Rays of Belief IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 9.06x |
| NII | 279.11x |
| sNII (₹2L–₹10L) | 229.7x |
| bNII (above ₹10L) | 303.82x |
| Retail (RII) | 195.86x |
| Total | 107.71x |
Bidding day 3 · final figures at close of bidding: 8 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 1 Sept 2026
- Close Date
- 3 Sept 2026
- Listing Date
- 8 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹125 Cr
- OFS
- ₹0 Cr
- Listing On
- NSE, BSE
- Registrar
- KFin Technologies (KFintech)
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 62 | ₹14,818 |
| Retail (Max) | 14 | 868 | ₹2,07,452 |
| B-HNI (Min) | 68 | 4,216 | ₹10,07,624 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 20,92,190 | 40% |
| QIB (ex-anchor) | 18,30,310 | 35% |
| NII | 7,84,500 | 15% |
| — sNII (< ₹10L) | 2,61,500 | 5% |
| — bNII (> ₹10L) | 5,23,000 | 10% |
| Retail | 5,23,000 | 10% |
| Total | 52,30,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 30.76 | 0.85 | 1.49 | 5.78 | 12.89 | — | — |
| FY 2025 | 36.54 | 5.88 | 3.02 | 15.02 | 26.12 | 4.36 | — |
| FY 2026 | 82.06 | 4.96 | 11.91 | 30.81 | 50.89 | 3.61 | 3.16 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 75.63x
- P/E (post-issue)
- 100.84x
- RoNW
- 21.64%
- RoE
- 21.64%
- RoCE
- 29.74%
- Debt / Equity
- 0.12
- EPS (pre-issue)
- ₹3.16
- EPS (post-issue)
- ₹2.37
- EBITDA Margin
- 14.59%
- PAT Margin
- 6.07%
- P/BV
- 0.88x
- NAV / share
- ₹15.67
- Market Cap
- ₹499.55 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals | ₹26.88 Cr |
| School Collaboration Centres | ₹5.54 Cr |
| Centre for Excellence and Research | ₹2.45 Cr |
| Upskilling Academy | ₹2.05 Cr |
| Technology (hardware) costs | ₹4.44 Cr |
| Expenditure for lease payments for existing centres in India | ₹14.45 Cr |
| Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA | ₹10.13 Cr |
| Expenditure for brand awareness and inclusive outreach programs | ₹10.21 Cr |
| Funding inorganic growth through unidentified acquisition and General corporate purposes | ₹38.55 Cr |
| Issue Expenses | ₹16.2 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to the BRLM and commissions including underwriting commission, brokerage and selling commission, as applicable | ₹4 Cr |
| Selling commission and processing fees for SCSBs (1)(2) and Bidding Charges for Members of the Syndicate, Registered Brokers, CRTAs and CDPs | ₹4.6 Cr |
| Fees payable to the Registrar to the Issue | ₹0.16 Cr |
| Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees, NSDL and CDSL fees and other regulatory expenses | ₹2.25 Cr |
| Printing and stationery expenses | ₹0.07 Cr |
| Advertising and marketing expenses | ₹0.9 Cr |
| Fees payable to the legal counsel | ₹1.26 Cr |
| Fees payable to the other advisors to the Issue | ₹2.15 Cr |
| Miscellaneous | ₹0.8 Cr |
Promoters & Shareholding
Promoters: <p>Nitin Bindlish, Carving Futures Pte.Ltd.</p>
- Holding (pre-issue)
- 91.72%
- Holding (post-issue)
- 68.77%
- Dilution
- 22.95%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| VINEY GROWTH FUND | Other | 6,27,626 | ₹239 | 15 | 30% |
| LRSD SECURITIES PVT.LTD. | Other | 6,27,626 | ₹239 | 15 | 30% |
| NOVA GLOBAL OPPORTUNITIES FUND PCC-TOUCHSTONE | FII/FPI | 4,18,438 | ₹239 | 10 | 20% |
| 31 Degrees North Fund I | Other | 2,09,250 | ₹239 | 5 | 10% |
| VISIONARY VALUE FUND | Other | 2,09,250 | ₹239 | 5 | 10% |
Anchor bidding took place on 31 Aug 2026. Anchor lock-in: 50% of shares unlock on 3 Oct 2026, the remainder on 2 Dec 2026.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Rays of Belief IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Rays of Belief IPO
The Rays of Belief mainboard IPO opens for subscription on 1 Sept 2026 and closes on 3 Sept 2026, offered at a price band of ₹227–239 per share, and is set to list on NSE and BSE. In total, the issue aims to mobilise ₹125 crore. Retail investors bid in lots of 62 shares, a minimum application of ₹14,818.
