How to Check Rays of Belief IPO Allotment Status

Rays of Belief Limited, established in 2017, is a for-profit social enterprise focused on providing personalised intervention and therapy programmes for children with neurodevelopmental disorders (NDDs). The company operates primarily under its Mom’s Belief brand and commenced operations in 2018.

Its programmes cater to children with conditions including autism spectrum disorder, attention-deficit/hyperactivity disorder (ADHD), Down syndrome, cerebral palsy, intellectual disabilities, learning disabilities and global developmental delays. The company follows personalised intervention plans based on each child's developmental and behavioural requirements.

As of March 31, 2026, Rays of Belief operated 136 centres across 57 cities in 20 states and Union Territories in India and had served more than 58,000 children since commencing operations. Its care network was supported by more than 340 full-time healthcare professionals.

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The company has also expanded internationally. In June 2025, it acquired Mom’s Belief US, Inc., along with its step-down subsidiary Allergy and Immunology Virginia, LLC, establishing a presence through three specialised clinical care centres in Virginia, United States.

Rays of Belief IPO is a ₹125 crore book-built mainboard issue comprising a fresh issue of 52.30 lakh equity shares. The IPO does not include an offer-for-sale component.

The IPO opened for subscription on September 1, 2026 and closed on September 3, 2026. The basis of allotment is scheduled for September 4, 2026, followed by initiation of refunds and credit of shares on September 7. The shares are scheduled to list on BSE and NSE on September 8, 2026.

The price band was fixed at ₹227 to ₹239 per share, with a lot size of 62 shares. At the upper price band, the minimum Retail Investor application for one lot amounts to ₹14,818.

Mefcom Capital Markets Limited is the book-running lead manager to the issue, while KFin Technologies Limited is the registrar.

Registrar:  KFin Technologies Limited

BSE: BSE IPO Allotment Status Page

NSE: NSE IPO Allotment Status Page

Rays of Belief IPO Subscription Status

Rays of Belief IPO was subscribed 107.28 times based on the closing-day snapshot provided. Demand accelerated sharply on the third and final day, led by the NII and Retail categories.

The Retail category was subscribed 193.47 times in the supplied Day 3 snapshot. Retail demand was comparatively strong from the beginning, rising from 6.51 times on Day 1 to 18.67 times on Day 2 before crossing 190 times on the closing day.

The QIB category was subscribed 9.06 times on the final day. Institutional participation was negligible during the first two days, with the category recording no subscription on Day 1 and just 0.01 times on Day 2.

Overall subscription increased from 1.18 times on Day 1 to 3.63 times on Day 2, before reaching 107.28 times in the supplied closing-day snapshot.

Later final exchange-linked data shows the IPO subscribed 107.71 times overall, with QIBs at 9.06 times, NIIs at 279.11 times and Retail Investors at 195.87 times. The variation reflects updated bids after the supplied snapshot; the table above retains the figures provided for consistency.

Rays of Belief IPO Share Price and Investment Details

Rays of Belief IPO price band was fixed at ₹227 to ₹239 per share, with a lot size of 62 shares. At the upper price of ₹239, a minimum Retail Investor application of one lot requires an investment of ₹14,818.

Retail Investors can apply for up to 13 lots or 806 shares, amounting to approximately ₹1,92,634 at the upper price band. The minimum sNII application starts from 14 lots or 868 shares, corresponding to ₹2,07,452.

The IPO comprises 52.30 lakh fresh equity shares aggregating to ₹125 crore. It is structured entirely as a fresh issue, with no OFS component, and the shares are proposed to list on both NSE and BSE.

Based on the supplied subscription snapshot, NIIs led demand at 278.97 times, followed by Retail Investors at 193.47 times and QIBs at 9.06 times. Overall subscription stood at 107.28 times.

Given the level of oversubscription, competition for allotment is high, particularly across the NII and Retail categories. The basis of allotment is scheduled for September 4, 2026, followed by refunds and share credit on September 7 and the proposed listing on September 8.

Utilisation of IPO Proceeds

Rays of Belief proposes to utilise approximately ₹41.36 crore from the IPO proceeds towards capital expenditure for establishing new centres on leased premises and associated technology hardware costs.

Of this planned capital expenditure, approximately ₹34.99 crore is earmarked for centre fit-outs, ₹1.93 crore for therapy-material inventory and ₹4.44 crore for technology hardware. The company plans to establish 319 additional centres between FY27 and FY29 as part of its expansion strategy. 

Another ₹14.44 crore is proposed to be used towards lease payments for existing centres in India.

The company proposes to invest approximately ₹10.13 crore in its subsidiary Mom’s Belief US Inc. for lease or licence payments related to existing centres in the United States.

Approximately ₹10.20 crore is earmarked for brand awareness and inclusive outreach programmes. The remaining eligible proceeds are proposed to fund inorganic growth through unidentified acquisitions and general corporate purposes.

Since the entire ₹125 crore IPO is a fresh issue, there is no OFS component. Consequently, the net proceeds are intended for the company's stated business and expansion requirements rather than existing selling shareholders.

Business Overview

Rays of Belief operates in the specialised child developmental and behavioural healthcare segment through its Mom’s Belief brand. The company provides personalised intervention programmes for children with neurodevelopmental conditions rather than following a standardised one-size-fits-all therapy model.

Its services address conditions including autism spectrum disorder, ADHD, Down syndrome, cerebral palsy, intellectual disabilities, learning disabilities and global developmental delays. The company's programmes involve trained professionals delivering structured intervention and therapy services to children and their families.

As of March 31, 2026, the company operated 136 centres across 57 cities and 20 states and Union Territories. It had served more than 58,000 children since 2018, while its clinical network was supported by more than 340 full-time healthcare professionals.

The company is planning a significant expansion of its domestic network. It intends to add 319 centres between FY27 and FY29, with part of the IPO proceeds being used for centre fit-outs, therapy-material inventory and technology hardware. 

Rays of Belief has also started expanding internationally. Its 2025 acquisition of Mom’s Belief US, Inc. and Allergy and Immunology Virginia, LLC added three specialised clinical care centres in Salem, Lynchburg and Roanoke, Virginia. The company has also indicated plans to expand internationally into markets including the UAE and the UK.

The company reported total revenue of ₹82.06 crore in FY26, compared with ₹36.54 crore in FY25 and ₹30.76 crore in FY24. However, profit after tax declined to ₹4.96 crore in FY26 from ₹5.88 crore in FY25, despite the increase in revenue.

FY26 EBITDA margin stood at approximately 14.59%, while PAT margin was around 6.07%. Operating profit improved during the year, but the decline in PAT alongside the expansion in revenue remains an important financial factor to consider.

Key strengths include its specialised focus on paediatric neurodevelopmental care, established Mom’s Belief brand, network across multiple Indian cities, personalised intervention model, experienced clinical workforce and growing international presence. Its planned addition of 319 centres could further expand its geographic reach if executed as intended.

Investors should also consider risks associated with execution of rapid centre expansion, availability and retention of qualified therapists, lease commitments, continuing investment in brand building, regulatory requirements in healthcare, international expansion and the decline in FY26 profitability despite higher revenue. The company's growth strategy requires a significant increase in its centre network over the next three financial years.