Rays of Belief IPO: Price Band, Dates and Issue Size
Rays of Belief IPO will open for subscription on September 1, 2026, and close on September 3, 2026. The company has fixed a price band of ₹227 to ₹239 per share for the ₹125 crore mainboard issue at the upper end of the band.
The IPO is entirely a fresh issue of up to 52.30 lakh equity shares, with no offer-for-sale component. Investors can bid for a minimum of 62 shares and in multiples of 62 thereafter. The shares are proposed to list on the BSE and NSE on September 8, 2026.
Rays of Belief IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO opening date | September 1, 2026 |
| IPO closing date | September 3, 2026 |
| Anchor investor date | August 31, 2026 |
| Price band | ₹227 to ₹239 per share |
| Issue size | Up to ₹125 crore |
| Fresh issue | Up to 52.30 lakh shares |
| Offer for sale | Nil |
| Face value | ₹10 per share |
| Lot size | 62 shares |
| Minimum investment | ₹14,074 at ₹227, ₹14,818 at ₹239 |
| Basis of allotment | September 4, 2026 |
| Refunds and share credit | September 7, 2026 |
| Listing date | September 8, 2026 |
| Listing exchanges | BSE and NSE |
| Book-running lead manager | Mefcom Capital Markets |
| Registrar | KFin Technologies |
The schedule, lot size and issue structure are based on the company’s offer documents and current IPO disclosures.
What Is the Rays of Belief IPO Price Band?
The Rays of Belief IPO price band is ₹227 to ₹239 per equity share, with a face value of ₹10 each.
At ₹239 per share, the company would raise up to ₹125 crore through the fresh issue of 52.30 lakh shares. At the lower end of ₹227, the issue would amount to about ₹118.72 crore.
The implied post-issue market capitalisation is estimated at roughly ₹474 crore to ₹500 crore across the price band.
Interestingly, the IPO price band is below the price at which the company completed its pre-IPO placements. According to the RHP, those placements were made at ₹284 and ₹290 per share.
What Is the Rays of Belief IPO Lot Size?
The minimum bid size for the Rays of Belief IPO is 62 shares, and applications must be made in multiples of 62 shares.
For a retail investor:
| Application | Shares | Investment at ₹239 |
| Minimum, 1 lot | 62 | ₹14,818 |
| Maximum, 13 lots | 806 | ₹1,92,634 |
At the lower price of ₹227, one lot would cost ₹14,074.
Retail investors should generally calculate the amount blocked in their bank account using the upper end of the price band when placing a cut-off bid.
When Will the Rays of Belief IPO Open and Close?
The Rays of Belief IPO will remain open for three trading days.
The key dates are:
- Anchor investor bidding: August 31, 2026
- IPO opens: September 1, 2026
- IPO closes: September 3, 2026
- Basis of allotment: September 4, 2026
- Refund initiation: September 7, 2026
- Shares credited to demat accounts: September 7, 2026
- Expected listing: September 8, 2026
What Does Rays of Belief Do?
Rays of Belief Limited operates the Mom’s Belief platform and provides personalised intervention programmes for children with neurodevelopmental disorders.
Its services cover conditions such as autism spectrum disorder, ADHD, Down syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delays.
The Gurugram-based company began operations in 2018. As of March 31, 2026, it operated 136 centres across 57 cities in 20 states and Union Territories and had served more than 58,000 children.
According to a CARE report cited in its offer documents, the company ranked first in India by number of centres among businesses offering intervention plans for children with neurodevelopmental disorders.
How Will Rays of Belief Use the IPO Proceeds?
Because the IPO is entirely a fresh issue, the proceeds will go to the company rather than to existing shareholders selling shares.
A major part of the expansion plan involves setting up 319 new centres between FY27 and FY29. The planned network includes 128 centres in Tier 1 cities, 121 in Tier 2 cities and 70 in Tier 3 cities.
The proposed use of proceeds includes:
- Around ₹41.36 crore for establishing new centres and related capital expenditure.
- About ₹34.99 crore within this allocation for centre fit-outs.
- Around ₹1.93 crore for therapy-material inventory.
- About ₹4.44 crore for technology hardware.
- Around ₹14.45 crore toward lease payments for existing Indian centres.
- About ₹10.13 crore for lease or licence payments relating to existing US centres through subsidiary Mom’s Belief US Inc.
