Rays of Belief IPO Day 3: Subscribed 107.29x; NII bHNI leads at 303.82x
- Rays of Belief IPO subscribed 107.29x on Day 3, closing September 3, 2026.
- NII (bHNI) led demand at 303.82x; Retail followed at 193.55x.
- QIB subscription stood at 9.06x, up from negligible levels earlier.
- Allotment date is September 4, 2026; listing on September 8, 2026.
- Company operates 136 centres across India serving children with NDDs.
*this image is generated using AI for illustrative purposes only.
Rays of Belief IPO subscription surged to 107.29 times on Day 3, closing at 5 PM IST on September 3, 2026. Non-Institutional Buyers (bHNI) led the demand with 303.82x, while Retail investors subscribed 193.55x. The issue witnessed exponential growth from 1.13x on Day 1.
Subscription Status
The Rays of Belief IPO saw massive acceleration in demand on its final day. Total subscription rose from 1.13x on Day 1 to 3.50x on Day 2, before jumping sharply to 107.29x on Day 3. The issue opened on September 1, 2026, and closed on September 3, 2026.
| 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 |
| Day 3 | 03-09-2026 | 9.06x | 303.82x | 229.30x | 193.55x | 107.29x |
Category-wise Breakdown
Non-Institutional Buyers (bHNI) emerged as the strongest category, subscribing 303.82 times. Retail investors followed closely with 193.55x, indicating robust individual investor interest. Small HNI (sHNI) participation stood at 229.30x. Qualified Institutional Buyers (QIB) participation remained modest at 9.06x, up from negligible levels earlier in the week. Employee subscription was 0x.
- Retail: 193.55x
- NII (bHNI): 303.82x
- NII (sHNI): 229.30x
- QIB: 9.06x
- Employees: 0x
Intra-day Timeline
On the final day of subscription, September 3, 2026, demand figures ticked up significantly throughout the day. Total subscription jumped +1143.2% from 8.63x at 11:15 AM to 107.29x by 5:15 PM. QIB demand saw a notable intraday rise, increasing from 0.02x to 9.06x (+45200.0%).
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.02x | 15.35x | 36.65x | 8.63x |
| 12:15 | 0.06x | 38.24x | 58.32x | 18.02x |
| 13:15 | 0.08x | 75.24x | 86.14x | 33.26x |
| 14:15 | 4.46x | 118.33x | 116.54x | 54.97x |
| 15:15 | 5.08x | 184.44x | 154.84x | 84.41x |
| 16:15 | 9.06x | 226.90x | 184.02x | 105.50x |
| 17:15 | 9.06x | 229.30x | 193.55x | 107.29x |
Offer Details
- Price Band: ₹227.00000 - ₹239.00000
- Issue Size: 14074 - 500000
- Min Bid Qty: 62
- Open Date: 2026-09-01 10:00:00
- Close Date: 2026-09-03 17:00:00
What's Next
- Allotment Date: 2026-09-04
- Listing Date: 2026-09-08
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. The company operates 136 centres across 57 cities spanning 20 states and union territories in India under the brand name Mom's Belief, serving children from 18 months up to 12 years of age with specialized programs extending to 15 years. The company 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.
Financial Highlights
The company reported significant growth in revenue from operations from ₹30.61 crores in Fiscal 2024 to ₹81.66 crores in Fiscal 2026. Profit before tax increased from ₹0.10 crores in Fiscal 2024 to ₹6.90 crores in Fiscal 2026.
| Metric | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 30.61 | 36.42 | 81.66 |
| Total Revenue (₹ crores) | 30.76 | 36.54 | 82.06 |
| Profit Before Tax (₹ crores) | 0.10 | 0.35 | 6.90 |
| Total Profit (₹ crores) | 0.85 | 5.88 | 4.96 |
Note: FY 2026 data is consolidated; FY 2024 and FY 2025 data is standalone.
Objects of the Issue
- 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: The company operates all centres on leased premises with lease tenures ranging from 11 months to 3 years. Immovable capital expenditure cannot be recovered if leases are not renewed.
- Geographic Revenue Concentration: During Fiscal 2026, 15.36% of Revenue from Operations was derived from centres in Uttar Pradesh, Karnataka and Delhi, and 17.58% from Tier 2 cities.
- Related Party Revenue Dependency: In Fiscal 2026, the company derived 25.56% of Revenue from Operations from export services to related parties.
- High Employee Cost Structure: Employee benefit expenses constitute 52.48% of total expenses in Fiscal 2026.
- Negative Cash Flow: The company had negative cash flows from operating activities of ₹19.41 million and investing activities of ₹61.83 million in Fiscal 2026.
How might the significant disparity between retail/bHNI demand and modest QIB participation impact the stock's listing price volatility and institutional holding stability?
Given the company's heavy reliance on leased premises with short tenures, how will the IPO proceeds allocated to new centre expansion mitigate the risk of lease non-renewal and capital expenditure loss?
With 25.56% of FY 2026 revenue derived from related party export services, what strategies will Rays of Belief employ to diversify its revenue base post-listing to reduce dependency risks?
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