Rays of Belief IPO: Mom’s Belief operator to open issue on September 1; Check all key details
Rays of Belief IPO opens September 1. Check Mom’s Belief IPO details, business model, financial performance, centre network, expansion plans and key investor factors.
- Aug 24, 2026,
- Updated Aug 24, 2026 12:47 PM IST
Rays of Belief Limited, which operates the child development and therapy platform Mom’s Belief, is set to open its initial public offering on Tuesday, September 1, 2026. The anchor investor bidding date has been fixed for Monday, August 31, 2026, and the issue will close on Thursday, September 3, 2026. The IPO is a fresh issue of up to 52,30,000 equity shares with a face value of Rs 10 each.
The price band has been fixed at Rs 227 to Rs 239 per share. At the lower end, the issue size is Rs 118.72 crore, while at the upper end it is Rs 125 crore. Investors can bid for a minimum of 62 equity shares and in multiples of 62 thereafter. The company said it aims to use a part of the net proceeds to expand its centre network across India.
Mom’s Belief is a for-profit social enterprise that provides personalised intervention plans for children with neurodevelopmental disorders such as autism spectrum disorder, ADHD, Down syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delay. The company said it was founded to address gaps in awareness, access, quality of care and affordability in the behavioural health space, with its intervention plans designed to help parents and families act as co-therapists in a child’s developmental journey.
As of March 31, 2026, the company operated 136 centres across 57 cities in 20 states and Union Territories. These included 42 centres in Tier 1 cities, 77 in Tier 2 cities and 17 in Tier 3 cities, with its presence largely concentrated in Tier 2 markets.
Since starting operations in 2018, it has served more than 58,000 children, while more than 2,500 active children were enrolled in its intervention plans through centres and digital platforms as of March 31, 2026. According to the CARE Report, it ranks first in India by number of centres offering intervention plans for children with neurodevelopmental disorders and seventh globally among listed players in a similar behavioural health domain.
The company’s multidisciplinary team comprises 3,340 full-time clinical professionals, along with more than 80 clinical operations, headquarters and support staff. Promoters Nitin Bindlish and Carving Futures Pte. Ltd. are backing the company. Carving Futures has also partnered with the LEGO Foundation under a two-year project that includes the Family Support Plan, play inclusion initiatives and expansion across India, Dubai and the UAE. The LEGO Foundation has contributed USD 2.02 million for the project.
Rays of Belief plans to open 319 new centres between Fiscal 2027 and Fiscal 2029, including 128 in Tier 1 cities, 121 in Tier 2 cities and 70 in Tier 3 cities. Its consolidated revenue rose to Rs 81.66 crore in Fiscal 2026 from Rs 36.41 crore in Fiscal 2025, while profit fell to Rs 4.95 crore from Rs 5.88 crore.
With the planned issue, Mom’s Belief is looking to raise capital to widen its network and scale its services across India, while also positioning itself to become India’s first for-profit social enterprise to list on the main board of the stock exchanges.
Rays of Belief Limited, which operates the child development and therapy platform Mom’s Belief, is set to open its initial public offering on Tuesday, September 1, 2026. The anchor investor bidding date has been fixed for Monday, August 31, 2026, and the issue will close on Thursday, September 3, 2026. The IPO is a fresh issue of up to 52,30,000 equity shares with a face value of Rs 10 each.
The price band has been fixed at Rs 227 to Rs 239 per share. At the lower end, the issue size is Rs 118.72 crore, while at the upper end it is Rs 125 crore. Investors can bid for a minimum of 62 equity shares and in multiples of 62 thereafter. The company said it aims to use a part of the net proceeds to expand its centre network across India.
Mom’s Belief is a for-profit social enterprise that provides personalised intervention plans for children with neurodevelopmental disorders such as autism spectrum disorder, ADHD, Down syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delay. The company said it was founded to address gaps in awareness, access, quality of care and affordability in the behavioural health space, with its intervention plans designed to help parents and families act as co-therapists in a child’s developmental journey.
As of March 31, 2026, the company operated 136 centres across 57 cities in 20 states and Union Territories. These included 42 centres in Tier 1 cities, 77 in Tier 2 cities and 17 in Tier 3 cities, with its presence largely concentrated in Tier 2 markets.
Since starting operations in 2018, it has served more than 58,000 children, while more than 2,500 active children were enrolled in its intervention plans through centres and digital platforms as of March 31, 2026. According to the CARE Report, it ranks first in India by number of centres offering intervention plans for children with neurodevelopmental disorders and seventh globally among listed players in a similar behavioural health domain.
The company’s multidisciplinary team comprises 3,340 full-time clinical professionals, along with more than 80 clinical operations, headquarters and support staff. Promoters Nitin Bindlish and Carving Futures Pte. Ltd. are backing the company. Carving Futures has also partnered with the LEGO Foundation under a two-year project that includes the Family Support Plan, play inclusion initiatives and expansion across India, Dubai and the UAE. The LEGO Foundation has contributed USD 2.02 million for the project.
Rays of Belief plans to open 319 new centres between Fiscal 2027 and Fiscal 2029, including 128 in Tier 1 cities, 121 in Tier 2 cities and 70 in Tier 3 cities. Its consolidated revenue rose to Rs 81.66 crore in Fiscal 2026 from Rs 36.41 crore in Fiscal 2025, while profit fell to Rs 4.95 crore from Rs 5.88 crore.
With the planned issue, Mom’s Belief is looking to raise capital to widen its network and scale its services across India, while also positioning itself to become India’s first for-profit social enterprise to list on the main board of the stock exchanges.