Rays of Belief Limited IPO — the disclosed details
Closed
Rays of Belief Limited, which runs the Mom's Belief network of neurodevelopmental-care centres, is taking a Fresh Issue of up to 52,30,000 Equity Shares to NSE and BSE, open for bidding 1-3 September 2026. The price band, lot size and aggregate issue value are still blank in the RHP itself and are marked as reported below.
This issue's bidding window has closed. What follows is the record of what was disclosed while the offer was open. It is not updated after the close, and it is not a view on the company or on how the shares have traded since.
Rays of Belief Limited, which operates the Mom’s Belief network of centres for children with neurodevelopmental disorders, is running a mainboard IPO on NSE and BSE, open for bidding from Tuesday, 1 September to Thursday, 3 September 2026. This page restates what the Company has disclosed in its Red Herring Prospectus dated 19 August 2026 and its SEBI-hosted Abridged Prospectus, and nothing more. The Price Band, the Minimum Bid Lot, and the aggregate Issue value are still blank placeholders in both primary documents as of this writing and are marked as reported below. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.
What the company does
Rays of Belief Limited (CIN U85110DL2017PLC322623) operates under the brand “Mom’s Belief,” providing personalised intervention plans for children with Neurodevelopmental Disorders — including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays — for children aged 18 months to 12 years, extending up to 15 years for its vocational and life-skills programs. The RHP classifies the Company as a For-Profit Social Enterprise under Regulation 292(E) of the SEBI ICDR Regulations. As of 31 March 2026, per the RHP, the Company operated 136 centres across 57 cities in 20 Indian states and union territories — 42 in Tier-1 cities, 77 in Tier-2, and 17 in Tier-3 — plus 3 centres in Virginia, USA, and has served more than 58,000 children since commencing operations in 2018.
On 23 June 2025, per the RHP’s Risk Factor 19 and its History chapter, the Company acquired Mom’s Belief US, Inc. as a wholly owned subsidiary and Allergy and Immunology Virginia, LLC as a step-down subsidiary in the United States, adding the 3 Virginia centres. Citing a CARE Ratings report, the RHP states the Company ranks first in India and seventh globally, by number of centres, among listed players in this domain. Nitin Bindlish serves as Managing Director and Afzal Mohammed Modak as Whole Time Director; the Company’s Promoters are Nitin Bindlish and Carving Futures Pte. Ltd., which the RHP also names as the Company’s Corporate Promoter and Holding Company.
What the money is for
This Offer is entirely a Fresh Issue of up to 52,30,000 (5,230,000) Equity Shares of face value Rs 10 each. There is no Offer for Sale and no selling shareholder in this Issue, so the net proceeds go to the Company itself, not to any seller.
The RHP states the net proceeds of the Fresh Issue are for:
| Object of the fresh issue | Amount, as filed |
|---|---|
| Capital expenditure for establishing new centres on leased premises (tenure 11 months to 3 years) and associated technology/hardware costs — Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals Rs 268.84 million*; School Collaboration Centres Rs 55.35 million*; Centre for Excellence and Research Rs 24.54 million*; Upskilling Academy Rs 20.45 million*; technology and hardware costs Rs 44.43 million (*inclusive of GST) | Rs 413.61 million |
| Lease payments for the Company’s existing centres in India | Rs 144.45 million |
| Investment in subsidiary Mom’s Belief US Inc., for lease and licence payments for existing US centres | Rs 101.31 million |
| Brand awareness and inclusive outreach programs | Rs 102.08 million |
| Funding inorganic growth through unidentified acquisition(s), and general corporate purposes | Amount to be finalised on determination of the Issue Price; general corporate purposes alone capped at not exceeding 25% of the amount raised, inorganic growth combined with general corporate purposes capped at not exceeding 35% |
What the RHP flags as risks
These are the Company’s own risk factors, restated from the RHP’s risk-factor section without added commentary:
- Centres run on leased premises with capital sunk into fit-outs that may not be recoverable. Lease tenures run 11 months to 3 years; if a lease is not renewed, or a centre closes or relocates, the capital expenditure on that centre’s fit-out may not be recoverable.
- A related-party arrangement and a newly acquired business both concentrate revenue. In FY2026, 25.56% of Revenue from Operations came from export of support services to Carving Futures Pte. Ltd. (the Holding Company and Corporate Promoter) and Carving Futures Inc. (a Promoter Group entity); an adverse change to this arrangement could hurt the business. Separately, per the Pro Forma Consolidated Financial Information, 50.21% of FY2025 Revenue from Operations came from the 3 newly acquired US centres.
