The Rays of Belief IPO is scheduled to open for subscription on September 1, 2026, and close on September 3, 2026. The IPO comprises a fresh issue of 0.52 crore equity shares. The company is expected to list its shares on both the NSE and BSE on September 8, 2026.
The Rays of Belief IPO price band, face value details for the issue price, and lot size are yet to be announced. The company has not yet disclosed the minimum investment required for retail investors.
Rays of Belief Limited is the parent company of Mom’s Belief, a child development and therapy organisation focused on supporting children with autism and other developmental delays. The company provides services including occupational therapy, speech therapy, special education, Applied Behaviour Analysis (ABA), language and communication therapy, and counselling.
In this article, we cover the Rays of Belief IPO details, GMP, IPO timeline, subscription status, reservation, financial performance, business model, IPO objectives, strengths, risks, peer comparison, allotment and key investor considerations.
As of August 21, 2026, the Rays of Belief IPO GMP is ₹0.
However, the company's price band has not yet been announced, so an estimated listing price cannot currently be calculated.
GMP Date
IPO Price
GMP
Estimated Listing Price
Estimated Profit
August 21, 2026
To be announced
₹0
To be announced
To be announced
GMP is an unofficial market indicator and can change before listing. Investors should not rely solely on GMP when evaluating an IPO.
Rays of Belief IPO Subscription Status
The Rays of Belief IPO will open for subscription on September 1, 2026 and close on September 3, 2026.
The live subscription data is currently unavailable as bidding has not started.
Category
Subscription
QIB
–
NII
–
Retail
–
Total
–
The subscription figures will be updated once bidding begins.
Rays of Belief IPO Day-wise Subscription Trend
Subscription Date
QIB
NII
Retail
Total
September 1, 2026
–
–
–
–
September 2, 2026
–
–
–
–
September 3, 2026
–
–
–
–
What is the Current Subscription Data for Rays of Belief?
The live subscription data for the Rays of Belief IPO is currently unavailable because the IPO has not opened for bidding.
Category
Shares Offered
Shares Bid
Bid Amount (₹ Cr.)
QIB
To be Updated
To be Updated
To be Updated
NII
To be Updated
To be Updated
To be Updated
• Small NII
To be Updated
To be Updated
To be Updated
• Big NII
To be Updated
To be Updated
To be Updated
Retail
To be Updated
To be Updated
To be Updated
Total
To be Updated
To be Updated
To be Updated
Once the issue opens, subscription figures will be updated based on bids received from QIB, NII and Retail investors.
Rays of Belief Financial Performance
Rays of Belief reported significant growth in revenue during FY26, although its profit after tax declined compared with FY25.
Particulars (₹ Crore)
FY26
FY25
FY24
Total Assets
50.89
26.12
12.89
Total Income
82.06
36.54
30.76
Profit After Tax
4.96
6
0.85
EBITDA
11.91
3.02
1.49
Net Worth
30.81
15.02
5.78
Reserves & Surplus
15.22
15
5.47
Total Borrowings
3.61
4.36
—
The company's total income increased from ₹36.54 crore in FY25 to ₹82.06 crore in FY26, representing strong year-on-year growth.
However, PAT declined from ₹5.88 crore in FY25 to ₹4.96 crore in FY26. EBITDA increased substantially from ₹3.02 crore to ₹11.91 crore during the same period. The company's net worth also increased from ₹15.02 crore in FY25 to ₹30.81 crore in FY26.
Rays of Belief Key Financial Ratios
KPI
FY26
FY25
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%
The company recorded a significant improvement in ROCE and EBITDA margin in FY26. However, ROE, RoNW and PAT margin declined from FY25 levels, primarily reflecting the rapid increase in the company's scale and capital base.
Rays of Belief IPO Valuation
The final valuation of Rays of Belief cannot currently be calculated because the IPO price band has not yet been announced.
The available financial data shows an FY26 EPS of ₹3.16 on a pre-IPO basis, while post-IPO EPS is estimated at ₹2.37 based on the information provided.
Metric
Pre-IPO
Post-IPO
EPS
₹3.16
₹2.37
Promoter Holding
92.93%
0.00%
P/E
To be announced
To be announced
Once the IPO price band is announced, investors should assess the company's P/E multiple, market capitalisation, earnings growth and return ratios against its listed peers.
