Rays of Belief IPO Date, Review, Price, Allotment Details
Rays of Belief IPO opens on 1-3 Sept and is a Mainboard issue among the upcoming Indian IPOs. The company aims to raise ₹125 Cr via this future IPO in India with a price range of ₹227 to ₹239 per share.
Current GMP
₹38
Expected Gain: ₹277 (15.90%)
Subscription
3.63x
Times Subscribed
Rays of Belief IPO Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹14,818
62 shares at the upper band of ₹239
Fresh issue share
100%
₹125 Cr of the ₹125 Cr issue
Revenue growth
+124.6%
31 Mar 2025 → 31 Mar 2026
Profit growth
-15.6%
PAT ₹5.88 Cr → ₹4.96 Cr
Net profit margin
6%
was 16.1% in 31 Mar 2025
Debt to equity
0.12
lower is safer
Return on equity
21.64%
ROE
Peer listing record
0 of 2 listed above issue price
median listing move -14.8%
Total subscription
3.63x
across all categories
GMP-implied listing gain
+15.9%
₹38 premium on a ₹239 issue price
A retail application for Rays of Belief needs one lot of 62 shares, which works out to ₹14,818 at the upper band of ₹239. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application.
The whole ₹125 Cr is a fresh issue. Every rupee raised stays with the company and can fund the stated objects of the issue, which is generally a better sign than an offer that mainly lets existing holders sell down.
Revenue moved from ₹36.54 Cr in 31 Mar 2025 to ₹82.06 Cr in 31 Mar 2026 (+124.6%), while profit after tax went from ₹5.88 Cr to ₹4.96 Cr (-15.6%). Revenue is up but profit has fallen, so margins are being squeezed — worth understanding why before applying.
Recently listed companies in the same space trade at a median price-to-earnings ratio of about 16.9. Comparing that with the multiple implied by this issue's ₹227–₹239 band is a more useful test of pricing than looking at the grey market premium alone.
Demand is skewed towards smaller investors: the retail portion is 18.67x subscribed while the qualified institutional portion sits at 0.01x. Institutional participation often arrives on the final day, but a weak QIB book relative to retail is worth noting, since institutions do the deepest diligence on pricing.
A grey market premium of ₹38 on the upper band of ₹239 implies a listing gain of roughly 15.9%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.
What looks good
- The entire issue is a fresh issue, so all of the money raised goes to the company rather than to exiting shareholders.
- A debt-to-equity ratio of 0.12 points to a conservatively funded balance sheet.
- Return on equity of 21.64% is strong for the sector.
What to watch
- Revenue is rising while profit falls, indicating margin pressure.
- Only 0 of the last 2 comparable IPOs closed above their issue price on listing day.
- Institutional demand (0.01x) is lagging retail demand (18.67x).
This analysis is generated from the figures shown on this page and is for information only. It is not investment advice — read the RHP before you apply.
| IPO Date | 1-3 Sept |
| Face Value | ₹10 Per Share |
| Price Range | ₹227 to ₹239 |
| Issue Size | ₹125 Cr |
| Lot Size | 62 Shares |
| Allotment Date | 4 Sep 2026 |
| Listing Date | 8 Sep 2026 |
| Registrar | Kfin Technologies Ltd. |
Quota Allocation
| Category | Allocation |
|---|
| Retail Investors | 10% |
| QIB (Qualified Institutional Buyers) | 75% |
| HNI (High Net Worth Individuals) | 15% |
Subscription Status (Category-wise)
| Investor Category | Subscription (times) |
|---|
| Qualified Institutional | 0.01x |
| Non Institutional | 2.07x |
| Retail Individual | 18.67x |
| Total | 3.63x |
IPO Details
| Total Issue Size | 52,30,000 shares (agg. up to ₹125 Cr) |
| Fresh Issue | 52,30,000 shares (agg. up to ₹125 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 |
| IPO Close | Thu, Sep 3, 2026 |
| Allotment | Fri, Sep 4, 2026 |
| Refund | Mon, Sep 7, 2026 |
| Credit of Shares | Mon, Sep 7, 2026 |
| Listing | Tue, Sep 8, 2026 |
Issue Reservation
| Investor Category | Shares | % of Total Issue | Max Allottees |
|---|
| QIB | 39,22,500 | 75.00% | NA |
| − Anchor Investor | 20,92,190 | 40.00% | NA |
| − QIB (Ex. Anchor) | 18,30,310 | 35.00% | NA |
| NII (HNI) | 7,84,500 | 15.00% | NA |
| − bNII > ₹10L | 5,23,000 | 10.00% | 602 |
| − sNII < ₹10L | 2,61,500 | 5.00% | 301 |
| Retail | 5,23,000 | 10.00% | 8,435 |
| Total | 52,30,000 | 100.00% | |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|
| Retail (Min) | 1 | 62 | ₹14,818 |
| 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 |
IPO Anchor Investors
| Bid Date | Mon, Aug 31, 2026 |
| Shares Offered | 20,92,190 |
| Anchor Portion (₹ Cr.) | 50.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sun, Oct 4, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Thu, Dec 3, 2026 |
Company Financials (Restated Standalone)
| 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 | |
| Amount in ₹ Crore |
Recently Listed IPOs in Other Consumer Services
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|
| Mopshop Distribution Ltd. | SME | ₹27.26 Cr | ₹138 | 22.22 | ₹130.15 | -5.69% | ₹106.10 |
| Safecure Services Ltd. | SME | ₹30.60 Cr | ₹102 | 11.66 | ₹77.55 | -23.97% | ₹22.19 |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|
| 1 | Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals | 26.88 |
| 2 | 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 |
| Price to Book Value | | 0.88 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|
| EPS (₹) | 3.16 | 2.37 |
| P/E (x) | 75.63 | 100.84 |
| Market Cap at Offer Price | ₹375Cr. | ₹499.55 Cr |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|
| Promoter and Promoter Group | 92.93% | |
| Public | 7.07% | |
| Total | 100% | |
Company Financials (Restated Consolidated)
| 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 |
About Rays of Belief
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.
Rays of Belief IPO FAQs - Future IPOs India
Q1. What is Rays of Belief IPO?
Rays of Belief IPO is a Mainboard issue among the new IPOs coming in India. The company will raise ₹125 Cr via this upcoming Indian IPO, priced at ₹227 to ₹239 per equity share.
Q2. When will Rays of Belief IPO open for subscription?
This future IPO opens on 1-3 Sept. Stay updated with all IPOs to come this week and upcoming launches.
Q3. What is Rays of Belief IPO Investors' Portion?
QIB: 75%, HNI: 15%, Retail: 10%
Q4. What is Rays of Belief IPO Issue Size?
Total issue size is ₹125 Cr.
Q5. What is Rays of Belief IPO Price Band?
The price band is ₹227 to ₹239 per equity share.
Q6. What is Rays of Belief IPO Lot Size?
Minimum bid is 62 shares.
Q7. What is the Rays of Belief IPO Allotment Date?
The allotment will be finalized on 4 Sep 2026.
Q8. What is the Rays of Belief IPO Listing Date?
The IPO will list on 8 Sep 2026.
