Rays of Belief IPO is a ₹125 crore mainboard book-built issue of 52.30 lakh fresh shares, priced at ₹227 to ₹239 per share.
Bidding opens on 1 September 2026 and closes on 3 September, with allotment expected on 4 September and listing on BSE and NSE on 8 September.
FY2026 revenue from operations was ₹81.66 crore and profit after tax was ₹4.96 crore. ROE stood at 21.64%, while EBITDA margin was 14.59%.
Proceeds will fund new centres, lease payments in India and the US, brand awareness, acquisitions and general corporate purposes.
Rays of Belief IPO is a 100% book-built mainboard issue of up to 52,30,000 fresh equity shares. At the upper price of ₹239, the issue size is ₹125 crore. There is no offer for sale.
Bidding opens on 1 September 2026 and closes on 3 September. The allotment is expected to be finalised on 4 September, with listing on BSE and NSE tentatively scheduled for 8 September 2026.
The price band is ₹227 to ₹239 per share. One lot contains 62 shares, taking the minimum retail application to ₹14,818 at the upper price. S-HNI applications start at 14 lots, or 868 shares, requiring ₹2,07,452. B-HNI applications begin at 68 lots, or 4,216 shares, amounting to ₹10,07,624.
Rays of Belief IPO Details
The table below provides the key details of the Rays of Belief IPO.
| Particulars | Details |
| IPO Open Date | 1 September 2026 |
| Close Date | 3 September 2026 |
| Face value | ₹10 per share |
| Price Band | ₹227 to ₹239 per share |
| Issue price | To be finalised |
| IPO Lot Size | 62 shares |
| Offer for sale | Nil |
| Fresh issue | Up to 52,30,000 equity shares, aggregating to ₹125 crore at the upper price |
| Issue Type | 100% Book Built Mainboard IPO |
| Listing at | BSE, NSE |
| Total Issue Size (₹ Crore) | ₹125 crore at the upper price |
| Minimum Investment | ₹14,818 for 62 shares at ₹239 |
Rays of Belief IPO Timeline
The table below provides the key dates for the Rays of Belief IPO.
| Particulars | Date |
| IPO Open Date | 1 September 2026 |
| IPO Close Date | 3 September 2026 |
| Tentative Allotment | 4 September 2026 |
| Initiation of Refunds | 7 September 2026 |
| Credit of Shares to Demat | 7 September 2026 |
| Tentative Listing Date | 8 September 2026 |
| Cut-off time for UPI mandate confirmation | 5:00 PM on 3 September 2026 |
Rays of Belief Key Performance Indicator
The table below presents the key performance indicators of Rays of Belief for the last three financial years.
| KPI | FY2026 | FY2025 | FY2024 |
| ROE (%) | 21.64 | 56.56 | 16.83 |
| ROCE (%) | 29.74 | 7.49 | 4.58 |
| Debt Equity (times) | 0.12 | 0.29 | – |
| RoNW (%) | 21.64 | 56.56 | 16.83 |
| PAT Margin (%) | 6.07 | 16.15 | 2.79 |
| EBITDA margin (%) | 14.59 | 8.28 | 4.87 |
| Price Book Value | – | – | – |
Rays of Belief IPO Financials
The table below presents the financial performance of Rays of Belief for the last three financial years.
| ₹ crore | FY2026 | FY2025 | FY2024 |
| Revenue from Operations | 81.66 | 36.42 | 30.61 |
| Total Assets | 50.89 | 26.12 | 12.89 |
| Profit After Tax | 4.96 | 5.88 | 0.85 |
Rays of Belief India IPO Subscription Status
Subscription Details Not Yet Available
Subscription information will be displayed once the bidding process starts.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
Rays of Belief IPO Grey Market Premium (GMP Today)
As of the latest available update, Rays of Belief IPO’s GMP (Grey Market Premium) is ₹0. At the upper issue price of ₹239, the estimated listing price remains ₹239, with no indicated listing gain.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend | Last Updated |
| 25 August 2026 | Not quoted | – | – | Not started | 24 Aug 2026, 02:50 PM |
Note: GMP values come from the unofficial grey market and can change quickly based on demand, subscription status and market sentiment. GMP does not guarantee the actual listing price or listing return.
Rays of Belief IPO Reservation
The table below shows the category-wise reservation for the Rays of Belief IPO.
| Investor Category | Shares Offered |
| Market Maker Shares Offered | Not applicable |
| QIB Shares Offered | Not less than 75% of the Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Issue |
| Retail Shares Offered | Not more than 10% of the Issue |
| Total Shares Offered | Up to 52,30,000 equity shares |
Rays of Belief IPO Lot Size
The table below shows the lot size and investment requirements for different investor categories.
| Investor Category | Lots | Shares | Investment at ₹239 |
| Individual Investors (Retail) (Min) | 1 | 62 | ₹14,818 |
| Individual Investors (Retail) (Max) | 13 | 806 | ₹1,92,634 |
| S-HNI (Min) | 14 | 868 | ₹2,07,452 |
| S-HNI (Max) | 67 | 4,154 | ₹9,92,806 |
| B-HNI (Min) | 68 | 4,216 | ₹10,07,624 |
Rays of Belief IPO Anchor Investors
Rays of Belief has not announced its anchor investor allocation yet. Anchor bidding is scheduled for 31 August 2026. The amount raised, investor list and allocation details will be updated once the allocation is finalised.
