Summary of this article
Rays of Belief shares listed flat at Rs 239 on both exchanges
The IPO was subscribed 107.71 times, led by strong non-institutional demand
Revenue jumped 125 per cent, while profit fell 16 per cent in FY26
Rays of Belief Ltd, which runs the child-development brand Mom's Belief, made its stock market debut on September 8, 2026, with shares opening flat at Rs 239 on both the BSE and the NSE, matching the initial public offering's (IPO) issue price and handing investors no listing-day gain. The stock trades on the BSE under script code 544906 and on the NSE under the symbol MOMSBELIEF.
The flat start came despite the grey market premium (GMP) indicating a stronger opening. The stock's GMP stood at Rs 15 on the morning of listing, which had implied a debut price near Rs 254, or a gain of about 6.28 per cent over the issue price. However, the expected premium failed to materialise at listing.
Rays Of Belief IPO Subscription
The Rs 125 crore IPO, a fresh sale of 5.23 million shares priced in a band of Rs 227 to Rs 239, was open for bidding from September 1 to September 3 and drew bids for 337.9 million shares against 3.14 million on offer, subscribing the book 107.71 times. Non-institutional investors led demand at 279.11 times, split between 303.82 times for bids above Rs 10 lakh and 229.70 times for smaller ones. Retail investors bid 195.86 times their quota, while qualified institutional buyers, excluding the anchor book, came in at 9.06 times. Total applications numbered 15,56,764.
Mefcom Capital Markets Ltd managed the issue as book running lead manager, with Kfin Technologies Ltd as registrar. Allotment was finalised on September 4, with a lot size of 62 shares and a minimum retail investment of Rs 14,818 at the upper end of the band.
Ahead of the public sale, Rays of Belief raised Rs 50 crore from anchor investors on August 31, allotting 20,92,190 shares. Half of the anchor shares are locked in until October 3 and the remainder until December 2.
What The Company Does
Incorporated in 2017, Rays of Belief is a for-profit social enterprise that designs individual intervention plans for children with neurodevelopmental conditions, including autism spectrum disorder, attention deficit hyperactivity disorder (ADHD), Down syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delays. It opened its first centre in Gurgaon in 2018 and has since grown to 136 centres across 57 cities and 20 states and union territories as of March 2026, up from 71 centres in fiscal 2023.
The network breaks down into 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres. Core services cover children aged 18 months to 12 years, with vocational and life-skills programmes extending to age 15, delivered by a clinical team of more than 340 full-time professionals using over 150 teaching tools at centres and more than 2,000 tools through home-based kits. In June 2025 the company acquired Mom's Belief US Inc and its step-down subsidiary Allergy and Immunology Virginia LLC, adding three centres in Salem, Lynchburg and Roanoke, Virginia.
Rays of Belief Objectives
The company plans to use the IPO proceeds primarily to set up new learning centres and centres operated jointly with licensed professionals. It has allocated Rs 38.55 crore for unidentified acquisitions and general corporate purposes, Rs 14.45 crore for lease payments at its existing India centres, Rs 10.21 crore for brand building and outreach, and Rs 10.13 crore for lease and licence payments through its US subsidiary. It will use the remaining funds for school collaboration centres, a centre for excellence and research, and an upskilling academy.
Rays of Belief Financial Performance
Rays of Belief reported a 125 per cent rise in total income to Rs 82.06 crore in FY26 from Rs 36.54 crore a year earlier. Earnings before interest, tax, depreciation and amortisation (Ebitda) nearly quadrupled to Rs 11.91 crore from Rs 3.02 crore, while profit after tax (PAT) fell 16 per cent to Rs 4.96 crore from Rs 5.88 crore.
The company’s net worth more than doubled to Rs 30.81 crore from Rs 15.02 crore. Its return on equity fell to 21.64 per cent from 56.56 per cent as the equity base expanded, while return on capital employed improved to 29.74 per cent from 7.49 per cent. The debt-to-equity ratio also improved to 0.12 from 0.29.
At the IPO price, the company commanded a post-issue valuation of Rs 499.55 crore. This valued the stock at a price-to-earnings multiple of 100.84 times, compared with 75.63 times on a pre-issue basis.
