The Rays of Belief date of subscription is scheduled for Tuesday, 1 September, and the issue will close on Thursday, 3 September. The Rays of Belief IPO price band has been fixed in the range of ₹227 to ₹239 per equity share, with a face value of ₹10 per share.
Rays of Belief IPO today, or grey market premium, is +48. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Rays of Belief share price was indicated at ₹287 apiece, which is 20.08% higher than the IPO price of ₹239.
According to grey market trends observed over the past 13 sessions, the GMP for the IPO is rising today, suggesting that a strong listing is anticipated. Throughout this timeframe, experts noted that the GMP fluctuated between ₹0.00 and ₹48.
Rays of Belief IPO subscription for the public issue will open at 10:00 IST on Tuesday’s deals.
Rays of Belief IPO Review
Swastika Investmart said Rays of Belief Limited, which operates under the Mom’s Belief brand, offers personalised Neurodevelopmental Disorders (NDD) intervention services through a growing network of centres. The brokerage noted that the company’s expansion across India and the US provides scope for further revenue growth, while operating margins have improved as scale has increased.
However, Swastika Investmart highlighted concerns, including the company’s relatively short profitability track record, negative operating cash flow in FY26 and execution risks associated with its aggressive expansion plans. The absence of directly comparable listed peers also makes valuation assessment challenging.
“Our view is Neutral. Growth prospects remain encouraging, but profitability, cash-flow and execution risks warrant a cautious stance,” Swastika Investmart said.
Meanwhile, Master Capital Services highlighted the favourable growth outlook for India’s Neurodevelopmental Disorders (NDD) market, which stood at ₹52,623 million in CY25. Autism Spectrum Disorder (ASD), Attention-Deficit/Hyperactivity Disorder (ADHD) and cerebral palsy together accounted for around 73% of the market.
The brokerage noted that rising awareness, improved ASD diagnosis and better healthcare access are driving demand for specialised therapies. The ASD therapy market grew from ₹7,088 million in CY18 to ₹10,900 million in CY25, registering a 6.34% CAGR, and is projected to reach ₹18,932 million by CY34. Similarly, the ADHD therapy market increased from ₹10,907 million to ₹17,500 million during the period and is expected to reach ₹28,500 million by CY34.
Master Capital Services said Rays of Belief Limited is well-positioned to benefit from the growing demand for NDD intervention and therapy services, supported by its 136-centre network across 57 cities and 20 states and union territories, more than 340 clinical professionals, multidisciplinary services and experience of serving over 58,000 children since inception.
The brokerage also pointed to the company’s expansion into the United States through three additional centres, which it said strengthen its growth opportunity in the behavioural health market.
Master Capital Services said investors may consider the Rays of Belief IPO as a potential long-term investment opportunity, given the favourable industry outlook and the company’s expanding presence.
Rays of Belief IPO details
Rays of Belief IPO comprises an entirely fresh issue of up to 52.30 lakh equity shares, with no offer-for-sale () component.
The company had earlier raised ₹5.89 crore through a pre-IPO private placement, which was adjusted against the fresh issue. Consequently, the issue size was reduced from the 60 lakh equity shares proposed in the updated draft papers filed in February. According to the Red Herring Prospectus (RHP) filed on 19 August, the pre-IPO placements were undertaken at ₹284 and ₹290 per share.
The Rays of Belief IPO proceeds will primarily be used to fund the company’s next phase of expansion, including the establishment of 319 new centres between FY27 and FY29. Of the proposed ₹41.36 crore allocation, approximately ₹34.99 crore will be used for centre fit-outs, ₹1.93 crore for therapy material inventory, and ₹4.44 crore for technology hardware.
Mefcom Capital Markets is the book-running lead manager for the issue, while Kfin Technologies is the registrar to the IPO.
Rays of Belief Ltd, which operates under the Mom’s Belief brand, raised ₹50 crore from five anchor investors on Monday, ahead of its Rays of Belief IPO.
The anchor investors include Viney Growth Fund, LRSD Securities, Nova Global Opportunities Fund PCC – Touchstone, 31 Degrees North Fund-1, and Visionary Value Fund, according to a circular uploaded on the BSE website.
As per the circular, the company allotted 20.92 lakh equity shares to anchor investors at ₹239 per share, which is the upper end of the Rays of Belief IPO price band.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.