Rays of Belief IPO Details

Bookbuilding IPO | ₹[.] Cr | Listing at BSE, NSE | Tue, Sep 1, 2026 - Thu, Sep 3, 2026

Rays of Belief IPO is a book build issue of 0.52 crore shares. The issue is entirely a fresh issue of shares.

Rays of Belief IPO opens for subscription on Sep 1, 2026 and closes on Sep 3, 2026. The allotment for the Rays of Belief IPO is expected to be finalized on Sep 4, 2026. Rays of Belief IPO will list on NSE and BSE with a tentative listing date fixed as Sep 8, 2026.

Rays of Belief IPO is set issue price band at [.] to [.] per share.

Mefcom Capital Markets Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.

Refer to Rays of Belief IPO RHP for detailed Information.

IPO Open

Tue, Sep 1, 2026

IPO Close

Thu, Sep 3, 2026

Price Band

To be declared

Market Cap (Pre-IPO)

To be declared

IPO Details

IPO Date

1 to 3 Sep, 2026
Listing Date

Tue, Sep 8, 2026
Face Value

₹10 per share
Price Band
Sale Type

Fresh capital only
Issue Type

Bookbuilding IPO
Listing At

BSE, NSE

Total Issue Size

52,30,000 shares (agg. up to ₹[.] Cr)
Fresh Issue

52,30,000 shares (agg. up to ₹[.] Cr)
Share Holding Pre Issue

1,56,71,682 shares
Share Holding Post Issue

2,09,01,682 shares

IPO Timetable (Tentative)

IPO Open

Tue, Sep 1, 2026
Allotment

Fri, Sep 4, 2026
Credit of Shares

Mon, Sep 7, 2026

IPO Close

Thu, Sep 3, 2026
Refund

Mon, Sep 7, 2026
Listing

Tue, Sep 8, 2026

Issue Reservation

Investor Category	Shares
QIB	Not less than 75% of the Issue size
Retail	Not more than 10% of the Issue
NII	Not more than 15% of the Issue

About Rays of Belief Ltd.

Updated on Aug 20, 2026

Incorporated in 2017, Rays of Belief Ltd. is a for-profit social enterprise providing personalised intervention plans for children with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays.

The Company started its first centre in Gurgaon in 2018 and has since expanded from 71 centres in Fiscal 2023 to 136 centres as of March 31, 2026, under its brand name Mom’s Belief. These centres are spread across 57 cities and 20 states and union territories in India, with a strong presence in Tier 2 cities. The network includes 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres, helping extend developmental care to underserved and semi-urban areas.

The Company primarily serves children aged 18 months to 12 years, while specialised programs are available for children up to 15 years, focusing on vocational and life skills. Its multidisciplinary services include early intervention, parental guidance, occupational therapy, language therapy and family support programs.

The centres are equipped with 150+ teaching tools, while home-based learning kits provide access to 2,000+ teaching tools, supported by regular follow-ups and progress monitoring. As of March 31, 2026, the Company had a team of 340+ full-time clinical professionals.

In June 2025, Rays of Belief Ltd. acquired Mom’s Belief US, Inc. as its wholly owned subsidiary and Allergy and Immunology Virginia, LLC as its step-down subsidiary in the USA. The acquisition added three centres in Virginia, located in Salem, Lynchburg and Roanoke.

Company Financials (Restated Standalone)

Rays of Belief Ltd.’s revenue increased by 125% and profit after tax (PAT) dropped by 16% between the financial year ending with March 31, 2026 and March 31, 2025. (Amount in ₹ Crore)

Period Ended	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	50.89	26.12	12.89
Total Income	82.06	36.54	30.76
Profit After Tax	4.96	5.88	0.85
EBITDA	11.91	3.02	1.49
NET Worth	30.81	15.02	5.78
Reserves and Surplus	15.22	14.70	5.47
Total Borrowing	3.61	4.36

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Safecure Services Ltd.	SME	₹30.60 Cr	₹102	11.66	₹77.55	-23.97%	₹22.19

IPO Objects of the Issue

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

26.88
3 School Collaboration Centres

5.54
3 Centre for Excellence and Research

2.45
4 Upskilling Academy

2.05
5 Technology (hardware) costs

4.44
6 Expenditure for lease payments for existing centres in India

14.45
7 Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for 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

76.15

Key Performance Indicator (KPI)

KPI	Mar 31, 2026	Mar 31, 2025
ROE	21.64%	56.56%
ROCE	29.74%	7.49%
Debt/Equity	0.12	0.29
RoNW	21.64%	56.56%
PAT Margin	6.07%	16.15%
EBITDA Margin	14.59%	8.28%
NAV	15.67	272.01

IPO Valuation

Valuation Metric	Pre IPO	Post IPO
EPS (₹)	3.16	2.37

Shareholding Structure

Category	Pre IPO	Post IPO
Promoter and Promoter Group	92.93%
Public	7.07%
Total	100%

Company Promoters: Nitin Bindlish and Carving Futures Pte.Ltd..

Company Financials (Restated Consolidated)

(Amount in ₹ Crore)

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

IPO Registrar

Kfin Technologies Ltd.

040-79615565
robl.ipo@kfintech.com
Visit Website

IPO Lead Manager(s)

Mefcom Capital Markets Ltd.

Lead Manager Reports

Lead Manager Performance Summary
Lead Manager Performance Tracker

Contact Details

Rays of Belief Ltd. Address

J-1919, Basement,

Chittranjan Park, New Delhi,

Delhi, New Delhi, 110019

+91 124 407549
cs@momsbelief.com
Visit Website

IPO FAQs

What is the Rays of Belief IPO?

Rays of Belief IPO is a main-board IPO of 52,30,000 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 IPO opens on Tue, Sep 1, 2026, and closes on Thu, Sep 3, 2026.

Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

How to apply in Rays of Belief IPO through Angel One?

Angel One customers can apply online in Rays of Belief IPO using UPI as a payment gateway. Angel One customers can apply in Rays of Belief IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Rays of Belief IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Rays of Belief IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

When Rays of Belief IPO will open?

The Rays of Belief IPO opens on Tue, Sep 1, 2026 and closes on Thu, Sep 3, 2026.

What is the lot size of Rays of Belief IPO?

Rays of Belief IPO lot size and the minimum order quantity is not available at this time. Please check again later.

How to apply for Rays of Belief IPO?

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 Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

When is Rays of Belief IPO allotment?

The finalization of Basis of Allotment for Rays of Belief IPO will be done on Friday, September 4, 2026, and the allotted shares will be credited to your demat account by Mon, Sep 7, 2026. Check the Rays of Belief IPO allotment status.

When is Rays of Belief IPO listing date ?

The Rays of Belief IPO listing date is not yet announced. The tentative date of listing is Tue, Sep 8, 2026.