BSE List Price : ₹239.00

NSE List Price : ₹239.00

subscription

Category	Times
QIBs	9.06x
HNIs	279.11x
Retail	195.86x
Total : 107.71x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	1	62	₹14,818
Retail Maximum	13	806	₹192,634
S-HNI Minimum	14	868	₹207,452
S-HNI Maximum	67	4,154	₹992,806
B-HNI Minimum	68	4,216	₹1,007,624

About the Company

Established in 2017, Rays of Belief is a for-profit social enterprise focused on providing customised intervention programs for children with Neurodevelopmental Disorders (NDDs). Its areas of support include Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays.

The company caters to children aged 18 months to 12 years and also offers specialised programs for children up to 15 years, focusing on vocational and life skills to promote greater independence. Its services include early intervention, parental guidance, occupational therapy, language therapy, and family support programs. The company also provides a comprehensive range of learning resources, including 150+ teaching tools across its centres and 2,000+ tools for home-based learning, along with regular follow-ups and progress monitoring. Its operations are supported by a team of 340+ clinical professionals.

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2024	₹30.76	₹30.66	₹0.85	₹12.89
2025	₹36.54	₹36.19	₹5.88	₹26.12
2026	₹82.06	₹75.16	₹4.96	₹50.89

Company Promoter

Nitin Bindlish

Carving Futures Pte.Ltd

Know before investing

• • Strengths

  Extensive Centre Network: Rays of Belief is ranked as India’s first enterprise by the number of centres providing intervention plans for children with NDDs. Its extensive network of 136 centres enables access to developmental care across various cities.

  Affordable and Accessible Care: The company aims to deliver convenient and cost-effective developmental care for children with NDDs. Its network-driven model allows families to access personalised intervention plans at multiple locations.

• • Risks

  Operations from Leased Premises: The company operates its centres from leased properties, with lease terms ranging from 11 months to 3 years. A substantial part of its capital expenditure is invested in immovable fit-outs at these locations, which may not be recoverable if leases are not renewed or centres are shut down or shifted.

  Reliance on Related Parties and Acquired Centres: In Fiscal 2026, 25.56% of Revenue from Operations was generated through the export of support services to Carving Futures Pte. Ltd. and Carving Futures Inc. Any unfavourable change in, or discontinuation of, these arrangements could adversely impact the business. Additionally, 50.21% of Revenue from Operations in Fiscal 2025, based on the Pro Forma Consolidated Financial Information, was contributed by three recently acquired centres in the United States.

Objects of the Issue & Utilisation of proceeds

Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals.

School Collaboration Centres.

Centre for Excellence and Research.

Upskilling Academy.

Technology (hardware) costs.

Expenditure for lease payments for existing centres in India.

Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA.

Expenditure for brand awareness and inclusive outreach programs.

Funding inorganic growth through unidentified acquisition and General corporate purposes.

Company  Address

Rays of Belief Ltd.
J-1919, Basement,
Chittranjan Park, New Delhi,
Delhi, New Delhi, 110019
Phone: +91 124 407549
Email: cs@momsbelief.com
Website: https://www.momsbelief.com/

IPO Registrar

Kfin Technologies Ltd.
Phone: 040-79615565
Email: robl.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/