Rays of Belief IPO allotment is expected to be finalised today, September 4, 2026, following the overwhelming investor response to the ₹125 crore issue that was subscribed 107.71 times. The company is scheduled to list on both BSE and NSE on September 8, 2026, with shares set to open at 10 AM. The Grey Market Premium (GMP) currently stands at ₹17 per share, indicating an estimated listing price of ₹256 at the upper end of the ₹239 issue price, representing a potential gain of around 7.11% over the issue price. The IPO received bids for 33.79 crore equity shares against 31.38 lakh shares on offer, with retail investors leading at 195.87 times subscription and non-institutional investors demonstrating exceptional demand at 279.11 times. The issue had successfully raised ₹50 crore from anchor investors on August 31, 2026, as reported by Business Standard.
For financial year 2026, Rays of Belief reported consolidated revenue of ₹81.66 crore, representing a 12% increase from the previous year, while profit after tax declined 25% to ₹4.96 crore from ₹5.88 crore a year earlier, partly due to higher tax expenses. The company's operating profit surged 220% to ₹11.91 crore with operating margin improving significantly to 14.59% from 5.09% on a pro forma basis. However, EBITDA increased dramatically to ₹11.91 crore from ₹3.02 crore in the previous year. The company operates 136 centres across 57 cities in 20 states and Union Territories under the Mom's Belief brand as of March 31, 2026, and plans to add 319 centres between FY27 and FY29 using part of its IPO proceeds. The fresh issue proceeds will be strategically deployed with ₹41.36 crore allocated for setting up new centres, ₹14.45 crore for lease payments for existing centres, ₹10.13 crore for lease/license payments for its US subsidiary, ₹10.20 crore for brand awareness and outreach programmes, and the remaining amount for inorganic growth and general corporate purposes.
The ₹125 crore IPO consists solely of a fresh issuance of up to 52.30 lakh equity shares with no offer for sale component, making it a pure fresh issue. Rays of Belief Ltd is a for-profit social enterprise offering personalised intervention plans for children with neurodevelopmental disorders including ADHD, down syndrome, autism spectrum disorder, cerebral palsy, learning disabilities, intellectual disability and global developmental delays. The IPO was priced at ₹227–239 per share with a lot size of 62 shares, making the minimum investment for retail investors ₹14,818 based on the upper price band. QIB portion was subscribed 9.06 times, NII category was subscribed 279.11 times, and retail individual investors segment was subscribed 195.87 times. Mefcom Capital Markets served as the book running lead manager while Kfin Technologies served as the registrar. Rays of Belief IPO allotment status is expected to be finalised today, September 4, with the equity shares of the company proposed to be listed on the NSE and BSE on September 8, 2026 at 10 AM. Refunds and credit of shares to successful applicants are expected on September 7. For individuals who were not allocated shares, the refund procedure will begin on Monday, September 7, while those who received allocations will get their shares credited to their demat accounts on the same day.
The fresh issue proceeds will be strategically deployed across multiple growth initiatives including infrastructure upgrade, lease payments for existing centres in India, investment in subsidiary, Mom's Belief US Inc, for making lease/license payments for existing centres in the United States, marketing, funding inorganic growth through unidentified acquisition, and general corporate purposes. Incorporated in 2017, Rays of Belief Ltd is a social enterprise offering personalised intervention plans for children with neurodevelopmental disorders including Autism, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and developmental delays. The company operates under the Mom's Belief brand and has 136 centres across India as of March 31, 2026, with 340+ full-time clinical professionals as of March 31, 2026. The company's services include early intervention, occupational and language therapy, parental guidance and family support, with a strong presence in Tier 2 and Tier 3 cities. The company also intends to pursue inorganic growth through acquisitions and strategic partnerships while expanding internationally through its existing US operations and plans to enter the UAE and UK markets.
Investors can check their Rays of Belief IPO allotment status online through multiple platforms following the finalisation today. On Kfin Technologies portal, visit https://ipostatus.kfintech.com/ and select 'Rays of Belief Ltd' in the 'Select IPO' section, adding IPO application number, Demat account number or PAN for verification. On BSE platform, head to https://www.bseindia.com/investors/appli_check.aspx, set issue type as 'Equity', select 'Rays of Belief Ltd', and fill in PAN or IPO application number. On NSE website, navigate to the IPO status page at https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids, select 'Equity & SME IPO bid details', choose 'MOMSBELIEF' from the dropdown, and use application number or PAN for identification. The allotment basis is expected to be finalised by late evening on September 4, 2026.
