Rays of Belief IPO

Status: Closed
RHP:
BSE, NSE

₹ 14,074 / 62 shares
Minimum Investment

IPO Listing Details

Listing Date
08 Sep 2026
Listing Price
₹239.00
Listing Change
0.00%
Last Traded Price
₹224.96

Rays of Belief IPO Details

Open Date
01 Sep 2026
Close Date
03 Sep 2026
IPO Price Range
₹ 227 to ₹239
IPO Size
₹ 125 Cr

Open Free Demat Account

+91

By proceeding, you agree to all T&C*

Rays of Belief IPO Subscription Status

Date	QIB	NII	Retail	TOTAL
01-Sep-2026	0.00	0.17	6.51	1.18
02-Sep-2026	0.01	2.07	18.67	3.63
03-Sep-2026	9.06	279.11	195.86	107.71

About Rays of Belief

Last Updated: 03 September 2026 5:33 PM by 5paisa

Rays of Belief Limited is a for-profit social enterprise providing personalised intervention plans for children with neurodevelopmental disorders, including autism, ADHD, cerebral palsy, learning disabilities and developmental delays. Its multidisciplinary services include early intervention, occupational therapy, speech and language therapy, behavioural support, special education, parental guidance and family support. The company primarily serves children aged 18 months to 12 years, with specialised programs extending to 15 years. Since commencing operations in 2018, it has served over 58,000 children and operates 136 centres across 57 Indian cities.

Established in: 2017

Managing Director: Nitin Bindlish

Rays of Belief Objectives

1. Gross proceeds of the Fresh Issue

2. Less: Issue related expenses to the extent applicable to the Fresh Issue (only

3. those apportioned to our Company)

4. Net Proceeds

Rays of Belief IPO Size

Types	Size
Total IPO Size	₹125 Cr
Offer For Sale	-
Fresh Issue	₹125 Cr

Rays of Belief IPO Lot Size

Application	Lots	Shares	Amount (₹)
Retail (Min)	1	62	14,074
Retail (Max)	13	806	1,92,634
S-HNI (Min)	14	868	1,97,036
S-HNI (Max)	67	4,154	9,92,806
B-HNI (Min)	68	4,216	10,07,624

Rays of Belief IPO Reservation

Investors Category	Subscription (times)	Shares Offered*	Shares bid for	Total Amount (Cr.)*
QIB (Ex Anchor)	9.06	18,30,310	1,65,76,630	396.18
Non-Institutional Buyers	279.11	7,84,500	21,89,64,780	5,233.26
bNII	303.82	5,23,000	15,88,98,374	3,797.67
sNII	229.70	2,61,500	6,00,66,406	1,435.59
Retail	195.86	5,23,000	10,24,36,338	2,448.23
Total**	107.71	31,37,810	33,79,77,748	8,077.67

*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.

Rays of Belief Financial Status

Profit and Loss

Revenue
EBITDA
PAT

Balance Sheet

Total Liabilities
Share Capital
Total Assets

Particulars (In ₹ Crores)	FY24	FY25	FY26
Revenue	30.8	36.5	8.21
EBITDA	1.5	3	11.9
PAT	0.9	5.9	5

Particulars (In ₹ Crores)	FY24	FY25	FY26
Total Assets	13	26.1	50.9
Share Capital	0.3	0.32	15.6
Total Liabilities	13	26.1	50.9

Particulars (In ₹Crores.)	FY24	FY25	FY26
Net Cash Generated From / (used in) Operating Activities	2.1	-1.8	-1.94
Net Cash Generated From / (used in) Investing Activities	-2.7	-2.04	-6.2
Net Cash Generated From / (used in) Financing Activities	1.03	4.9	6.03
Net Increase (Decrease) in Cash and Cash Equivalents	0.4	1.04	-2.08

Rays of Belief IPO SWOT Analysis

Strengths

1. Extensive network across multiple Indian cities

2. Personalised multidisciplinary neurodevelopmental intervention programmes

3. Diverse presence across Tier 1–3 cities

4. Scalable leased-centre model limits upfront investment

Weaknesses

1. Significant operations conducted from leased premises

2. Dependence on related parties for export revenue

3. Negative operating cash flow during FY2026

4. Client retention remains important for revenue growth

Opportunities

1. Rising awareness of neurodevelopmental disorders in India

2. Expansion into new cities and underserved markets

3. Growing adoption of multidisciplinary developmental care models

4. Digital health tools can broaden service accessibility

Threats

1. Shortage of skilled professionals across care industry

2. Regional disparities may restrict access to services

3. Regulatory fragmentation could affect industry operations

4. Social stigma may constrain developmental care adoption

Why Invest in Rays of Belief IPO?

Rays of Belief Limited operates in the growing neurodevelopmental care segment, providing multidisciplinary intervention services for children across India. Its extensive network across multiple cities, personalised intervention programmes and presence across Tier 1, Tier 2 and Tier 3 markets support its reach. The company’s scalable centre model provides scope for further geographical expansion. Rising awareness of neurodevelopmental disorders and increasing demand for specialised child development services may create long-term growth opportunities, while investors should carefully consider the associated business and industry risks.