[Fresh Issue ₹125 Cr + OFS NIL]

Rays of belief ipo price: ₹227–₹239 per share

Rays of Belief: History

The Company was originally incorporated as Rays of Belief Private Limited under the provisions of the Companies Act, 2013, on August 23, 2017.

The Company was then converted into a public limited company on November 4, 2024, under a special resolution passed by the shareholders.

Its name was subsequently changed to Rays of Belief Ltd, and the RoC issued a fresh certificate of incorporation on November 25, 2024.

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Rays of Belief: Business

Rays of Belief is a “for-profit social enterprise” providing intervention plans for children with Neurodevelopmental Disorders (NDDs).

Neurodevelopmental Disorders Plans 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).

The services provided by the company primarily cater to children from 18 months to 12 years of age, with specialized programs for older children up to 15 years, focusing on vocational and life skills to facilitate a smooth transition to adulthood.

The Company’s services are designed to address gaps in awareness, accessibility, quality & affordability of developmental care, while involving parents and families as co-therapists in the child’s developmental journey.

The plans provided by the company are personalised and based on each child’s unique needs and the severity of their condition.

The company has served more than 58,000 children since inception, including 9,205 children in FY26, with 6,903 fresh enrolments during the year.

Global Ranking

According to the CARE Report, the company ranks (1st) in India in offering intervention plans for children with NDDs, and (7th) globally among the listed players operating in a similar behavioural health domain.

Network

As of 31 March 2026, the company has expanded to 136 centres across 57 cities and 20 states and union territories in India.

These centres are equipped with 150+ teaching tools, including sensory equipment, puzzles, and worksheets.

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Strategies Ahead

Expansion of network with a focus on driving cost efficiencies across operations.

Attracting and retaining qualified clinical professionals through continuous training, knowledge sharing, and upskilling.

Focus on R&D for integration of modern technology in therapy services.

Improve service portfolio and build on value leadership.

Grow brand awareness and brand loyalty.

Company Promoters

1. Nitin Bindlish,
2. Carving Futures Pte.

Refer to Rays of Belief DRHP for more information.

IPO Detail

ipo date: 1 Sept – 3 Sept 2026

Minimum Amount: ₹14,818

Minimum Bid: 62 Shares

Face Value: INR 10 per share

Listing On: NSE, BSE

Financial

Book Running Lead Managers

Mefcom Capital Markets

CONCLUSION

Considering financial performance and the nature of the business, FinBlab recommends ‘SUBSCRIBE‘ ratings (keeping a long-term view in mind) for the Rays of Belief IPO.

Do come back to learn more about “upcoming IPOs”.

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Disclaimer: This article is purely for informational purposes.

While much time and effort is made to provide the information, I (Vishal Dalwadi) or (FinBlab) do not guarantee the accuracy, correctness, completeness or reliability of any information or data displayed herein and shall not be held responsible.

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