Rays of Belief IPO Day 3: Total surges to 18.02x; Retail leads at 58.32x
- Rays of Belief IPO subscription reached 18.02x on Day 3 by 12:15 PM IST.
- Retail investors led with 58.32x subscriptions, up from 36.65x earlier in the day.
- NII (bHNI) demand jumped 149.1% to 38.24x during the morning session.
- QIB subscription remained minimal at 0.06x.
- The issue closes today, September 3, 2026, with listing scheduled for September 8.
*this image is generated using AI for illustrative purposes only.
Rays of Belief IPO subscription raced ahead on Day 3, reaching 18.02 times by 12:15 PM IST. Retail investors led the charge with 58.32x demand, while Non-Institutional Buyers (bHNI) saw a massive 149.1% intraday jump. The issue remains open until 5 PM today.
Subscription Status
The Rays of Belief IPO witnessed a steady increase in demand over the three-day subscription period. The issue opened on September 1, 2026, and closes on September 3, 2026. Total subscription rose from 1.13x on Day 1 to 3.50x on Day 2, before accelerating significantly to 18.02x on the final day.
| 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 | 0.06x | 38.24x | 30.45x | 58.32x | 18.02x |
Category-wise Breakdown
Retail investors were the primary drivers of the issue's success, accounting for the largest share of subscriptions with 58.32x. The Big HNI (bHNI) segment within NII showed robust interest, subscribing 38.24 times. Small HNI (sHNI) participation stood at 30.45x. In contrast, QIB participation remained minimal throughout the subscription window at 0.06x.
- Retail: 58.32x
- NII (bHNI): 38.24x
- NII (sHNI): 30.45x
- QIB: 0.06x
- Employees: 0x
Intra-day Timeline
On the final day of subscription, September 3, 2026, the demand figures ticked up sharply between 11:15 AM and 12:15 PM IST.
| 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 |
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 negligible QIB subscription of 0.06x impact the stock's liquidity and price stability during the initial trading sessions on listing day?
Given the company's heavy reliance on leased premises, what are the potential risks to capital expenditure recovery if lease renewals are delayed or denied post-IPO?
Could the significant revenue dependency (25.56%) on related party export services pose a conflict of interest or valuation concern for institutional investors in the secondary market?
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