Rays of Belief Ltd, which operates under the Mom’s Belief brand, is set to launch its Initial Public Offering (IPO) on September 1, with a price band of ₹227-239 per share.
The post-issue implied market capitalisation of the company is estimated at ₹474-500 crore, based on the price band.
The three-day public issue will close on September 3, while bidding by anchor investors will take place on August 31, according to the company’s announcement on Monday.
The IPO comprises a fresh issue of up to 52.30 lakh equity shares worth ₹125 crore at the upper end of the price band.
The issue proceeds will be used to fund the company’s expansion plans, including setting up 319 new centres between fiscal 2027 and fiscal 2029.
Also, funds will be allocated towards capital expenditure, including centre fit-outs, therapy-material inventory and technology hardware.
Rays of Belief is a for-profit social enterprise providing personalised intervention plans for children with neurodevelopmental disorders (NDDs), including autism spectrum disorder, ADHD, Down Syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delays.
As of March 31, 2026, the company operated 136 centres across 57 cities in 20 states and union territories and had served more than 58,000 children since commencing operations in 2018.
The company’s consolidated revenue from operations more than doubled to ₹81.66 crore in fiscal 2026 from ₹36.42 crore in the previous fiscal. Profit for the year stood at ₹4.96 crore in fiscal 2026, compared with ₹5.88 crore in the preceding fiscal.
The equity shares are proposed to be listed on the BSE and NSE on or about September 8. Mefcom Capital Markets is the book-running lead manager to the issue, while KFin Technologies is the registrar.