• IPO issue details: Rays of Belief is launching a 500-crore IPO on September 1 with a price band of 227 to 239 rupees per share, which includes a 125-crore fresh issue.
• Listing structure: The company chose a main board listing as a for-profit social enterprise over the Social Stock Exchange, subjecting itself to standard regulatory compliances and mandatory annual social audits.
• Revenue model: The company operates on 100% earned revenue from domestic direct therapy, export services, and its US subsidiary, with strict protocols barring the acceptance of donations or direct CSR funds.
• Fund utilization plans: Around 48 crore rupees (approximately 41%) of the 125-crore fresh proceeds is allocated to center expansion, aiming to open 319 centers across tier 2 and tier 3 cities over the next 30 to 36 months.
• Clinical service offerings: Direct care involves tailored 45-minute sessions for conditions such as autism, ADHD, and Down syndrome, typically packaged in 12- or 24-session programs.