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₹239 - 239Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Rays of Belief Ltd
MiscellaneousIPO
₹239 - 239
Our Company is a For-Profit Social Enterprise providing intervention plans for children with Neurodevelopmental Disorders ("NDDs"). Such plans are personalised based on each child's unique needs and condition severity. NDDs include Autism Spectrum Disorder ("ASD"), Attention-Deficit/ Hyperactivity Disorder ("ADHD"), Down Syndrome ("DS"), Cerebral Palsy ("CP"), Intellectual Disability ("ID"), Learning Disabilities ("LD"), and Global Developmental Delays ("GDD").
Lot62Min Invest₹14,818Face Value₹10Issue Size₹125 CrFresh Issue₹125 CrListing Price₹239CMP₹264
Timeline
1 Sept
Bidding opens
3 Sept
Bidding closes
4 Sept
Allotment
7 Sept
Refund & demat credit
8 Sept
Listing
Subscription · As of 7:48 PM, 3 Sept
Demand by day
CategoryDay 2Day 3Now+0.01x+9.05x9.06x+2.06x+277.05x279.1x+18.52x+177.34x195.9xOverall+3.61x+104.10x107.7x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB9.06x39.23 L3.55 Cr849.05NII279.1x7.84 L21.90 Cr5,233.28Retail195.9x5.23 L10.24 Cr2,448.26Total107.7x52.30 L56.33 Cr13,463.75
Reports
Offer Details
Terms
Issue Size₹125 Cr0.52 Cr shares
Fresh Issue₹125 Cr
Face Value₹10
Lot Size62 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,8181-13 lots
sNII₹2,07,452from 14 lots
bNII₹10,07,624from 68 lots
Managers & Registrar
Lead ManagerMefcom Capital Markets Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group91.72%68.77%Public8.28%31.23%
Objects of the Issue
- Funding capital expenditure towards establishment of new centres on leased premises (tenure of 11 months - 3 years) and associated technology (hardware) costs:
- Expenditure for lease payments for the existing centres in India
- Investment in the company Subsidiary, Mom's Belief US Inc., for making lease / license payments for our existing centres in the USA
- Expenditure for brand awareness and inclusive outreach programs
- General corporate purposes
Anchor Book
Bid Date31-Aug-2026Shares20,92,190Amount₹50 Cr30-day lock-in03-Oct-202690-day lock-in02-Dec-2026
Financials
Profit & Loss
| Financial Year | FY26 |
|---|---|
| RevenueCr | 82 |
| Operating ProfitCr | 12 |
| OPM% | 14.6 |
| PBTCr | 7 |
| PATCr | 5 |
| EPS | 3 |
Balance Sheet
| Financial Year | FY26 |
|---|---|
| Equity CapitalCr | 16 |
| ReservesCr | 15 |
| BorrowingsCr | 9 |
| Total AssetsCr | 51 |
Cash Flow
| Financial Year | FY26 |
|---|---|
| Operating Cash FlowCr | -2 |
| Investing Cash FlowCr | -6 |
| Financing Cash FlowCr | 6 |
| Net Cash FlowCr | -2 |
Strengths & Risks
Strengths · as stated in the DRHP
- India's Largest For Profit Social Enterprise for Neurodevelopmental Disorders Intervention Centres, based on the number of centres.
- Focus on Accessibility.
- Comprehensive, Multidisciplinary and Client-Focused Care.
- Research and Development focused approach and digital adaptability.
- Professional and experienced management team.
Strategies · as stated in the DRHP
- Continued expansion of our network with a focus on driving cost efficiencies across our operations.
- Attracting and retaining qualified clinical professionals through continuous training, knowledge sharing and upskilling.
- Continuance of R&D for further integration of modern technology in our therapy services.
- Continue to improve on our service portfolio and build on our value leadership.
- Continue to grow brand awareness and brand loyalty.
Risks · as stated in the DRHP
- The company's centres operates on leased premises with lease tenures ranging from 11 months to 3 years, and a significant portion of its capital expenditure comprises immovable fit-outs on such leased properties, which may not be recoverable if a lease is not renewed or if a centre is closed or moved to some other location.
- During Fiscal 2026, 15.36% of the company's Revenue from Operations was derived from its centres located in the states of Uttar Pradesh and Karnataka and union territory of Delhi. Additionally, 17.58% of the company's Revenue from Operations was derived from centres in Tier 2 cities. Any loss of business from these regions may adversely affect its revenues and profitability.
- In Fiscal 2026, the company derived 25.56% of the company's Revenue from Operations from the export of support services to Carving Futures Pte. Ltd., its Holding Company, who is also the company's Corporate Promoter, and Carving Futures Inc., its Promoter Group entity. Any adverse change in, or termination of, this agreement, or any conflict of interest arising from such related party arrangements, could adversely affect the company's business, financial condition, results of operations and cash flows. Further, 50.21% of its Revenue from Operations for Fiscal 2025, as reflected in the company's Pro Forma Consolidated Financial Information, was derived from 3 (three) newly acquired centres in the United States. Any loss of business from these centres may adversely affect its revenues and profitability.
- The company's Registered Office, Corporate Office, 91 out of 136 of its centres in India and the company's newly acquired centres in the United States are in premises not owned by it and the company has only leasehold rights. Lease amount paid for its centres was Rs. 46.61 million as on March 31, 2026. Additionally, monies from the company's net issue under capital expenditure object will be utilized towards leased premises rent payment, for premises having leased for tenure of 11 months - 3 years. The company's landlords may not renew leases of existing centres with it or renegotiate terms of its leases, which could adversely affect the company's business, financial condition and results of operations.
- The company operates in a highly specialized and sensitive domain, providing care to children with Neurodevelopmental Disorders. Till date, the company has served upwards of 58,000 children since commencement of its operations in 2018. The company's business depends on its continued ability to maintain standardised and reliable quality of services at all the company's centres. Any disruption, limitation, or deficiency in the delivery of its services may adversely affect the company's reputation, business operations and financial performance.
- During the Fiscal 2026, the company derived 73.79% of its revenue from the company's centre operations, of which, 26.52% was derived from the company's centre type - "Company Learning Centres in partnership with Licensed Professionals". Under this model, the company is dependent on the arrangements with these Licensed Professionals, and its business would be harmed, and revenue would be affected if the company's arrangements with these Licensed Professionals are terminated or suspended.