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Rays of Belief Ltd IPO

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

Listed
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

As of 12 Sep 26, 4:07 PM. Will get Updated in every 30 minutes

QIB -

Qualified Institutional Buyers

NII -

Non-Institutional Investors

Retail -

Retail Individual Investors

Total -

Across all investor categories

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

  • There have been certain statutory and regulatory non-compliances and delays by the Company in the past, including delays in filings with the RoC and non-compliance with SEBI regulations in connection with the adoption of a Stock Appreciation Rights Scheme ("SAR Scheme"), which could have an adverse effect on its business, reputation, and financial condition to that extent.
  • The company has incurred indebtedness of Rs. 36.07 million as on March 31, 2026, in the form of an unsecured loan and might have to do so in the future. An inability to comply with repayment and other covenants in the company's financing agreements could adversely affect its business and financial condition.
  • The company relies on third-party contractors for the renovation and general setting up of its centres. Any lapse by such third-party service contractors may have adverse consequences on the company's business, reputation, results of operations and cash flows.
  • The company is dependent on a number of key personnel, including certain of its Promoters, the company's Key Managerial Personnel and its Senior Management Personnel, and the loss of or the company's inability to attract or retain such persons could adversely affect its business, results of operations, financial condition and cash flows.
  • The company's business could get adversely affected on account of factors beyond its control that may affect the company's cash flows and business operations.
  • The impact of outbreaks of diseases on the company's business and operations is uncertain, and may have an adverse effect on its business, operations and the company's future financial performance.
  • The company has entered into related party transactions in past and may continue to do so in the future, which may potentially involve conflict of interest.
  • The company's Directors and Key Managerial Personnel are entitled to certain benefits in addition to their normal remuneration such as dividend entitlement by virtue of their shareholding in the Company.
  • The company may not have insurance coverage to cover its operations, and this may have an adverse effect on the company's business.
  • The requirements of being a listed company may strain its resources.

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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