What is Rays of Belief Ltd.?
Rays of Belief Limited is a child development and therapy company and the parent organisation of Mom’s Belief. The company focuses on helping children with autism and other developmental delays through evidence-based therapeutic and educational interventions.
Through its Integrated Learning Centres, Rays of Belief provides a supportive environment where children can receive specialised guidance from professionals across child psychology, speech, behaviour and occupational therapy.
The company's services cover multiple aspects of child development and include:
Occupational Therapy – Helps improve motor skills and daily functioning.
Speech Therapy – Supports communication and language development.
Special Education – Provides individualised learning support.
Applied Behaviour Analysis (ABA) – Uses behaviour-based interventions to support skill development.
Language and Communication Therapy – Helps strengthen verbal and social communication.
Adult Counselling – Provides support to parents and caregivers.
Rays of Belief IPO Reservation
The IPO reservation structure is as follows:
Investor Category
Reservation
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
The final allocation may be subject to the applicable IPO regulations and the company's final offer documents.
Rays of Belief IPO Objectives
The company proposes to utilise the net proceeds from the IPO for expanding its learning centres, strengthening its infrastructure, technology investments, brand building and other corporate requirements.
No.
Issue Object
Estimated Amount
1
Company Learning Centres and centres in partnership with Licensed Professionals
₹26.88 Crore
2
School Collaboration Centres
₹5.54 Crore
3
Centre for Excellence and Research
₹2.45 Crore
4
Upskilling Academy
₹2.05 Crore
5
Technology and hardware costs
₹4.44 Crore
6
Lease payments for existing centres in India
₹14.45 Crore
7
Investment in Moms Belief US Inc. for lease/licence payments for existing US centres
₹10.13 Crore
8
Brand awareness and inclusive outreach programmes
₹10.21 Crore
9
Inorganic growth through unidentified acquisition and general corporate purposes
Balance amount
Total
₹76.15 Crore
The IPO proceeds are therefore primarily aimed at business expansion, centre development, technology, international operations and brand building.
Rays of Belief IPO Peer Comparison
The company's peer comparison based on DRHP/RHP data is as follows:
Company
EPS Basic
EPS Diluted
NAV
P/E
RoNW
Suyog Telematics
54.7
52.4
42.50
16.11x
12.88%
EMS
16.3
16.3
190.03
24.65x
8.62%
Bondada Engineering
18.28
18.25
62.35
16.60x
28.82%
Likhitha Infrastructure
9.94
9.94
104.47
23.17x
9.37%
Rays of Belief
3.16
3.16
—
—
21.64%
Peer financial metrics are based on the data provided in the company's DRHP/RHP.
Competitive Strengths of Rays of Belief
Integrated Child Development Services
Rays of Belief offers multiple services under one platform, including occupational therapy, speech therapy, special education, ABA and counselling.
Established Mom’s Belief Brand
The company operates through the Mom’s Belief platform, providing child development and therapy services to families.
Multiple Revenue Opportunities
The business can potentially expand through learning centres, school partnerships, professional collaborations, technology and international operations.
Strong Revenue Growth
Total income increased from ₹36.54 crore in FY25 to ₹82.06 crore in FY26, demonstrating rapid growth in the company's operating scale.
Improving Operating Performance
EBITDA increased from ₹3.02 crore in FY25 to ₹11.91 crore in FY26, while EBITDA margin improved from 8.28% to 14.59%.
Risks Investors Should Consider
Early-Stage Business Scale
Compared with larger healthcare and education businesses, Rays of Belief operates at a relatively smaller scale. Sustaining rapid growth could require significant investment.
Profitability Risk
Although revenue and EBITDA have grown strongly, PAT declined from ₹5.88 crore in FY25 to ₹4.96 crore in FY26.
Expansion Execution Risk
The company plans to deploy IPO proceeds toward new centres, school collaborations, technology and international operations. Delays or cost overruns could affect returns.
Dependence on Skilled Professionals
Therapy and child development services depend significantly on qualified therapists, educators, psychologists and other professionals.
Regulatory and Compliance Risks
Healthcare, education and therapy-related services may be subject to changing regulations and compliance requirements.
Valuation Uncertainty
The IPO price band is yet to be announced. Investors should assess the valuation carefully once the final price is disclosed.
