report, the company ranks first in India and seventh globally by number of centres among listed players operating in the behavioural health domain.
Rays of Belief Financials
On the financial front, the company showed strong revenue growth in FY26. The company reported a sharp rise in consolidated revenue from operations to Rs 81.66 crore in FY26 from Rs 36.42 crore in FY25. However, its profit for the year declined to Rs 4.96 crore from Rs 5.88 crore in FY25. Profit before tax rose sharply to Rs 7 crore in FY26 from Rs 35 lakh in FY25.
(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
