Data shown is for informational purposes only and does not constitute investment advice. TopFund is not SEBI-registered. Consult a SEBI-registered advisor before investing.
Rays of Belief IPO
Price Band
₹227.0–239.0
Issue Size
₹125.0 Cr
Lot Size
62 shares
Min Investment
₹14,818
GMP
+₹15.0 (6.28%)
Issue Price
₹239.0
Subject to Sauda
₹700
Paid only if allotted
Rays of Belief IPO AI Summary
- Rays of Belief IPO is listed on BSE, NSE in the Other Consumer Services sector.
- Price band: ₹227.0–₹239.0 per share, lot size 62 shares (min. investment ₹14,818).
- Subscription window: 01 Sep–03 Sep 2026, listing on 08 Sep 2026.
- Current GMP is +₹15.0 (6.28%), an estimated listing price of ₹254 — unofficial and can change daily.
Rays of Belief Limited is set to offer its IPO with a price band of ₹227.0 to ₹239.0, aiming to raise ₹125.0 Cr. The company focuses on child development and therapy, providing essential services to children with developmental challenges. With strong subscription demand and a positive GMP, the IPO presents an opportunity for investors interested in the sector.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Rays of Belief IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 03 Sep 2026 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Overall Subscription
107.71x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
9.06x
|
9.06x |
| NII (HNI) |
279.11x
|
279x 🔥 |
| ↳ bNII (>₹10L) |
303.82x
|
304x 🔥 |
| ↳ sNII (<₹10L) |
229.70x
|
230x 🔥 |
| Retail (RII) |
195.86x
|
196x 🔥 |
| Total | 107.71x | 107.71x |
Auto-updated every 5 min · As of 3rd Sep 2026 18:56
Rays of Belief IPO Grey Market Premium (GMP) Today
GMP
+₹15.0
GMP %
+6.28%
Est. Listing
₹254.0
Updated: 08 Sep 2026 08:45
GMP Trend (Last 19 Days)
About the Company
Rays of Belief Limited is the parent company of Mom’s Belief, a leading child development and therapy organization dedicated to empowering families through evidence-based practices. The company focuses on creating personalized therapeutic programs for children with autism and other developmental delays, helping them achieve their full potential. Through its Integrated Learning Centres, Rays of Belief provides a supportive and inclusive environment where children receive expert guidance from professionals in child psychology, speech, behaviour, and occupational therapy. The centres are designed to promote holistic growth and emotional well-being. Services: Occupational Therapy – to enhance motor skills and daily functioning. Speech Therapy – to improve communication and language abilities. Special Education – individualized learning support for children with diverse needs. Applied Behaviour Analysis (ABA) – behaviour-based intervention for skill development. Language and Communication Therapy – to strengthen verbal and social communication. Adult Counselling - to support parents and caregivers in managing challenges effectively.
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 50.89 | 26.12 | 12.89 |
| Total Income | 82.06 | 36.54 | 30.76 |
| Profit After Tax | 4.96 | 5.88 | 0.85 |
| EBITDA | 11.91 | 3.02 | 1.49 |
| NET Worth | 30.81 | 15.02 | 5.78 |
| Reserves and Surplus | 15.22 | 14.70 | 5.47 |
| Total Borrowing | 3.61 | 4.36 |
Key Ratios
EPS
₹3.16
NAV
₹272.01
ROE
56.56%
ROCE
7.49%
RoNW
56.56%
P/B Value
0.88
P/E Ratio
75.63
Market Cap
₹499.55 Cr
PAT Margin
16.15%
Debt/Equity
0.29
Promoters
Nitin Bindlish, Carving Futures Pte.Ltd.
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals 26.88 2 School Collaboration Centres 5.54 3 Centre for Excellence and Research 2.45 4 Upskilling Academy 2.05 5 Technology (hardware) costs 4.44 6 Expenditure for lease payments for existing centres in India 14.45 7 Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA 10.13 8 Expenditure for brand awareness and inclusive outreach programs 10.21 9 Funding inorganic growth through unidentified acquisition and General corporate purposes 38.55 10 Issue Expenses 16.20 Total 130.89
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹30.76 Cr in 31 Mar 2024, rising to ₹36.54 Cr by 31 Mar 2025, and further increasing to ₹82.06 Cr by 31 Mar 2026. This indicates a significant growth trend in revenue over the periods.
Profit Trend
Profit After Tax was ₹0.85 Cr in 31 Mar 2024, decreasing to ₹5.88 Cr by 31 Mar 2025, though it fell to ₹4.96 Cr by 31 Mar 2026. This shows a fluctuation in profit, with a notable increase in the first year followed by a decline in the most recent period.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO compared to its issue price. A positive GMP suggests that the stock may list at a higher price than the issue price, while a negative GMP indicates the opposite. It is important to note that GMP is not a guarantee of performance and can fluctuate based on market conditions.
Subscription Demand
As of 3rd Sep 2026, the IPO was subscribed 107.71 times overall. The institutional category saw a subscription of 9.06 times, while the Non-Institutional Investors (HNI) category had a significant subscription of 279.11 times. Retail investors subscribed 195.86 times, indicating strong demand across all categories.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential and market position. It's important to consider the company's financial health and the overall market environment before making an investment decision.
Who May Want to Wait
Investors who prefer stable, established companies with predictable earnings may find this IPO less appealing, especially given the fluctuations in profit observed in recent periods. Those who are risk-averse should carefully evaluate their investment strategy before considering participation.
IPO Timeline, Explained
The IPO opens for subscription on 1st September 2026 and closes on 3rd September 2026. Allotment of shares is expected to be finalized by 4th September 2026, with the listing on the stock exchange scheduled for 8th September 2026.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor could make if they sell shares on the listing day at a price higher than the issue price. However, these gains are not guaranteed and can be affected by market conditions, investor sentiment, and the company's performance post-listing. Investors should be aware of the risks associated with relying on listing gains as part of their investment strategy.
This evaluation is generated from Rays of Belief's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Rays of Belief IPO GMP today?
Rays of Belief IPO GMP today is +₹15.0 (6.28%), indicating an estimated listing price of ₹254. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Rays of Belief IPO?
The price band of Rays of Belief IPO is ₹227.0–₹239.0 per share.
When does Rays of Belief IPO open and close?
Rays of Belief IPO opens on 01 September 2026 and closes on 03 September 2026.
When does Rays of Belief IPO list on the stock exchange?
Rays of Belief IPO listed on 08 September 2026 at ₹254.0.
What is the lot size for Rays of Belief IPO?
The lot size for Rays of Belief IPO is 62 shares, requiring a minimum investment of ₹14,818.
What is the lot size for this IPO?
The lot size for the Rays of Belief IPO is 62 shares.
What is the minimum investment required?
The minimum investment required is ₹14,818.
What is the price band for the IPO?
The price band for the IPO is ₹227.0 to ₹239.0.
When is the listing date for the IPO?
The listing date for the IPO is 8th September 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected price at which the shares may list compared to the issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
01 Sep 2026
Close
03 Sep 2026
Allotment
04 Sep 2026
Listing
08 Sep 2026
Similar IPOs in Other Consumer Services
Plan Your IPO Investment
Related Articles
Full Analysis
Should you apply? Company analysis, GMP explained & FAQs
Community Sentiment
What are other investors planning for Rays of Belief?
No votes yet — be the first to share your view.
Sign in to voteDiscussion
User-generated content — not investment advice, and not verified or endorsed by TopFund.
No comments yet — start the discussion.