Rays of Belief IPO GMP today is Rs 15. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
Mainboard IPO
MOMSBELIEF
Rays of Belief IPO GMP, Subscription & Allotment Status Today
Rays of Belief is a for-profit social enterprise delivering personalized intervention plans for children with neurodevelopmental disorders such as ASD, ADHD, and Down Syndrome. Operating an asset-light model, it runs Company Learning Centres, professional partnerships, and school collaborations across India and the US. Revenue comes from in-person centre operations, online therapy services, and export earnings via global R&D coordination and programmatic innovation, all delivered through accessible, family-centric care.
- Price Band
- ₹227.00 - ₹239.00
- Lot Size
- 62 Shares
- Bidding Closes
- 03 Sept 2026
- Listing Date
- 08 Sept 2026
Current GMP Status
₹15
+6.28% vs upper band
Est. Listing Gain
+0.00%
Last Trend
08 Sept 2026
Listing Price
₹239.00
Retail Entry
₹14,818
IPO Details
Complete IPO information
| Current GMP | ₹15 |
|---|---|
| Estimated Listing Gain | +0.00% |
| Price Band | ₹227.00 - ₹239.00 |
| Issue Price | Approx ₹125.00 Crores |
| Listing Price | ₹239.00 |
| Lot Size | 62 Shares |
| Issue Type | Mainboard |
| Registrar | TBA |
| Exchange | BSE, NSE |
| Retail Quota | TBA |
| Overall Subscription | 107.71x |
| Listing Date | 08 Sept 2026 |
| Minimum Investment | ₹14,818 |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 18.30 | 165.77 | 9.06x |
| NII | 7.84 | 2189.65 | 279.11x |
| Retail | 5.23 | 1024.36 | 195.86x |
| Overall Subscription | 31.38 | 3379.78 | 107.71x |
Head-to-head
Compare Rays of Belief IPO with similar IPOs
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Rays of Belief is priced at ₹239 per share. With a minimum lot size of 62 shares, a retail investor applying for one lot would need approximately ₹14,818 to participate in this Mainboard issue.
The latest recorded Grey Market Premium for Rays of Belief stands at ₹15, implying an estimated listing gain of around 6.28% over the issue price if it holds until listing. This is down ₹5 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Rays of Belief's IPO was subscribed 107.71x overall, with a category-wise breakdown of Retail 195.86x, QIB 9.06x, NII 279.11x.
Mainboard IPOs list on the main platform of BSE/NSE, typically involve larger issue sizes, and draw participation across retail, HNI and institutional (QIB) investor categories.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
01 Sept 2026
✓
Bidding Closes
03 Sept 2026
✓
Allotment
04 Sept 2026
✓
Listing
08 Sept 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 08 Sept 2026 | ₹15.00 | -₹5.00 | 6.28% |
| 07 Sept 2026 | ₹20.00 | +₹8.00 | 8.37% |
| 06 Sept 2026 | ₹12.00 | -₹35.00 | 5.02% |
| 03 Sept 2026 | ₹47.00 | +₹9.00 | 19.67% |
| 02 Sept 2026 | ₹38.00 | -₹10.00 | 15.90% |
| 01 Sept 2026 | ₹48.00 | +₹23.00 | 20.08% |
| 31 Aug 2026 | ₹25.00 | +₹7.00 | 10.46% |
| 28 Aug 2026 | ₹18.00 | +₹3.00 | 7.53% |
| 27 Aug 2026 | ₹15.00 | +₹15.00 | 6.28% |
| 26 Aug 2026 | ₹0.00 | - | TBA |
| 24 Aug 2026 | ₹0.00 | - | 0.00% |
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Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 62 | ₹14,818 |
| Retail Maximum | 13 Lot | 806 | ₹1,92,634 |
| S-HNI Minimum | 14 Lot | 868 | ₹2,07,452 |
| S-HNI Maximum | 67 Lot | 4,154 | ₹9,92,806 |
| B-HNI Minimum | 68 Lot | 4,216 | ₹10,07,624 |
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Fund Utilization
Objects of the Issue & Official Documents
Analysis
Rays of Belief IPO Details
The Rays of Belief IPO is a mainboard book-built issue scheduled to open for subscription on September 1, 2026 and close on September 3, 2026. The company's equity shares are proposed to be listed on both BSE and NSE.
Rays of Belief Limited operates under the Mom's Belief brand and provides intervention and therapy services for children with neurodevelopmental disorders. The IPO consists entirely of a fresh issue, with no Offer for Sale component.
| Particular | Details |
|---|---|
| IPO Open Date | September 1, 2026 |
| IPO Close Date | September 3, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹227 to ₹239 Per Share |
| Issue Size | Approx ₹125 Crores |
| Fresh Issue | Approx ₹125 Crores |
| Offer for Sale | Nil |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
Important: SEBI's RHP filing confirms the public issue documentation, and current IPO sources confirm the September 1–3, 2026 subscription window and a fresh issue of up to 52,30,000 equity shares. However, the sources currently indexed still show the final issue price/price band as pending. Therefore, the ₹227–₹239 price band and approximately ₹125 crore issue size provided above should be rechecked against the final prospectus/price-band announcement before publishing.
