Rays of Belief IPO

Rays of Belief IPO: Overview

Rays of Belief Limited, a New Delhi-based social enterprise offering therapy and intervention programs for children with neurodevelopmental disorders, is set to launch its ₹125 crore mainboard IPO on September 1, 2026. The issue closes on September 3, 2026, with listing on both BSE and NSE expected on September 8, 2026.

The issue is structured entirely as a fresh issue of ~₹125 crores, with no offer-for-sale component — every rupee raised strengthens the company's own balance sheet rather than facilitating an exit for existing shareholders.

Rays of Belief IPO: Key Dates

Rays of Belief IPO: Issue Details

Worth flagging upfront: reservation here is notably skewed toward institutions — 75% for QIB, 15% for NII, and just 10% for retail — a considerably lower retail allocation than the standard 35% seen in most mainboard IPOs.

Rays of Belief IPO: Lot Size

About Rays of Belief

Founded in 2017, Rays of Belief (operating as Mom's Belief) is a for-profit social enterprise offering customised intervention programs for children with neurodevelopmental disorders (NDDs), including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays.

The company serves children between 18 months and 12 years, with specialised vocational and life-skills programs extending to age 15. Its services span early intervention, parental guidance, occupational therapy, language therapy, and family support, backed by 150+ teaching tools at its centres, 2,000+ home-learning tools, and 340+ clinical professionals.

Objects of the Issue

This is a genuinely growth-and-expansion-oriented use of proceeds — spanning new centres, a US subsidiary investment, brand building, and R&D — rather than debt repayment, which is worth noting given how many recent IPOs in this batch have leaned heavily toward paying down borrowings.

Financial Performance

This is worth reading carefully. While revenue more than doubled in FY26 (up ~125% year-on-year) following a sharp scale-up, profit actually declined from ₹5.88 crore in FY25 to ₹4.96 crore in FY26 — a divergence between topline and bottom-line trends that's uncommon among the IPOs in this current batch, and one prospective investors should look into further via the RHP before drawing conclusions about the underlying unit economics of the expansion.

Key Valuation Metrics (FY2026)

Peer Comparison

According to the offer document, there are no listed peer companies in India directly comparable to Rays of Belief's specific neurodevelopmental therapy and intervention business, leaving prospective investors without a straightforward valuation benchmark.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of the IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email