Rays of Belief Limited

Rays of Belief Limited is a for-profit social enterprise and the parent entity behind Mom’s Belief. Incorporated in 2017, it is one of India’s largest holistic healthcare and therapy providers for children with Neurodevelopmental Disorders (NDDs)—including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, and Learning Disabilities. The company operates 125+ integrated learning centres across 60+ cities in India and recently expanded into the United States.

IPO Key Details

• Issue Window: September 1, 2026 – September 3, 2026

• Price Band: To Be Announced (TBA)

• Face Value: ₹10 per equity share

• Lot Size: To Be Announced (TBA)

• Fresh Issue Size: ~₹150.00 Cr (52.3 Lakh fresh equity shares)

• Listing Exchanges: BSE & NSE (Tentative Listing Date: September 7/8, 2026)

• Registrar: KFin Technologies Limited

Financial Performance (Consolidated)

Key Strengths & Fundamentals

• Scalable Business Model: Operates through a mix of Company Learning Centres, partner-led centres with licensed professionals, school collaboration programs, and digital therapy tools.

• Massive Outreach: Has served over 60,000 families and children across India and international markets since inception.

• High Growth Trajectory: Top-line revenue grew rapidly from ₹30.76 Cr in FY24 to ₹82.06 Cr in FY26.

Objects of the Issue

1. Setting up new Early Intervention Centres across India.

2. Lease/license payments for existing therapy centres in India and the US subsidiary (Mom’s Belief US Inc.).

3. Investment in technology hardware, research, and upskilling academies.

4. Brand awareness programs and general corporate purposes.

Key Risk Factors

• Leased Operations: Most centres (over 90 in India and US centres) run on short-term lease arrangements (11 months to 3 years). Non-renewal poses operational risks.

• Geographic & Partner Concentration: Over 29% of FY25 revenue came from UP, Karnataka, and Delhi, while over 50% was derived from partner-led centre models.