Analysis
Rays of Belief IPO Reservation
The Rays of Belief IPO reservation is divided among Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs) and Retail Individual Investors.
As per the provided category-wise allocation, 75% of the issue is allocated to Qualified Institutional Buyers, 15% is allocated to Non-Institutional Investors, while 10% is reserved for Retail Individual Investors.
| Investor Category | Shares Offered | Shares (%) |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 10% |
Note: The exact number of shares offered under each investor category is currently unavailable in the provided data. The table reflects the available percentage-wise reservation and can be updated once the final category-wise allocation is announced.
Analysis
Rays of Belief IPO Anchor Investors
The Rays of Belief IPO anchor bidding is scheduled for August 31, 2026, one working day before the public issue opens for subscription on September 1, 2026.
The final anchor investor list, number of shares allocated and total anchor investment amount are currently awaited. These details will be available after completion of the anchor bidding and final allocation.
| Particular | Details |
|---|---|
| Anchor Bidding Date | August 31, 2026 |
| Anchor Investors List | |
| Shares Offered | – Shares |
| Anchor Size | – Cr. |
| Lock-in Period End Date – 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date – Remaining 50% Shares (90 Days) | 2026 |
Note: The anchor investor names, number of shares allocated, anchor issue size and exact lock-in expiry dates are currently unavailable. These fields should be updated after the final anchor allocation is announced on or after August 31, 2026.
Analysis
Rays of Belief IPO Dates
The Rays of Belief IPO will open for subscription on September 1, 2026 and close on September 3, 2026. Investors can submit their IPO applications during this subscription period.
The Rays of Belief IPO allotment is expected to be finalized on September 4, 2026. Refunds for unsuccessful applicants and credit of shares to successful investors' demat accounts are scheduled for September 7, 2026. The company's equity shares are scheduled to list on BSE and NSE on September 8, 2026.
| IPO Event | Date |
|---|---|
| IPO Open Date | September 1, 2026 |
| IPO Close Date | September 3, 2026 |
| Basis of Allotment | September 4, 2026 |
| Refunds | September 7, 2026 |
| Credit to Demat Account | September 7, 2026 |
| IPO Listing Date | September 8, 2026 |
Note: The above table summarizes the Rays of Belief IPO timeline, including the opening date, closing date, basis of allotment, refunds, demat credit and proposed BSE & NSE listing date.
Analysis
Rays of Belief IPO Promoters and Holding Pattern
The promoters of Rays of Belief are Nitin Bindlish and Carving Futures Pte. Ltd. Before the IPO, the promoter and promoter group collectively hold 1,43,74,264 equity shares, representing approximately 91.72% of the company's pre-IPO equity share capital.
Other shareholders hold 12,97,418 equity shares, accounting for approximately 8.28% of the pre-IPO shareholding. The company's total pre-IPO outstanding equity shares stand at 1,56,71,682.
Following the fresh issue, the company's total outstanding equity shares are expected to increase to 2,09,01,682 shares.
Promoters of Rays of Belief
- Nitin Bindlish
- Carving Futures Pte. Ltd.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 1,43,74,264 | 91.72% | – | -% |
| Others* | 12,97,418 | 8.28% | – | -% |
| Total | 1,56,71,682 | 100% | 2,09,01,682 | 100% |
Note: The post-IPO promoter and public shareholding percentages have not been provided. The table reflects the available pre-IPO holding pattern and the provided total post-IPO equity share capital.
Analysis
Rays of Belief IPO Objects of the Issue & Utilisation of Proceeds
Rays of Belief proposes to utilise the IPO proceeds across multiple areas, including expansion of learning centres, school collaborations, research facilities, technology infrastructure, lease payments, brand development and international operations.
The largest identified allocation is approximately ₹26.88 crores towards Company Learning Centres and learning centres operated in partnership with licensed professionals. The company also proposes to allocate funds towards its Centre for Excellence and Research, Upskilling Academy and School Collaboration Centres.
| Purpose | Amount |
|---|---|
| Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals | ₹26.88 Cr. |
| School Collaboration Centres | ₹5.54 Cr. |
| Centre for Excellence and Research | ₹2.45 Cr. |
| Upskilling Academy | ₹2.05 Cr. |
| Technology (hardware) costs | ₹4.44 Cr. |
| Expenditure for lease payments for existing centres in India | ₹14.45 Cr. |
| Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA | ₹10.13 Cr. |
| Expenditure for brand awareness and inclusive outreach programs | ₹10.21 Cr. |
| Funding inorganic growth through unidentified acquisition and General corporate purposes | ₹- |
Note: The specifically identified utilisation of IPO proceeds totals approximately ₹76.15 crores. The remaining net proceeds may be utilised towards inorganic growth through unidentified acquisitions, general corporate purposes and applicable issue-related expenses.
