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Rays of Belief Ltd IPO

Tech-led NBFC delivering AI/ML driven retail credit across Tier-2 & Tier-3 India.

IPO Closed
Price Band ₹239 per share per share
Lot Size 62 Shares
Min. Investment ₹14818
Issue Size ₹125 Cr
Face Value ₹10
IPO Open 01 September 2026
IPO Close 03 September 2026
Allotment 04 Sep 2026
Listing 08 Sep 2026
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Subscription status for Rays of Belief Ltd IPO

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Key dates

IPO schedule for Rays of Belief Ltd

From the day bidding opens to listing — every milestone you need to track.

IPO Open 01 Sep 2026
IPO Close 03 Sep 2026
Allotment 04 Sep 2026
Refund / Unblock 07 Sep 2026
Listing 08 Sep 2026
About the company

Who is Rays of Belief Ltd ?

Rays of Belief Limited was originally incorporated as 'Rays of Belief Private Limited' as a Private limited company dated August 23, 2017, with the Central Registration Centre. Subsequently, upon conversion of Company into a Public limited,

name was changed to 'Rays of Belief Limited' on November 25, 2024 and a fresh Certificate of Incorporation was obtained from the Central Processing Centre.

Company was founded, primarily to address key barriers related to NDDs in the behavioural health domain, including lack of awareness, limited access, inadequate quality of care and affordability. Accordingly, the intervention plans are prepared to empower parents and families to become co-therapists in their child's developmental journey.

The Company started with its first centre in Gurgaon in 2018 and subsequently scaled the operations from 71 centres in FY 2023 to 136 centres as of September 30, 2025. Based on number of centres, the Company is India's largest For Profit Social Enterprise providing intervention plans for children with Neurodevelopmental Disorders (NDDs). So far, Company has served upwards of 56,500 children since commencement of its operations in 2018.

The services primarily cater to children from 18 months up to 12 years of age, with specialized programs for older children up to the age of 15 years focusing on vocational and life skills to facilitate a smooth transition to adulthood. These centres provide a comprehensive and multidisciplinary suite of services, spanning early intervention, parental guidance, occupational therapy, language therapy and family support programs. Apart from this, these centres are equipped with 150+ teaching tools, including sensory equipment, puzzles, and worksheets. Additionally, they provide home-based learning kits with 2,000+ teaching tools, supported by structured follow-ups and monitoring to track progress.

In FY 2023-24, Company launched 20 new Early Intervention Centres (EICs) to expand outreach for early development support.

Company has filed a Draft Red Herring Prospectus with SEBI and is planning the issuance of 6,000,000 Equity Shares having the face value of Rs 10 each through Fresh Issue.

Financial track record

Financials at a glance

Three-year trajectory of revenue, profit and assets — restated as per the RHP.

Revenue PAT Total Assets
FY 2025
FY 2024
FY 2023
Metric (₹ Cr)FY 2025FY 2024FY 2023
Total Income36.5430.7622.27
EBITDA3.131.64-7.08
PAT5.880.85-8.46
AUM26.1212.897.78

Strengths & Risks

A balanced look at what works in the company's favour and what investors should watch.

Strengths

  • 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.

Risks

  • 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.
  • As of March 31, 2026, the company's operated 34 Early Intervention Centres ("EICs") under the centre type - "Company Learning Centres in partnership with Licensed Professionals" model. Its ability to provide effective early intervention services through this model is highly dependent on the availability, cooperation, continued relationship with as well as the best practices adopted by such Licensed Professionals. Lapses in coordination or termination of such partnerships could impact service quality, and adversely affect the company's reputation, business, and growth.
  • Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • The company is yet to identify the exact locations or properties for the setting up its centres in India, for which the company intends to utilize the amount from Net Proceeds.
  • The company's funding requirements and the proposed deployment of Net Proceeds are not appraised by any bank, financial institution, or any other independent agency, and the company has not entered into definitive agreements in relation to the objects of its Issue, which may affect the company's business and results of operations. Further, any variations in the company's funding requirements and the proposed deployment of Net Proceeds may affect its business and results of operations.

Rays of Belief Ltd IPO — frequently asked questions

The Rays of Belief Ltd IPO opens on 01 September 2026 and closes on 03 September 2026. Bidding is accepted from 10:00 AM on the open date until 5:00 PM on the close date. The IPO is available to all eligible investors including retail individual investors, non-institutional investors, and qualified institutional buyers.
The price band for Rays of Belief Ltd IPO is Rs 239 to Rs 239 per share. The lot size is 62 shares per lot, requiring a minimum investment of Rs 14818 at the upper price band. Investors must apply for a minimum of one lot and can apply for up to 62 lots as per SEBI guidelines.
You can apply for the Rays of Belief Ltd IPO through the Chola Securities app or web platform using UPI or ASBA. Log in to your account, navigate to the IPO section, select Rays of Belief Ltd from the open IPOs list, enter your bid quantity and price within the price band, and submit your application. You need an active demat account, a linked bank account, and a valid PAN to apply. Bidding closes on 03 September 2026 at 5:00 PM.
Allotment for Rays of Belief Ltd IPO is scheduled on 04 Sep 2026. Refunds or unblocking of funds for unsuccessful applicants will be processed on 07 Sep 2026. The shares are expected to list on 08 Sep 2026. You can check your allotment status on the Chola Securities IPO page or through the registrar's website using your PAN.
Chola Securities' research team has reviewed the Rays of Belief Ltd IPO based on the company's financials, business model, valuation, and sector outlook. The recommendation is available on this page. Investors are advised to read the full IPO note along with the company's Red Herring Prospectus before making an investment decision.
Yes, you can revise or withdraw your Rays of Belief Ltd IPO bid before the subscription window closes on 03 September 2026 at 5:00 PM. Revisions can include changing the quantity or price within the allowed price band. To withdraw, cancel your application through the platform before the closing time. Once the subscription period ends, no further changes are permitted.
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