Rays of Belief Ltd IPO - Check Issue Date, Price, Lot Size & Details with BlinkX.

Rays of Belief Ltd IPO

Our Company is a For-Profit Social Enterprise providing intervention plans for children with Neurodevelopmental Disorders (NDDs). Such plans are personalised based on each child's unique needs and condition severity. NDDs 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).

Rays of Belief Ltd IPO Details

Total Shares Offered

₹ 52,30,000

Offer to Public

TBA

Retail Max (Shares)

₹ 5,23,000

Pre Issue Promoters Holding

₹ 1,43,74,264

Exchange

BSE

Issue size

₹ 125 Cr

IPO Open Date

Sep 1, 2026

Close Date

Sep 3, 2026

Lot Size

Min Investment

₹ 14,074

Issue Type

Book Building

Listing Date

Sep 8, 2026

Rays of Belief Ltd IPO Dates

Sep 1, 2026

Opening date

Sep 3, 2026

Closing date

Sep 4, 2026

Basis of Allotment

Sep 7, 2026

Initiation of Refunds

Sep 7, 2026

Credit of Shares

Sep 8, 2026

Listing date

Details

Sector	Type
Sector	Miscellaneous
Sub Sector	NA
Issue Type	Book Building

Subscription Status

*Values are in Lakhs

Investor Type	Subscription Times	Shares Offered*	Shares Bid*
QIB	4.23x	3922500	16576630
NII	279.11x	784500	218965648
Retail	195.87x	523000	102437640
Employee	0x	0	0
Total	64.62x	5230000	337979918

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

4.23x

279.11x

195.87x

64.62x

3922500

784500

523000

5230000

16576630

218965648

102437640

337979918

Rays of Belief Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	2.54	1.51	-7.22
EBITDA	4.73	2.92	-5.98
PAT	5.88	0.85	-8.46
Total Assets	21.09	8.61	5.54
Share Capital	0.32	0.31	0.30
Total Borrowings	16.63	3.84	1.60
Operating Activities (Net Cash)	8.07	2.26	-7.22
Investing Activities (Net Cash)	-0.31	-0.39	-0.05
Financing Activities (Net Cash)	16.63	3.84	1.60
Net Cashflow	5.75	4.60	3.90

About Rays of Belief Ltd

Our Company was originally incorporated as Rays of Belief Private Limited as a private limited company under the provisions of the Companies Act, 2013 pursuant to a certificate of incorporation dated August 23, 2017, issued by the Central Registration Centre. Subsequently, upon conversion of our Company into a public limited company, our name was changed to Rays of Belief Limited pursuant to a resolution passed by our Board dated October 30, 2024 and by our Shareholders on November 04, 2024, and a fresh certificate of incorporation was issued by the Central Processing Centre on November 25, 2024.

The NDD care and intervention industry in India is experiencing robust growth, driven by rising prevalence of conditions like ASD, ADHD, DS, and others, as well as increased awareness, earlier diagnoses, and significant advancements in technology and therapeutic approaches. The market size for NDDs was estimated at Rs. 52,623 million as of March 2025, with ASD, ADHD, and Cerebral Palsy comprising the majority share; sub-segments such as ASD and ADHD therapy are expected to maintain strong compound annual growth rates over the next decade. Key growth drivers include public awareness campaigns, government and NGO initiatives, and the adoption of digital health tools and multidisciplinary care models, though the industry faces ongoing challenges related to regulatory fragmentation, workforce shortages, cost barriers, regional disparities in service access, and residual social stigma. With no Indian listed peers, the sector references larger-scale global behavioral health providers for benchmarking, while domestic leaders like Rays of Belief Ltd. are distinguished by extensive networks and geographic reach. The outlook for the sector remains positive as policy reforms, continued investment, and technological innovation progressively address care gaps and enable better outcomes for children and families affected by NDDs across India.

Peer Comparison:

No listed in Industry Peers

Rays of Belief Ltd Key Points

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.

Risk

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.

Strategy

Continued expansion of our network with a focus on driving cost efficiencies across our operations.

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

Continuance of R&D for further integration of modern technology in our therapy services.

Continue to improve on our service portfolio and build on our value leadership.

Continue to grow brand awareness and brand loyalty.

How To Apply for Rays of Belief Ltd IPO Online?

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From the list of open IPOs, select the IPO you want to invest.

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Go through the IPO details like lot size, price band, about the company, etc.

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Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

Step 5:

Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

FAQs on IPO (Initial Public Offering)

What is the issue size of the Rays of Belief Ltd IPO?

Rays of Belief Ltd's IPO offers shares for up to 125 It begins on Sep 1, 2026 and ends on Sep 3, 2026.

What is the price of the Rays of Belief Ltd IPO?

The price of Rays of Belief Ltd IPO ranges between ₹227 to ₹239 per share.

What are the open and close dates for the Rays of Belief Ltd IPO?

The Rays of Belief Ltd IPO opens on Sep 1, 2026 and closes on Sep 3, 2026.

When will the Rays of Belief Ltd IPO be allotted?

The allotment for the Rays of Belief Ltd IPO will be finalised on Sep 4, 2026. The shares will be listed on BSE and NSE on Sep 8, 2026.

What is the minimum lot size required for Rays of Belief Ltd IPO?

The minimum lot size for Rays of Belief Ltd IPO is 62 shares, priced between ₹227 to ₹239 per share.

What is the GMP of Rays of Belief Ltd IPO?

The GMP (Grey Market Premium) of Rays of Belief Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of Rays of Belief Ltd IPO?

To check the allotment status of Rays of Belief Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the Rays of Belief Ltd IPO getting listed?

The Rays of Belief Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Sep 1, 2026, and closes on Sep 3, 2026. The allotment is finalised on Sep 4, 2026.

How do you apply for the Rays of Belief Ltd IPO?

To apply for the Rays of Belief Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.