Should You Invest in Rays of Belief IPO?
Rays of Belief offers exposure to the child development, therapy and specialised learning services market through its Mom’s Belief platform.
The company has demonstrated strong revenue growth, with total income increasing to ₹82.06 crore in FY26 from ₹36.54 crore in FY25. EBITDA also increased significantly to ₹11.91 crore, while the company maintained a relatively low debt-to-equity ratio.
However, investors should also consider the decline in PAT, lower PAT margin, execution risks associated with expansion, dependence on skilled professionals and the company's final IPO valuation.
Since the price band and lot size have not yet been announced, it is too early to make a valuation-based assessment of the issue. Investors should review the final offer documents and compare the IPO valuation with relevant listed companies before making an investment decision.
The current GMP is ₹0, but GMP is unofficial and should not be considered a reliable guarantee of listing performance.
Rays of Belief IPO Allotment Status
The allotment of shares for the Rays of Belief IPO is expected to be finalised on September 4, 2026.
Applicants can check their IPO allotment status after it is declared through the official registrar, KFin Technologies Ltd.
How to Check Rays of Belief IPO Allotment Status?
Visit the KFin Technologies IPO allotment page.
Select Rays of Belief from the issuer list.
Choose PAN, application number or DP ID/client ID.
Enter the required details.
Click on the search option.
The allotment status will be displayed on the screen.
Investors can also receive allotment and refund updates through their registered bank, broker, email or SMS.
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting shares to successful applicants and processing refunds.
The Rays of Belief IPO is scheduled to open from September 1 to September 3, 2026, with the shares proposed to list on the NSE and BSE on September 8, 2026. The IPO comprises 0.52 crore fresh equity shares, while the price band, lot size and total issue value are yet to be announced.
Rays of Belief operates through the Mom’s Belief platform and provides child development and therapy services including occupational therapy, speech therapy, special education, ABA, communication therapy and counselling.
The company reported ₹82.06 crore total income and ₹4.96 crore PAT in FY26. EBITDA increased substantially to ₹11.91 crore, while net worth stood at ₹30.81 crore.
The IPO proceeds are proposed to be used for expanding learning centres, school collaboration centres, research, technology, lease payments, international operations, brand awareness and potential inorganic growth.
As of August 21, 2026, the GMP is ₹0. Investors should wait for the final price band and evaluate the company's valuation, financial performance, growth prospects and risks before making an investment decision.
Frequently Asked Questions (FAQs)
What is the Rays of Belief IPO?
Rays of Belief IPO is an upcoming IPO comprising 0.52 crore fresh equity shares, with the company proposed to list on the NSE and BSE.
What are the Rays of Belief IPO dates?
The IPO is scheduled to open on September 1, 2026, and close on September 3, 2026.
What is the Rays of Belief IPO price band?
The price band has not yet been announced.
What is the lot size of Rays of Belief IPO?
The lot size is yet to be announced by the company.
What is the Rays of Belief IPO GMP today?
As of August 21, 2026, the Rays of Belief IPO GMP is ₹0. GMP may change before listing.
When will Rays of Belief IPO allotment take place?
The tentative IPO allotment date is September 4, 2026.
When will Rays of Belief IPO list?
The shares are expected to list on September 8, 2026, on both NSE and BSE.
What is the total issue size of Rays of Belief IPO?
The issue currently comprises 0.52 crore fresh equity shares. The final rupee value will depend on the IPO price band.
What does Rays of Belief do?
Rays of Belief is the parent company of Mom’s Belief, which provides child development and therapy services for children with autism and other developmental delays.
What services does Rays of Belief provide?
The company's services include occupational therapy, speech therapy, special education, ABA, language and communication therapy, and adult counselling.
What is the minimum investment required for Rays of Belief IPO?
The minimum investment cannot currently be calculated because the IPO price band and lot size have not yet been announced.
Disclaimer
This article is intended for informational and educational purposes only and should not be considered financial or investment advice. IPO details, Grey Market Premium (GMP), subscription figures, allotment dates and listing timelines are subject to change. Investors should carefully read the Red Herring Prospectus (RHP), verify the latest information from official sources and consult a qualified financial advisor before making any investment decision. Investments in the stock market are subject to market risks.
Author: Komal Bhatt
Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.
She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.
Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.
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