Rays of Belief IPO
Live MainboardAlready have an account? Apply now
Rays of Belief IPO details
Schedule of Rays of Belief
| Issue open date | 01 Sep 2026 |
| Issue close date | 03 Sep 2026 |
| UPI mandate deadline | 03 Sep 2026 (5 PM) |
| Allotment finalization | 04 Sep 2026 |
| Refund initiation | 07 Sep 2026 |
| Share credit | 07 Sep 2026 |
| Listing date | 08 Sep 2026 |
| Mandate end date | 18 Sep 2026 |
| Lock-in end date for anchor investors (50%) | 03 Oct 2026 |
| Lock-in end date for anchor investors (remaining) | 02 Dec 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Rays of Belief
Rays of Belief is a for-profit social enterprise delivering personalized intervention plans for children with neurodevelopmental disorders such as ASD, ADHD, and Down Syndrome. Operating an asset-light model, it runs Company Learning Centres, professional partnerships, and school collaborations across India and the US. Revenue comes from in-person centre operations, online therapy services, and export earnings via global R&D coordination and programmatic innovation, all delivered through accessible, family-centric care.
Disclosure: Zerodha (via Rainmatter) holds a 1.09% pre-IPO stake in the company.
Financials of Rays of Belief
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 125 |
| Fresh Issue – Proceeds go to the company | 125 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals |
26.88 (21.50%) |
| School Collaboration Centres | 5.54 (4.43%) |
| Centre for Excellence and Research | 2.45 (1.96%) |
| Upskilling Academy | 2.05 (1.64%) |
| Technology (hardware) costs | 4.44 (3.55%) |
| Expenditure for lease payments for existing centres in India | 14.45 (11.56%) |
| Investment in Subsidiary, Moms Belief US Inc., for making lease/license payments for existing centres in the USA | 10.13 (8.10%) |
| Expenditure for brand awareness and inclusive outreach programs | 10.21 (8.17%) |
| General corporate purposes | 48.85 (39.09%) |
Strengths
- Largest Indian For-Profit Social Enterprise for neurodevelopmental disorders by centre count.
- Scalable, asset-light business model using leased premises and professional partnerships.
- Specialized multidisciplinary team of over 337 full-time clinical professionals.
- Diversified revenue from domestic centres, online therapy, and international service exports.
- Established presence in 57 Indian cities with a growing international footprint in the US.
Risks
- Short-term leases create relocation risks and potential unrecoverable capital expenditure losses.
- High dependence on skilled clinical staff leads to significant employee benefit expenses.
- High revenue concentration with newly acquired US centres driving over half of FY25 revenue.
- Disagreements or early terminations with licensed professional partners could force centre closures.
- Rising trade receivables and delayed client payments could negatively impact operating cash flows.
Subscription Figures for Rays of Belief
Grey Market Premium (GMP) is an unofficial and unregulated metric that may not accurately reflect investor interest. Instead, investors should refer to the IPO subscription data published by the stock exchanges, which is a more reliable indicator of demand.
Subscription numbers as of 05:00 PM on September 01, 2026:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 18.30 | 0 | 0x |
| NII | 7.84 | 3.03 | 0.39x |
| Retail | 5.23 | 33.95 | 6.49x |
| Total | 31.38 | 36.99 | 1.18x |