Small-cap stock Rays of Belief hit new record high of ₹239 in Wednesday’s trading session, extending its upward rally for fourth session straight.
Rays of Belief share price opened at ₹228.85 apiece on NSE today, as compared to previous close of ₹228.33 on Tuesday. The market capitalisation of Rays of Belief stock stood at ₹489.08 crore on Wednesday.
What’s behind the rally?
In an exchange filing dated 21 September, the company said that Rays of Belief, which operates primarily under the Mom’s Belief brand, has acquired a 100% stake in City Pro Group Inc. (CPG) through its wholly owned subsidiary, Mom’s Belief US Inc. Following the acquisition, CPG has become a step-down wholly owned subsidiary of Rays of Belief Limited, effective September 18, 2026.
Mom’s Belief has acquired a 100% stake in City Pro Group Inc. (CPG), a New York-based provider of pediatric healthcare services. Established in 1995, CPG has nearly three decades of experience in pediatric Early Intervention and special education.
The company reported revenue of $11.43 million (around ₹97.27 crore) in FY25 and operates across key locations in New York, including the Bronx, Brooklyn, Manhattan and Long Island (Plainview).
According to the filing, the acquisition is expected to strengthen Mom’s Belief’s presence in the US pediatric developmental-care market by expanding its footprint and capabilities in early intervention and special education services. With CPG’s established operations and long-standing experience in pediatric care, the deal adds to Mom’s Belief’s presence in the growing US market for developmental healthcare services.
“City Pro Group gives us an established operating platform inside the New York Early Intervention ecosystem, experienced clinical teams, community relationships and practices developed over many years. India remains at the heart of our growth plans, while this acquisition provides an opportunity to accelerate organisational learning through international capabilities. We intend to evaluate relevant elements of CPG’s clinical supervision, professional development, family engagement, service coordination and community partnerships across our 136 centres in India,” said Nitin Bindlish, Managing Director, Rays of Belief Limited – Mom’s Belief.
Rays of Belief share price debut
Shares of Rays of Belief Ltd made a flat debut on the stock exchanges on September 8, with the stock listing at ₹239 per share on both the NSE and BSE. The listing price was in line with the upper end of the company’s IPO price band.
The muted debut followed strong demand for the company’s IPO, which was subscribed 107.71 times during the three-day bidding period that ended on September 3. According to NSE data, investors placed bids for 33.79 crore equity shares against the 31.38 lakh shares available for subscription.
The non-institutional investor (NII) category recorded the highest subscription at 279.11 times, followed by the retail investor portion at 195.87 times. The qualified institutional buyer (QIB) segment was subscribed 9.06 times.
Founded in 2017, Rays of Belief operates under the Mom’s Belief brand and offers personalised intervention and therapy programmes for children with neurodevelopmental disorders.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