Issue structure
The IPO is structured entirely as a fresh issue of ₹125 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding inorganic growth through unidentified acquisition and general corporate purposes (₹38.55 crore), alongside company learning centres and company learning centres in partnership with licensed professionals (₹26.88 crore). In all, 10 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Rays of Belief reported revenue of ₹82.06 crore and a net profit of ₹4.96 crore. Revenue grew from ₹30.76 crore in FY2024 to ₹82.06 crore in FY2026 (+167.0%). Net worth stood at ₹30.81 crore at the end of FY2026. At the upper band, that puts the issue at roughly 75.6× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 100.84× post-issue earnings and 0.88× book value, against a return on net worth of 21.64% and a debt-to-equity ratio of 0.12. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Nitin Bindlish, Carving Futures Pte.Ltd.</p>. Promoter holding stands at 91.72% before the issue and comes down to 68.77% after listing.
Grey market premium (GMP)
In the unofficial grey market, Rays of Belief shares are quoted at a premium of ₹15 implying an expected listing around ₹254, about +6.3% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Rays of Belief IPO was subscribed 107.71 times overall. The strongest demand came from non-institutional investors (NII) at 279.11 times, with qualified institutional buyers (QIB) at 9.06× and retail investors at 195.86×.
Listing performance
Rays of Belief listed on 8 Sept 2026 at ₹239, a premium of +0.0% over the issue price of ₹239.
What to weigh
When evaluating the Rays of Belief IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Rays of Belief
Rays of Belief Limited is the parent company of Mom’s Belief , a leading child development and therapy organization dedicated to empowering families through evidence-based practices. The company focuses on creating personalized therapeutic programs for children with autism and other developmental delays, helping them achieve their full potential. Through its Integrated Learning Centres, Rays of Belief provides a supportive and inclusive environment where children receive expert guidance from professionals in child psychology, speech, behaviour, and occupational therapy. The centres are designed to promote holistic growth and emotional well-being. Services: Occupational Therapy – to enhance motor skills and daily functioning. Speech Therapy – to improve communication and language abilities. Special Education – individualized learning support for children with diverse needs. Applied Behaviour Analysis (ABA) – behaviour-based intervention for skill development. Language and Communication Therapy – to strengthen verbal and social communication. Adult Counselling - to support parents and caregivers in managing challenges effectively.
Rays of Belief — Contact Details
- Registered office
- J-1919, Basement,, Chittranjan Park, New Delhi,, Delhi, New Delhi, 110019
- Phone
- +91 124 407549
- cs@momsbelief.com
- Website
- www.momsbelief.com/
- Registrar (IPO queries)
- robl.ipo@kfintech.com
Frequently asked questions
- What is the Rays of Belief IPO price band?
- The Rays of Belief IPO price band is ₹227 to ₹239 per share, with a lot size of 62 shares.
- What was the Rays of Belief IPO GMP before listing?
- The final grey market premium recorded before the Rays of Belief IPO listed was ₹15. The IPO listed on 8 Sept 2026 at ₹239, +0.0% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Rays of Belief IPO open and close?
- The Rays of Belief IPO opens on 1 Sept 2026 and closes on 3 Sept 2026.
- When is the Rays of Belief IPO allotment and listing date?
- Allotment is expected on 4 Sept 2026. The shares are scheduled to list on 8 Sept 2026 on NSE and BSE.
- How many times was the Rays of Belief IPO subscribed?
- The Rays of Belief IPO was subscribed 107.71 times in total across all investor categories.
- What is the reservation split in the Rays of Belief IPO?
- Of the total shares offered, retail investors get 10%, QIBs 35% (plus 40% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Rays of Belief and what is their holding?
- The promoters are <p>Nitin Bindlish, Carving Futures Pte.Ltd.</p>. Promoter holding is 91.72% before the issue and 68.77% after listing.
- What is the P/E ratio of the Rays of Belief IPO?
- At the upper price band, the Rays of Belief IPO is valued at 75.63× pre-issue earnings and 100.84× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Rays of Belief IPO?
- The net proceeds go primarily toward funding inorganic growth through unidentified acquisition and general corporate purposes, among 10 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Rays of Belief IPO?
- The book-running lead manager is Mefcom Capital Markets Ltd.. KFin Technologies (KFintech) is the registrar to the issue.
- Is Rays of Belief a Mainboard or SME IPO?
- Rays of Belief is a Mainboard IPO, listing on NSE and BSE.