NewsRays of Belief IPO Day 2 Live: Retail surges to 12.03x, Total at 2.23x - Check analysts view and moreRays of Belief IPO Day 2 Live: Retail surges to 12.03x, Total at 2.23x - Check analysts view and more
- Rays of Belief IPO total subscription reached 2.23x on Day 2.
- Retail category surged to 12.03x, leading the subscription momentum.
- QIB participation remains flat at 0.00x.
- Company revenue grew from ₹30.61 crores in FY24 to ₹81.66 crores in FY26.
- IPO closes on 03-09-2026 with listing scheduled for 08-09-2026.
*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 2.23x. Retail investors are driving the surge, jumping to 12.03x, while QIB interest remains absent at 0.00x.
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 | 0.00x | 1.94x | 0.38x | 12.03x | 2.23x |
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 |
Retail investors are clearly driving the momentum, jumping from 6.25x on Day 1 to 12.03x on Day 2. NII (bHNI) also picked up pace, moving from 0.83x to 1.94x. However, Qualified Institutional Buyers have yet to show interest, remaining at 0.00x 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 absence of QIB interest on Day 2 signal potential listing price volatility or a lack of institutional confidence in the social enterprise model?
How might the company mitigate the risk of non-recoverable capital expenditure if lease renewals for its 136 centres face delays or rejections post-IPO?
Given the 25.56% revenue dependency on related parties, what strategies will Rays of Belief employ to diversify its client base and reduce this concentration risk?
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