Rays of Belief IPO Prospectus
For more information on the issue, please go through the documents mentioned below.
| Document | Link |
| Rays of Belief IPO DRHP | DRHP |
| Rays of Belief IPO RHP | RHP |
| Rays of Belief IPO Abridged Prospectus | Abridged Prospectus |
About Rays of Belief
The table below provides the basic details of Rays of Belief.
| Particulars | Details |
| Founded in | 2017 |
| Managing Director | Nitin Bindlish |
| Parent Organisation | Carving Futures Pte. Ltd. |
| Services they Provide | Neurodevelopmental intervention plans, early intervention, occupational therapy, speech and language therapy, behavioural support, special education and family support |
Rays of Belief provides personalised intervention plans for children with neurodevelopmental disorders. Its services primarily cater to children aged 18 months to 12 years, with some programmes extending to age 15.
As of 31 March 2026, the company operated 136 centres across 57 cities in 20 states and union territories in India. The network included 42 centres in Tier 1 cities, 77 in Tier 2 cities and 17 in Tier 3 cities. It has served more than 58,000 children since operations began in 2018.
The table below lists the key intermediaries associated with the IPO.
| Book running lead manager | Mefcom Capital Markets Limited |
| Registrar of the issue | KFin Technologies Limited |
Objectives of the Rays of Belief
The table below shows how Rays of Belief proposes to use the net proceeds from the fresh issue.
| Purpose | Amount |
| Establishment of new centres on leased premises and associated technology hardware costs | ₹41.36 crore |
| Lease payments for existing centres in India | ₹14.45 crore |
| Investment in Mom’s Belief US Inc. for lease or licence payments for existing US centres | ₹10.13 crore |
| Brand awareness and inclusive outreach programmes | ₹10.21 crore |
| Unidentified acquisitions and general corporate purposes | Amount to be finalised |
Strength Of Rays of Belief
- Wide centre network: Rays of Belief operated 136 centres across 57 cities and 20 states and union territories as of 31 March 2026. Its presence covers Tier 1, Tier 2 and Tier 3 cities.
- Range of intervention services: The company offers early intervention, parental guidance, occupational therapy, speech and language therapy, behavioural support and special education.
- Reach beyond major cities: Of its 136 centres, 77 were located in Tier 2 cities and 17 in Tier 3 cities. This gives the company access to markets outside large urban centres.
- Lease-based expansion model: Centres are generally operated from leased properties. This limits the need to purchase property when opening new locations.
Risk of Rays of Belief
- Lease dependence: Centre leases generally run from 11 months to three years. Fit-out costs may not be recovered if a lease is not renewed or a centre has to move.
- Related-party revenue: In FY2026, 25.56% of revenue from operations came from support services provided to promoter-group entities.
- Dependence on licensed professionals: Company learning centres operated with licensed professionals contributed 26.52% of FY2026 revenue from operations. Changes in these arrangements can affect services and revenue.
- Expansion execution: Some of the proposed centres do not yet have finalised locations. This can delay the rollout and slow the use of funds raised through the IPO.
- Cash flow: Operating cash flow was negative in FY2026. That is worth noting because the company is also planning further expansion.
Rays of Belief IPO Review
FY2026 changed the scale of Rays of Belief, but not its profit. Revenue from operations rose to ₹81.66 crore from ₹36.42 crore in FY25, while PAT fell to ₹4.96 crore from ₹5.88 crore. That difference matters because the company is entering the market while planning another round of centre expansion.
The offer will fund new centres, although some proposed locations are still to be identified. Centres also operate on relatively short leases, and part of the business depends on related-party revenue and licensed professionals. The key point for investors is whether this larger network can translate into steadier earnings.
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Rays of Belief IPO FAQs
Rays of Belief IPO is a mainboard book-built fresh issue of up to 52,30,000 equity shares. At the upper price of ₹239, the issue size is ₹125 crore.
Investors can apply through the IPO section of a registered broker or through an ASBA-enabled bank. Eligible investors can also approve the blocked amount through UPI.
Rays of Belief has increased revenue and expanded its centre network, but FY2026 PAT declined from the previous year. Lease dependence, related-party revenue and expansion execution are also important risks to consider.
IPO returns are not fixed or guaranteed. As of 25 August 2026, grey market trading for Rays of Belief IPO has not started, so no GMP-based estimated return is available.
Rays of Belief IPO will open for bidding on 1 September 2026 and close on 3 September 2026.
The lot size is 62 shares. At the upper price of ₹239, a minimum retail application requires ₹14,818.
Investors can submit an application through their broker’s IPO facility or an ASBA-enabled bank. Retail bids start from one lot of 62 shares.
The basis of allotment is tentatively scheduled for 4 September 2026. Refunds and credit of shares to demat accounts are expected on 7 September.
Rays of Belief shares are tentatively scheduled to list on BSE and NSE on 8 September 2026.
