Rays of Belief IPO price band: The parent company of Mom’s Belief, Rays of Belief IPO price band has been fixed in the range of ₹227 to ₹239 per equity share of the face value of ₹10. The Rays of Belief IPO date of subscription is scheduled for Tuesday, 1 September and will close on Thursday, 3 September. The allocation to anchor investors for the Rays of Belief IPO is scheduled to take place on Monday, 31 August.
The Rays of Belief IPO lot size is 62 equity shares and in multiples of 62 equity shares thereafter.
Rays of Belief IPO has reserved not more than 75% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 10% of the offer is reserved for retail investors.
Tentatively, Rays of Belief IPO basis of allotment of shares will be finalised on Friday, 4 September and the company will initiate refunds on Monday, 7 September, while the shares will be credited to the demat account of allottees on the same day following refund. Rays of Belief share price is likely to be listed on BSE and NSE on Tuesday, 8 September.
Rays of Belief IPO details
The public issue comprises an entirely fresh issue of up to 52.30 lakh equity shares, with no offer-for-sale (OFS) component.
The company had earlier raised ₹5.89 crore through a pre-IPO private placement, which was subsequently adjusted against the fresh issue. As a result, the issue size was reduced from the 60 lakh equity shares proposed in the updated draft papers filed in February. According to the RHP filed on 19 August, the pre-IPO placements were made at ₹284 and ₹290 per share.
The IPO proceeds will be used to support the company’s next phase of expansion, including the establishment of 319 new centres between FY27 and FY29. Of the proposed ₹41.36 crore, around ₹34.99 crore will be allocated to centre fit-outs, ₹1.93 crore to therapy-material inventory, and ₹4.44 crore to technology hardware.
Mefcom Capital Markets is the book-running lead manager, while Kfin Technologies is the registrar to the issue.
Company details
Founded in 2017, Rays of Belief Ltd. is a social enterprise that operates for profit and offers tailored intervention programs for children with Neurodevelopmental Disorders (NDDs), such as Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays.
Based in Gurugram, the company aims to enhance access to organised neurodevelopmental care, especially in Tier-II and Tier-III cities, where specialised intervention services are scarce.
As of 31 March 2026, Rays of Belief operated 136 centres across 57 cities in 20 states and Union Territories, having supported over 58,000 children since its launch in 2018. A report by CARE indicates that the company holds the top position in India and ranks seventh globally by the number of centres among publicly listed entities in the behavioural health sector.
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