- Most premises, including the Registered Office and Corporate Office, are leased, not owned. 91 of the Company’s 136 India centres, plus the newly acquired US centres, sit on leasehold premises; lease payments for centres totalled Rs 46.61 million as of 31 March 2026, and landlords may not renew on acceptable terms.
- A material share of revenue depends on third-party Licensed Professionals, not the Company’s own staff. The “Company Learning Centres in partnership with Licensed Professionals” format produced 26.52% of FY2026 revenue (within the 73.79% of revenue the Company derives from centre operations); 34 Early Intervention Centres ran on this model as of 31 March 2026, and termination or suspension of these third-party arrangements would hurt the business.
- The Objects of the Issue carry their own disclosed uncertainty. Exact locations and properties for the new centres are not yet identified, the funding plan has not been appraised by any bank, financial institution or independent agency, and no definitive agreements yet exist for deployment of the Net Proceeds.
- The Company has posted losses in the past and had negative cash flow in FY2026. Cash flow from operating activities was negative Rs 19.41 million and from investing activities negative Rs 61.83 million in FY2026, and the Company may continue to have negative cash flows in future periods.
The numbers as filed
| Item | As filed |
|---|---|
| Issue structure | Fresh Issue only — up to 52,30,000 (5,230,000) Equity Shares of face value Rs 10 each; no Offer for Sale |
| Issue size | Aggregating up to Rs [.] million — left blank in the RHP; at the as-reported Rs 227–239 price band this computes to approximately Rs 118.72 crore (floor) to Rs 125.00 crore (cap) |
| Face value | Rs 10 per Equity Share |
| Price band | Rs 227 (floor) to Rs 239 (cap) per Equity Share — as reported, not confirmed in the RHP |
| Lot size | 62 Equity Shares — as reported, not confirmed in the RHP |
| Minimum investment | Approximately Rs 14,818 for one lot (62 shares) at the as-reported Rs 239 cap price |
The RHP’s own “Face Value, Issue Price, Floor Price and Price Band” clause, and its “Market lot and trading lot” clause, both still show blank (“[.]”) placeholders. The Price Band Advertisement that would fix these figures is due, per the RHP’s own two-working-day rule, on or about Friday, 28 August 2026, and had not been located on any SEBI, exchange, company or BRLM host as of this writing. The Rs 227–239 band and the 62-share lot are as reported by two independently fetched news sources (BusinessToday and a PTI wire carried by Daily Excelsior), neither of which is the RHP or an exchange filing; the minimum-investment figure above is derived from those as-reported figures, not stated as a rupee amount in the RHP itself. The Fresh Issue was also reduced from up to 60,00,000 Equity Shares in the February 2026 draft (UDRHP-I) to up to 52,30,000 Equity Shares in this RHP; the RHP attributes this to netting off approximately Rs 58.95 million of Pre-IPO Placements (allotted in tranches during March and May 2026, at Rs 284 and Rs 290 per share), which did not exceed 20% of the original Fresh Issue size.
Restated Consolidated Financial Information (Rs million), from the RHP:
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from operations | 306.08 | 364.19 | 816.62 |
| EBITDA | 14.91 | 30.17 | 119.11 |
| EBITDA margin | 4.87% | 8.28% | 14.59% |
| Profit for the period/year | 8.53 | 58.81 | 49.59 |
| PAT margin | 2.79% | 16.15% | 6.07% |
| Net worth | 57.78 | 150.19 | 308.10 |
| Basic / Diluted EPS (Rs) | 0.56 / 0.56 | 3.84 / 3.84 | 3.21 / 3.21 |
| Return on Equity | 16.83% | 56.56% | 21.64% |
| Total borrowings | Nil | 43.57 | 36.07 |
Weighted-average EPS across the three fiscals, per the RHP’s Basis for Issue Price chapter, is Rs 2.98. Cash flow from operating activities was negative in both FY2025 (Rs 18.11 million) and FY2026 (Rs 19.41 million); investing activities used a further Rs 61.83 million in FY2026. Paid-up share capital was Rs 155.86 million (1,55,86,082 Equity Shares of Rs 10 each) as of 24 March 2026, per the Capital Structure chapter’s share-capital-history table; after one further Pre-IPO allotment on 27 May 2026, pre-Issue paid-up capital stood at 1,56,71,682 Equity Shares (Rs 156.716820 million) as of the RHP date of 19 August 2026.
