Rays of Belief IPO Day 1: Subscription status, review — here's what you need to know
- Rays of Belief IPO opened on September 1, 2026, with a total subscription of 1.13x.
- Retail investors led the demand with a 6.25x subscription, up 281.1% from morning levels.
- NII (bHNI) saw a sharp jump of 336.8%, reaching 0.83x.
- QIB participation remains flat at 0.00x.
- The IPO closes on September 3, 2026.
*this image is generated using AI for illustrative purposes only.
Rays of Belief IPO is racing ahead on Day 2, with total subscription ticking up to 3.50x. Retail investors are driving the momentum, jumping to 18.00x, while Qualified Institutional Buyers remain absent at 0.01x.
Subscription Status
The issue saw a significant jump in retail and NII interest on Day 2, pushing the overall subscription multiple higher. Here is the day-wise breakdown:
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 01-09-2026 | 0.00x | 0.83x | 0.13x | 6.25x | 1.13x |
| Day 2 | 02-09-2026 | 0.01x | 3.82x | 1.09x | 18.00x | 3.50x |
Intra-day timeline on 02-09-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 1.60x | 10.45x | 1.92x |
| 12:15 | 0.00x | 1.94x | 12.03x | 2.23x |
| 13:15 | 0.00x | 2.32x | 13.34x | 2.53x |
| 14:15 | 0.00x | 2.62x | 14.63x | 2.78x |
| 15:15 | 0.00x | 2.92x | 15.81x | 3.02x |
| 16:15 | 0.00x | 3.16x | 16.85x | 3.22x |
| 17:15 | 0.01x | 3.82x | 18.00x | 3.50x |
Retail investors are clearly driving the momentum, jumping from 6.25x on Day 1 to 18.00x on Day 2. NII (bHNI) also picked up pace, moving from 0.83x to 3.82x. However, Qualified Institutional Buyers have yet to show significant interest, remaining at 0.01x for both days.
About the Company
Rays of Belief Limited is a For-Profit Social Enterprise providing intervention plans for children with Neurodevelopmental Disorders (NDDs) including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays. Founded in 2017, the company operates 136 centres across 57 cities spanning 20 states and union territories in India under the brand name Mom's Belief. It ranks first in India by number of centres offering intervention plans for children with NDDs and has served upwards of 58,000 children since commencing operations in 2018. The management team includes MD Nitin Bindlish and CFO Ved Prakash.
Financial Highlights
The company has shown significant revenue growth over the last three years. Below are the key financial figures:
| Particulars | FY 2024 (₹ crores) | FY 2025 (₹ crores) | FY 2026 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 30.61 | 36.42 | 81.66 |
| Total Profit | 0.85 | 5.88 | 4.96 |
| Total Equity | 5.78 | 15.02 | 30.81 |
Revenue from operations surged from ₹30.61 crores in FY 2024 to ₹81.66 crores in FY 2026. Total profit stood at ₹4.96 crores in FY 2026, down slightly from ₹5.88 crores in FY 2025. Total equity increased to ₹30.81 crores in FY 2026.
Objects of the Issue
The company intends to utilize the proceeds for the following purposes:
- Funding capital expenditure towards establishment of new centres on leased premises and associated technology costs: ₹41.36 crores
- Expenditure for lease payments for existing centres in India: ₹14.45 crores
- Investment in Subsidiary Mom's Belief US Inc. for lease payments for existing centres in USA: ₹10.13 crores
- Expenditure for brand awareness and inclusive outreach programs: ₹10.21 crores
- Funding inorganic growth through unidentified acquisition and general corporate purposes: Remaining proceeds
Risk Factors
- Leased Premises Dependency with Non-Recoverable Capital Expenditure: Immovable capital expenditure cannot be recovered if leases are not renewed.
- Geographic Revenue Concentration Risk: Significant revenue derived from Uttar Pradesh, Karnataka, Delhi, and Tier 2 cities.
- Related Party Revenue Dependency: 25.56% of Revenue from Operations derived from export services to related parties in Fiscal 2026.
Key Dates
- IPO Open Date: 01-09-2026
- IPO Close Date: 03-09-2026
- Allotment Date: 04-09-2026
- Listing Date: 08-09-2026
Will the complete lack of QIB subscription indicate institutional skepticism regarding the company's profit margin fluctuations despite revenue growth?
How might the heavy reliance on leased premises impact future capital efficiency and expansion scalability compared to owning facilities?
What is the expected timeline for ROI from the ₹10.13 crore investment in Mom's Belief US Inc., and how will it affect consolidated earnings?
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