R

Rays of Belief Ltd.

LISTED

Mainboard

GMP-

Subscription107.71×Overall

Min. Investment₹14,0741 lot × 62 shares

IPO Details

Issue Size₹4,763.19 Cr

Price Band₹227 – ₹239Per equity share

Lot Size62 SharesMin 1 lot (Retail)

Face Value₹10 / sharePaid-up equity

Total Shares19.93 CrOffered to public

Market Cap₹374.55 CrAt upper price band

QIB Quota5.51%Qualified Inst. Buyers

Retail Quota1.84%Non-inst. investors

IPO Timeline

Issue Opens1 Sep 2026

IPO subscription begins

Issue Closes3 Sep 2026

Last day to apply

Basis of Allotment4 Sep 2026

Allotment finalization

Listing Date8 Sep 2026

Trading begins on BSE & NSE

About & Business

Background
Industry
Promoters

Our Company was originally incorporated as “Rays of Belief Private Limited” under the provisions of the Companies Act, 2013, pursuant to a certificate of incorporation dated August 23, 2017, issued by the Central registration Centre. Subsequently, upon conversion of our Company into a public limited company, our name was changed to “Rays of Belief Limited” pursuant to a resolution passed by our Board dated October 30, 2024 and by our Shareholders on November 04, 2024, and a fresh certificate of incorporation was issued by the Central Processing Centre on November 25, 2024. The Corporate Identity Number of our Company is U85110DL2017PLC322623.

Major Events & Milestones

2018

Incorporated as Rays of Belief Private Limited.

2019

Received the Zero Project Award under the category of “Breaking the Barriers” at the United Nations headquarters in Vienna, Austria. Our Founder and CEO, Nitin Bindlish, was invited to speak and delivered a keynote at the United Nations.

2021

Introduced the “Pay As You Like” therapy model, allowing parents to access therapy services for as low as 1 during the COVID period. Also launched Mind Belief, a corporate partnership program offering comprehensive mental health support to employees. Established the Mom’s Belief Pediatric Hearing Centre, a specialized facility offering advanced pediatric hearing care.

2022

Launched MB School of Moms, a structured parent training program aimed at empowering mothers with the knowledge and skills to actively support their child’s development and therapy.

2023

Initiated Partnership Centres, a strategic collaboration with pediatricians to aid the launch of new centres. Introduced Mom's Belief Care, an insurance plan designed specifically for parents of children with special needs. Launched 19 new centres across various locations. Formed a partnership agreement with The LEGO Foundation. Rolled out the Family Support Program (FSP) to further assist families of children with developmental needs.

2024

Launched over 20 new centres. Introduced Early Intervention Centres (EICs) to expand outreach for early developmental support.

2025

Launched 48 new centres across various locations. Converted from a private limited company to a public limited company. Accordingly, the name was changed from Rays of Belief Private Limited to Rays of Belief Limited.

2026

Made the Company’s first overseas investment in the United States, resulting in the formation of a wholly owned subsidiary.

Objectives of the Issue

01Funding capital expenditure towards establishment of new centres on leased premises (tenure of 11 months - 3 years) and associated technology (hardware) costs:
02(i) Setting up new centres by our Company (“Company Learning Centres”) and our Company in partnership with Licensed Professionals (“Company Learning Centres in partnership with Licensed Professionals”);
03(ii) Setting up new centres in collaboration with schools (“School Collaboration Centres”);
04(iii) Setting up of new centres to drive research, innovation, and best practices in the domain of neurodevelopmental disorder (“Centre for Excellence and Research “/ “COER”);
05(iv) Setting up of in-house training academies for continuous learning and professional upskilling (“Upskilling Academy”); and (collectively referred to as “New Centres”)
06(v) Technology (hardware) costs.
07Expenditure for lease payments for our existing centres in India.
08Investment in our Subsidiary, Mom’s Belief US Inc., for making lease / license payments for our existing centres in the USA.
09Expenditure for brand awareness and inclusive outreach programs.
10Funding inorganic growth through unidentified acquisition and general corporate purposes.

Agencies & Documents

Book Running Lead Managers (BRLMs)

Mefcom Capital Markets Ltd.

Registrar to the Issue

KFin Technologies Ltd.67162222

IPO CalculatorListed

Price Band227 – 239Cut-off: ₹239 per share

Closes3 Sep 20265:00 PM IST

Select Lots

1

Shares62 shares

Price per share₹239 (cut-off)

Total Investment₹14,818

Subscription Status

107.71× Overall

Category	Subscribed	Shares Offered
Retail Individual Investors	195.87×	5,23,000
Qualified Institutional Buyers	9.06×	18,30,310
Non Institutional Investors	279.11×	7,84,500

Last updated: 24 Aug 2026, 06:05 PM IST