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IPO · Healthcare & Life Sciences

Rays of Belief opens its public share offering

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Rays of Belief logo
Date
Company
Rays of Belief
What it does
Therapy for children with neurodevelopmental disorders
Kind
IPO
Amount
₹125 Cr
Stage
public
Sector
Healthcare & Life Sciences

What they do

The company operates under the brand Mom's Belief, providing intervention services for children with neurodevelopmental disorders like autism and ADHD

What happened

The initial public offering (IPO) aims to raise up to ₹125 crore through a fresh issue of shares, with a price band of ₹227-239

Why it matters

Proceeds will fund new therapy centres, lease payments for existing locations, and expansion into the US market through its subsidiary

The details

  • The IPO (initial public offering) for Rays of Belief opens for public subscription from 1 September 2026 to 3 September 2026.
  • The company plans to raise up to ₹125 crore through a fresh issue of 52.3 lakh shares.
  • The price band for the offering is set between ₹227 and ₹239 per share.
  • The firm successfully raised ₹50 crore from anchor investors (institutional investors who buy shares before the public issue) on 31 August 2026.
  • Anchor investors include Viney Growth Fund, LRSD Securities, Nova Global Opportunities Fund, 31 Degrees North Fund, and Visionary Value Fund.
  • The company is advised by Mefcom Capital Markets as the merchant banker for this transaction.

The bigger picture

  • The anchor book raised ₹50 crore on 31 Aug 2026, while the IPO aims to raise up to ₹125 crore.
  • Approximately ₹14.4 crore is earmarked for lease payments across its existing Indian centre network.
  • The firm will invest ₹10.1 crore into its US subsidiary, Mom’s Belief US Inc, to support international operations.
  • Remaining funds will support brand awareness, inclusive outreach programs, and potential future acquisitions.

About the business

  • Rays of Belief operates as a for-profit social enterprise under the brand Mom's Belief.
  • It provides comprehensive intervention plans for children with neurodevelopmental disorders (NDDs).
  • Conditions treated include Autism Spectrum Disorder, ADHD, Down Syndrome, and Cerebral Palsy.
  • Services include occupational therapy, speech therapy, special education, and applied behaviour analysis.
  • The company operates 136 centres across 57 cities and has served over 58,000 children.
  • Delivery models include in-centre therapy, digital sessions, and a family support program.
  • The firm employs 521 staff members, including 340 clinicians.

What happens next

  • Expand the network of therapy centres using IPO proceeds.
  • Scale operations in the United States through the subsidiary Mom’s Belief US Inc.

The deal

Type
IPO

Investors

  • Viney Growth Fund (lead) — Participated as an anchor investor with a ₹15 crore commitment.
  • LRSD Securities (lead) — Participated as an anchor investor with a ₹15 crore commitment.
  • Nova Global Opportunities Fund (participated) — Participated as an anchor investor with a ₹10 crore commitment.

Founders

  • Nitin Bindlish, Promoter

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