Rays of Belief Limited, which operates under the brand name “Mom’s Belief,” proposes to open the initial public offering of its equity shares of face value ₹10 each on Tuesday, September 1, 2026. The Anchor Investor Bidding Date is a Working Day prior to Bid/Issue Opening Date, being Monday, August 31, 2026. The Bid/Issue Closing Date is Thursday, September 3, 2026.
- Issue Opens: September 1, 2026
- Issue Closes: September 3, 2026
- Face Value: Rs 10
- Price Band: Rs 227 – 239 per share
- Minimum Bid Lot: 62 Equity Shares
- Listing: BSE & NSE
The Price Band of the Issue has been fixed from ₹ 227 per Equity Share of face value ₹10 each to ₹ 239 per Equity Share of face value of ₹10 each. Bids can be made for a minimum of 62 Equity Shares of face value ₹10 each and multiples of 62 Equity Shares of face value ₹10 each thereafter. The Issue comprises a Fresh Issue of up to 52,30,000 Equity Shares of face value of ₹10 each. The Issue size amounts to ₹118.72 crore at the Floor Price of ₹227 per Equity Share and ₹125.00 crore at the cap price of ₹239 per Equity Share.
Rays of Belief is a For-Profit Social Enterprise that provides personalized intervention plans for children with Neurodevelopmental Disorders such as Autism Spectrum Disorder, Attention-Deficit/Hyperactivity Disorder, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delay. The Company was founded, primarily to address key barriers related to NDDs in the behavioural health domain, including lack of awareness, limited access, inadequate quality of care and affordability. Accordingly, the Company’s intervention plans are prepared to empower parents and families to become co-therapists in their child’s developmental journey.
Since commencing operations in 2018, the Company has served more than 58,000 children. As of March 31, 2026, more than 2,500 active children were enrolled under various intervention plans delivered through its centres and digital platforms. As of March 31, 2026, Mom’s Belief operated 136 centres across 57 cities spanning 20 states and union territories in India under the Company’s brand name, Mom’s Belief, comprising 42 centres in Tier 1 cities, 77 centres in Tier 2 cities and 17 centres in Tier 3 cities.
The Company intends to utilise a portion of the Net Proceeds of the Issue towards expanding its centre network across India. Between Fiscal 2027 and Fiscal 2029, the Company proposes to establish 128 new centres in Tier 1 cities, 121 new centres in Tier 2 cities and 70 new centres in Tier 3 cities, with the expansion to be funded through the Net Proceeds of the Issue. With its focus on improving access to specialised intervention for children and families, Mom’s Belief is positioned to become India’s first for-profit social enterprise to be listed on the mainboard of the Indian stock exchanges.