Who can actually sell on listing day
On listing day, most of Rays of Belief’s share register is not allowed to trade — and because the Anchor Investor Bid/Issue Period has not yet occurred, the anchor share of that register is not yet known either.
The RHP’s Capital Structure chapter states four locked buckets:
| Who | Locked for, per this RHP |
|---|---|
| Minimum Promoters’ Contribution — at least 20% of the fully diluted post-Issue Equity Share capital, under Regulations 14 and 16(1)(a) of the SEBI ICDR Regulations. The RHP marks the specific share count “[.]”, footnoted “To be completed prior to filing of the Prospectus with the RoC” | 3 years from the date of Allotment |
| Promoters’ shareholding in excess of that 20% minimum | 1 year from the date of Allotment |
| All other pre-Issue Equity Share capital, under Regulation 17 — excludes shares Allotted to employees under the ESOP scheme on exercise of options, shares Allotted pursuant to this Issue, and shares held by a VCF, Category I AIF, Category II AIF or FVCI (these instead lock for at least 6 months from their own date of purchase) | 6 months from the date of Allotment |
| Anchor Investors | 50% for 30 days, the remaining 50% for 90 days, both from the date of Allotment |
The RHP does not tie the 3-year promoter lock to any capital-expenditure milestone — that duration is simply the standard Regulation 14/16(1)(a) term. Separately, the Objects of the Issue describe lease tenures of 11 months to 3 years for new centres — a real-estate detail, unconnected to any share lock-in. No fourth lock-in category appears in the RHP’s Capital Structure chapter.
The anchor book is not yet allotted, so the count, at the Rs 239 cap is a range:
| Scenario | Anchor shares locked | Sellable on listing day | % of post-issue capital |
|---|---|---|---|
| Anchor takes its maximum (60% of the QIB portion) | 23,53,500 | 28,76,500 | 13.76% |
| Zero anchor book (theoretical maximum) | 0 | 52,30,000 | 25.02% |
The Anchor Investor Bid/Issue Period is Monday, 31 August 2026 — four days from today — and as of this writing no anchor list, allocation or allottee exists. The final number lands with the exchange’s anchor-allocation list once that book is filed.
A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.
Figures are from the RHP’s Capital Structure chapter and Issue Structure chapter, as of 27 August 2026.
Dates and mechanics
| Event | Date |
|---|---|
| Anchor Investor Bid/Issue Period | Monday, 31 August 2026 |
| Bid/Issue Opens | Tuesday, 1 September 2026 |
| Bid/Issue Closes (UPI mandate confirmation until 5:00 pm) | Thursday, 3 September 2026 |
| Finalisation of Basis of Allotment with the Designated Stock Exchange | Friday, 4 September 2026 |
| Credit of Equity Shares to demat accounts; initiation of Anchor refunds / ASBA unblock | Monday, 7 September 2026 |
| Commencement of trading on BSE and NSE | Tentatively Tuesday, 8 September 2026 |
The RHP’s own words: “The aforesaid timetable is indicative in nature and does not constitute any obligation or liability on our Company or the BRLM.”
This is a Book Built Issue made under Regulation 6(2) of the SEBI ICDR Regulations — the RHP states this is because the Company does not fulfil the requirements under Regulation 6(1) — read with Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, to list on both BSE and NSE. The RHP also classifies the Company a For-Profit Social Enterprise under Regulation 292(E) of the SEBI ICDR Regulations.
| Bucket | Share of the Issue, as filed |
|---|---|
| Qualified Institutional Buyers (QIB) | Not less than 75% — 39,22,500 Equity Shares. 5% of the Net QIB Portion is reserved for Mutual Funds, with any unsubscribed Mutual Fund allocation spilling back into the general QIB pool |
| Non-Institutional Bidders (NII) | Not more than 15% — 7,84,500 Equity Shares. One-third of the NII portion is reserved for application sizes above Rs 2 lakh up to Rs 10 lakh, two-thirds for application sizes above Rs 10 lakh, with cross-spillover permitted between the two sub-bands |
| Retail Individual Bidders (RIB) | Not more than 10% — 5,23,000 Equity Shares |
QIB, NII and Retail allocations sum to exactly 52,30,000 Equity Shares — the full Issue; this Offer carries no separate Employee Reservation Portion. Allotment is proportionate within each category — QIB (excluding the discretionary Anchor Portion), NII with a floor of the minimum application size and the remainder proportionate across its two sub-bands, and Retail with a floor of the minimum Bid lot per applicant and the remainder allocated proportionately. The RHP’s own words: “Under-subscription, if any, in the Net QIB Category will not be allowed to be met with spill-over from other categories.” Under-subscription in the NII or Retail categories may be met by spill-over from other categories, at the Company’s discretion in consultation with the BRLM.
