Rays of Belief, parent of Mom's Belief, to launch IPO on September 1

Rays of Belief, the parent company of child development and therapy platform Mom's Belief, is set to launch its initial public offering (IPO) on September 1, 2026. The public issue will remain open for subscription until September 3.

The IPO comprises an entirely fresh issue of up to 52.3 lakh equity shares, with no offer-for-sale (OFS) component. Based on the pre-IPO placement prices, the issue is expected to raise around Rs 149-152 crore.

Rays of Belief had earlier raised Rs 5.9 crore through a pre-IPO placement. According to its red herring prospectus (RHP) filed on August 19, the pre-IPO shares were allotted at Rs 284 (lower price band) and Rs 290 (upper price band) apiece.

At Rs 284 per share, the issue could be worth around Rs 148.53 crore, while at Rs 290 per share, it may amount to Rs 151.67 crore.

That said, the company is expected to announce the IPO price band ahead of the issue opening. The one-day anchor book for institutional investors is scheduled to open on August 31.

As of March 31, 2026, the company operated 136 centres across 57 cities and 20 states and union territories. Since commencing operations in 2018, it has served more than 58,000 children.

The company plans to use the IPO proceeds to fund its next phase of expansion. It proposes to establish 319 new centres between Fiscal 2027 and Fiscal 2029.

Financial performance

The company's consolidated revenue rose to Rs 81.66 crore in Fiscal 2026 from Rs 36.41 crore in Fiscal 2025.

However, profit declined during the period. Profit for Fiscal 2026 stood at Rs 4.95 crore, compared with Rs 5.88 crore in the previous fiscal.

The IPO will provide Rays of Belief with capital to expand its centre network and scale its child development and therapy services across India.

Rays of Belief operates Mom's Belief, a child development and therapy platform offering services for children with developmental and behavioural needs.