Rays of Belief IPO subscribed 1.18 times
Rays of Belief (For Profit Social Enterprise) IPO is open from 1 September to 3 September 2026.
The issue comprises a fresh issue of up to 52.30 lakh equity shares, including an anchor investor portion of 20,92,190 shares. The price band is fixed at Rs 227-239 per share, with a face value of Rs 10. The minimum bid lot is 62 shares, requiring Rs 14,818 at the upper price band.
The company plans to use Rs 41.36 crore for setting up new centres, Rs 14.45 crore for lease payments for existing centres, Rs 10.13 crore for lease/licence payments for its US subsidiary, and Rs 10.20 crore for brand awareness and outreach programmes. The remaining amount will be used for inorganic growth and general corporate purposes.
The company raised Rs 50 crore from five anchor investors ahead of its IPO. The company allotted 20,92,190 equity shares at Rs 239 per share, the upper end of the IPO price band. The anchor allocation was completed on 31 August 2026.
Rays of Belief is a for-profit social enterprise focused on personalised intervention plans for children with neurodevelopmental disorders. The company operates 136 centres across 57 cities in 20 states and Union Territories under the Mom?s Belief brand as of 31 March 2026, and plans to add 319 centres between FY27 and FY29 using part of its IPO proceeds. The company also intends to pursue inorganic growth through acquisitions and strategic partnerships, while expanding internationally through its existing US operations and plans to enter the UAE and UK markets.
The company?s FY26 consolidated revenue rose 12% to Rs 81.66 crore, while operating profit increased 220% to Rs 11.91 crore as operating margin improved to 14.59% from 5.09% on a pro forma basis. However, profit after tax declined 25% to Rs 4.96 crore, partly due to higher tax expenses.
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