Within the Anchor Investor Portion: at least one-third is reserved for domestic Mutual Funds, and of the amount actually allocated to Anchor Investors, 40% is further split 33.33% to domestic Mutual Funds and 6.67% to Life Insurance Companies and Pension Funds (subject to valid bids at or above the Anchor Investor Allocation Price), with any undersubscription in the Life Insurance/Pension Fund slice available for reallocation to domestic Mutual Funds. An Anchor Investor’s minimum Bid must be at least Rs 100 million; the number of Anchor Investors is capped between 2 and 15 depending on the size of the Anchor Portion, per the RHP’s own tiered table.
Book Running Lead Manager: Mefcom Capital Markets Limited (sole BRLM). Registrar to the Issue: KFin Technologies Limited. The RHP’s own “Price Information of Past Issues Handled by the BRLM” table lists exactly one prior mainboard mandate: Globe Civil Projects Limited (issue size Rs 1,190 million, issue price Rs 71 per share, listed 1 July 2025 on BSE), which the RHP states gained 16.79% over the 30 trading days after listing, against a Sensex change of -2.65% over the same window.
Information as of 27 Aug 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.
This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.
Sources
- SEBI public-issues filing index for Rays of Belief Limited RHP/Abridged Prospectus →
- Rays of Belief Limited - Abridged Prospectus (SEBI-hosted PDF, primary) →
- Rays of Belief Limited - full Red Herring Prospectus (BRLM Mefcom Capital Markets-hosted PDF, primary, 501 pages) →
- Rays of Belief Limited - UDRHP-I (NSE-hosted PDF, dated 11 Feb 2026, superseded draft) →
- BusinessToday - "Rays of Belief IPO: Mom's Belief operator to open issue on September 1" (secondary, as reported) →
- Daily Excelsior (PTI wire) - "Rays of Belief's IPO to open on Sept 1; price band set at Rs 227-239/share" (secondary, as reported) →
Common questions
How does IPO allotment work?
Applications are matched against the minimum lot size within each investor category (retail, HNI, QIB). In the retail category every applicant is first considered for one minimum lot: when the retail portion has enough shares to give every retail applicant one lot, everyone gets at least one and the surplus goes proportionately to those who bid more. Only when there aren't enough shares for one lot each is a computerised draw of lots used to pick who gets that single lot — and then each successful applicant gets exactly one lot, however many they bid for. It is never first-come-first-served, so applying early doesn't improve the odds.
What does the anchor investor lock-in mean?
Anchor investors (institutions allotted shares a day before the issue opens) are locked in and can't sell for a fixed period — and the clock runs from the date of Allotment, not from listing. Under the SEBI ICDR Regulations, 50% of the anchor shares are locked for 90 days from Allotment and the remaining 50% for 30 days from Allotment. It restricts anchors only; it says nothing about how retail-held shares will trade.
When do I get my money back if I'm not allotted?
Under ASBA, your bank only blocks the funds in your account — it's never debited until allotment. If you get no shares (or only a partial allotment), the block is released without any separate refund step: SEBI requires your bank (the SCSB) to complete the unblock by the close of banking hours on the working day after the basis of allotment is finalised — under the T+3 timeline, the day before the shares list. If it takes longer than that, SEBI's compensation policy provides ₹100 per day or 15% per annum of the application amount, whichever is higher — but it is complaint-triggered, so you have to raise it with your bank or the issue's lead manager to claim it.
What is ASBA / the UPI mandate?
ASBA (Application Supported by Blocked Amount) blocks the bid amount in your bank account instead of debiting it upfront. Retail investors bidding through UPI approve a mandate request in their UPI app, which blocks the funds — the money leaves your account only if shares are actually allotted.
The rest of the site
This page is a record of what was filed and published, and it stops there. The rest of the site is about the part that comes after you own something — how much of it to own, how to write the decision down, and how to grade it later.
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