Analysis
Rays of Belief About Ipo
Rays of Belief, started in 2017, is a for-profit social enterprise that offers customized intervention programs for children with Neurodevelopmental Disorders (NDDs). The conditions they help with are Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays.
The company serves children between the ages of 18 months and 12 years, while also offering specialised programs for children up to 15 years, which teach vocational and life skills to help them become more independent. Its services include early intervention, Parental guidance, Occupational therapy, Language therapy, and family support programs. Furthermore, the company has a large range of learning resources, including 150+ teaching tools at centres, 2,000+ tools for home learning, Regular follow-ups, Progress monitoring, and 340+ clinical professionals.
Analysis
Rays of Belief IPO Company Financial Report
Rays of Belief reported strong revenue growth during the reported period. Revenue increased from ₹30.76 crores in FY2024 to ₹36.54 crores in FY2025 and then more than doubled to ₹82.06 crores in FY2026.
Profit After Tax (PAT) increased from ₹0.85 crores in FY2024 to ₹5.88 crores in FY2025. However, despite the significant increase in revenue during FY2026, PAT moderated to ₹4.96 crores.
The company's total assets expanded from ₹12.89 crores in FY2024 to ₹26.12 crores in FY2025 and further increased to ₹50.89 crores in FY2026, indicating a substantial expansion in the company's asset base.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹30.76 Cr. | ₹30.66 Cr. | ₹0.85 Cr. | ₹12.89 Cr. |
| 2025 | ₹36.54 Cr. | ₹36.19 Cr. | ₹5.88 Cr. | ₹26.12 Cr. |
| 2026 | ₹82.06 Cr. | ₹75.16 Cr. | ₹4.96 Cr. | ₹50.89 Cr. |
Amount in ₹ Crores: From FY2024 to FY2026, Rays of Belief's revenue increased by approximately 166.8%. FY2026 revenue grew by approximately 124.6% over FY2025, while PAT declined by approximately 15.6% during the same period.
Analysis
Rays of Belief IPO Valuation – FY2026
The Rays of Belief IPO valuation can be assessed using key financial indicators such as Earnings Per Share (EPS), Return on Equity (ROE), EBITDA Margin, PAT Margin, Return on Net Worth (RoNW) and Net Asset Value (NAV).
For FY2026, Rays of Belief reported an ROE of 21.64%. The company's EBITDA margin stood at 14.59%, while its PAT margin was 6.07%. ROCE and the debt-to-equity ratio are not available in the provided financial data.
The company's basic Earnings Per Share (EPS) stood at ₹3.21, while Return on Net Worth (RoNW) was 21.64%. Net Asset Value (NAV) stood at ₹15.67 per equity share.
| KPI | Values |
|---|---|
| ROE | 21.64% |
| ROCE | – |
| EBITDA Margin | 14.59% |
| PAT Margin | 6.07% |
| Debt to Equity Ratio | – |
| Earning Per Share (EPS) | ₹3.21 (Basic) |
| Price / Earnings (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | 21.64% |
| Net Asset Value (NAV) | ₹15.67 |
Note: Based on the provided IPO price band of ₹227 to ₹239 and FY2026 EPS of ₹3.21, the implied P/E ratio works out to approximately 70.72x to 74.45x. At the upper price band of ₹239, the issue price is approximately 15.25 times the reported NAV of ₹15.67 per share.
Analysis
Rays of Belief IPO Peer Group Comparison
- There are no listed companies in India.
Analysis
Rays of Belief IPO Lead Managers aka Merchant Bankers
- Mefcom Capital Markets Ltd.
FAQ
Rays of Belief IPO FAQs
Rays of Belief IPO price band is Rs 227.00 to Rs 239.00. Check the latest issue price, lot size and GMP together before applying.
Rays of Belief IPO open date is 01 Sept 2026, close date is 03 Sept 2026, and listing date is 08 Sept 2026.
Rays of Belief IPO lot size is 62 shares. The minimum retail investment is Rs 14,818.
Rays of Belief is classified as a Mainboard IPO. This helps investors quickly understand the issue category and exchange segment.
Rays of Belief IPO subscription status currently shows Retail 195.86x, QIB 9.06x, NII 279.11x, Overall 107.71x.
Rays of Belief is a for-profit social enterprise delivering personalized intervention plans for children with neurodevelopmental disorders such as ASD, ADHD, and Down Syndrome. Operating an asset-light model, it runs Company Learning Centres, professional partnerships, and school collaborations across India and the US. Revenue comes from in-person centre operations, online therapy services, and export earnings via global R&D coordination and programmatic innovation, all delivered through accessible, family-centric care.
Rays of Belief IPO issue size is TBA and the expected allotment date is 04 Sept 2026.
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