A for-profit social enterprise Rays of Belief Limited, operating under the 'Mom's Belief' brand, has announced its initial public offering (IPO) of equity shares with a price band of ₹227-239 per share. According to reports from The Economic Times, the IPO is scheduled to open on September 1, 2026, with shares proposed to be listed on the main board of both BSE and NSE. The issue comprises a fresh issue of up to 52.30 lakh equity shares of face value ₹10 each, with a minimum bid requirement of 62 equity shares. The IPO will be made through the book-building process, with at least 75% available for qualified institutional buyers, up to 15% for non-institutional investors and up to 10% for retail investors. As per Mint, the minimum investment is ₹14,074 (1 lot × 62 shares) with a face value of ₹10 per share.
The company recorded strong revenue growth in FY26, with consolidated revenue from operations more than doubling to ₹81.66 crore from ₹36.42 crore in FY25, as reported by LiveMint. However, profitability declined, with profit for the year falling to ₹4.96 crore in FY26 from ₹5.88 crore in the previous fiscal. The grey market premium (GMP) stands at ₹29, indicating positive sentiment in the unofficial market. Considering the upper end of the IPO price band and the current premium, the estimated listing price is indicated at ₹268 apiece, which is 12.13% higher than the IPO price of ₹239. The anchor investor bidding date is August 31, 2026, while the issue closing date is September 3, 2026.
Rays of Belief provides personalized intervention plans for children with Neurodevelopmental Disorders (NDD), including Autism Spectrum Disorder, Attention-Deficit/Hyperactivity Disorder, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delay. According to the company statement, since its start in 2018, it has served more than 58,000 children. As of March 31, 2026, more than 2,500 active children are enrolled under various intervention plans delivered through its centres and digital platforms. The company operates 136 centres across 57 cities spanning 20 states and union territories in India, with 42 centres in Tier 1 cities, 77 centres in Tier 2 cities and 17 centres in Tier 3 cities. According to the CARE Report cited by the company, Mom's Belief ranked first in India by number of centres offering intervention plans for children with neurodevelopmental disorders and ranked seventh globally among listed players operating in a similar behavioural health domain.
The company intends to utilize a portion of the net proceeds towards expanding its centres' network across India. Between fiscal 2027 and fiscal 2029, it proposes to establish 319 new centres, including 128 new centres in Tier 1 cities, 121 new centres in Tier 2 cities and 70 new centres in Tier 3 cities, as reported by The Economic Times. The funds generated from the IPO will be utilized to facilitate the company's upcoming expansion phase, with approximately ₹34.99 crore earmarked for centre fit-outs, ₹1.93 crore for therapy-material inventory, and ₹4.44 crore for technology hardware. The clinical team comprises 3,340 full-time clinical professionals, including child and adolescent psychologists, occupational therapists, speech-language pathologists, special educators, behaviour therapists, and early childhood development professionals. The company also had more than 80 clinical operations, headquarters, and support staff as of March 31, 2026.
Nitin Bindlish and Carving Futures Pte Ltd are the promoters of the company. According to the company statement, Carving Futures Pte Ltd has partnered with the LEGO Foundation to undertake activities under the project charter, including the Family Support Plan, Play Inclusion initiatives, and expansion of presence across geographies including India, Dubai and the UAE. As part of the two-year project, the LEGO Foundation has contributed $2.02 million to the promoter, which is being utilized to provide families of neurodivergent children with tools, knowledge and support using therapeutic developmental LEGO-integrated kits and Learning Through Play principles. The company has also made the Company's first overseas investment in the United States, resulting in the formation of a wholly owned subsidiary Mom's Belief US Inc.