- Around ₹10.21 crore for brand awareness and inclusive outreach programmes.
- Remaining proceeds for potential acquisitions and general corporate purposes.
How Has Rays of Belief Performed Financially?
Rays of Belief recorded strong revenue growth in FY26, although profit declined compared with the previous year.
| Financial metric | FY25 | FY26 |
| Revenue from operations | ₹36.42 crore | ₹81.66 crore |
| Profit for the year | ₹5.88 crore | ₹4.96 crore |
Revenue from operations more than doubled in FY26. However, profit dropped by about 15.6 percent despite the higher revenue base.
For prospective investors, that difference matters. Rapid expansion can increase revenue, but the ability to translate growth into consistent profits is also an important factor when assessing the business.
What Should Investors Consider Before Applying?
The Rays of Belief IPO gives investors exposure to a specialised healthcare and behavioural therapy business with a sizeable expansion plan. Still, an IPO should be evaluated on more than its growth story.
Rapid expansion could create execution challenges
Rays of Belief intends to add 319 centres between FY27 and FY29, compared with 136 centres operating as of March 2026.
Opening, staffing and maintaining service quality across a much larger network will therefore be important to future performance.
Profit declined despite strong revenue growth
FY26 revenue from operations increased sharply to ₹81.66 crore, but annual profit declined to ₹4.96 crore from ₹5.88 crore in FY25.
Investors may want to monitor margins and whether expansion eventually improves operating leverage.
Expansion involves significant lease commitments
All of the company’s existing centres were operating on leased premises, according to its IPO disclosures. Part of the fresh issue proceeds is earmarked specifically for lease payments in India and the US.
This makes occupancy costs and the productivity of individual centres relevant factors to track.
The IPO price is below the pre-IPO placement price
The ₹227 to ₹239 IPO band is lower than the ₹284 and ₹290 per-share prices used in the company’s pre-IPO placements.
This is worth noting, although the difference alone does not determine whether the IPO is attractively valued.
Is Rays of Belief IPO a Mainboard IPO?
Yes. Rays of Belief is a mainboard IPO, with its equity shares proposed to be listed on both the BSE and NSE.
The issue consists entirely of fresh shares, meaning there is no offer-for-sale by promoters or other existing shareholders.
Rays of Belief IPO FAQs
Q. When will the Rays of Belief IPO open?
The Rays of Belief IPO will open for subscription on September 1, 2026, and close on September 3, 2026. Anchor investor bidding is scheduled for August 31.
Q. What is the Rays of Belief IPO price band?
The price band is ₹227 to ₹239 per equity share.
Q. What is the issue size of the Rays of Belief IPO?
The company plans to raise up to ₹125 crore at the upper end of the price band through a fresh issue of up to 52.30 lakh shares.
Q. What is the minimum investment in the Rays of Belief IPO?
The minimum lot size is 62 shares. At the upper price of ₹239, one lot costs ₹14,818. At ₹227, it costs ₹14,074.
Q. Is there an offer-for-sale in the Rays of Belief IPO?
No. The IPO is entirely a fresh issue, with no offer-for-sale component.
Q. When is the Rays of Belief IPO allotment date?
The basis of allotment is expected to be finalised on September 4, 2026.
Q. When will Rays of Belief shares list?
The shares are expected to list on the BSE and NSE on September 8, 2026.
Q. Who is the registrar for the Rays of Belief IPO?
KFin Technologies Limited is the registrar to the issue, while Mefcom Capital Markets is the book-running lead manager.
Key Takeaways
- Rays of Belief IPO opens on September 1 and closes on September 3, 2026.
- The price band has been fixed at ₹227 to ₹239 per share.
- The issue could raise up to ₹125 crore and is entirely a fresh issue.
- Investors must apply for at least 62 shares, costing ₹14,818 at the upper price band.
- Rays of Belief operates the Mom’s Belief child development and therapy platform.
- The company plans to establish 319 new centres between FY27 and FY29.
- Revenue more than doubled in FY26, while profit declined from ₹5.88 crore to ₹4.96 crore.
- The stock is expected to list on the BSE and NSE on September 8, 2026.
IPO dates and other offer details can change. Investors should check the final offer documents and exchange announcements before applying. This article is for informational purposes and does not constitute investment advice.
Disclaimer
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