Rays Of Belief IPO Set To Open September 1 With Fresh Issue Of 52.3 Lakh Shares

Rays of Belief is set to become the first mainboard company to launch an IPO in September 2026. The issue will remain open until September 3, with the company offering only new shares and no offer-for-sale component.

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IPO Dates And Issue Details

The IPO will comprise a fresh issue of up to 52.3 lakh shares. Based on the ₹284-290 per share range used in the pre-IPO placement, the issue could raise between ₹148.53 crore and ₹151.67 crore and value the company at around ₹600 crore.

The company has already raised ₹5.9 crore through a pre-IPO placement. In its red herring prospectus filed on August 19, Rays of Belief said the pre-IPO shares were issued at ₹284 and ₹290 apiece. The amount raised through the placement has been adjusted against the fresh issue, resulting in the revised issue size of 52.3 lakh shares.

The anchor book for institutional investors is scheduled to open for one day on August 31. The IPO is expected to be listed on the stock exchanges on September 8, while share allotment is scheduled for September 4.

Where The IPO Money Will Go

Rays of Belief plans to use ₹41.3 crore from the net proceeds to establish new centres on leased premises and meet related technology and hardware costs.

Another ₹14.4 crore has been earmarked for lease payments at existing centres in India. Its U.S. subsidiary, Mom’s Belief US Inc, will receive ₹10.1 crore for lease and licence payments related to its existing centres in the country.

The company also plans to spend ₹10.2 crore on brand awareness and inclusive outreach programmes. The balance of the funds will be available for unidentified acquisitions and general corporate purposes.

The proposed expansion is expected to add to the company’s existing network, which operates entirely from leased premises.

Mom’s Belief Parent Company Profile

Rays of Belief is a for-profit social enterprise focused on intervention programmes for children with neurodevelopmental disorders. Since beginning operations in 2018, it has served more than 58,000 children through centres spread across 136 locations in 57 Indian cities.

Nitin Bindlish-promoted Carving Futures is the company’s largest shareholder, with a 91.43% holding. Public shareholders own 8.28%, including KAPICO Investment Co with 1.22% and Rainmatter Investments, backed by Zerodha founders Nithin and Nikhil Kamath, with 1.09%.

Financial Performance

For the financial year ended March 2026, Rays of Belief reported consolidated revenue of ₹81.6 crore and profit of ₹4.9 crore.

The company had initially filed its IPO papers through the confidential route in August 2025. SEBI gave its nod to the proposal in December 2025 and a revised draft red herring prospectus was filed in February 2026.

Mefcom Capital Markets has been appointed as the merchant banker for the issue. The Rays of Belief IPO will open for public subscription on September 1 and close two days later.