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Rays of Belief Limited IPO | Key Dates, Price Band, and Lot Size
Author
Shoonya Team
Rays of Belief Limited is launching a ₹125 crore IPO, opening for subscription on September 1, 2026. The IPO will close on September 3, 2026. The shares will be listed on the BSE and NSE, with a tentative listing date of September 8, 2026.
The price band is set at ₹227 to ₹239 per share, and the minimum lot size is 62 shares. Retail investors need a minimum investment of ₹14,818 at the upper price band. In comparison, sNII investors must apply for at least 868 shares worth ₹2,07,452, while bNII investors must apply for at least 4,216 shares worth ₹10,07,624.
The Rays of Belief IPO is entirely a fresh issue of 52.30 lakh shares, aggregating up to ₹125 crore. It does not include an offer for sale by existing shareholders.
Rays of Belief Limited | IPO Details
| Detail | Information |
|---|---|
| IPO Opening Date | September 1, 2026 |
| IPO Closing Date | September 3, 2026 |
| Tentative IPO Listing Date | September 8, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹227 – ₹239 per share |
| Lot Size | 62 shares |
| Total Issue Size | 52,30,000 shares (₹125 Cr) |
| Fresh Issue | 52,30,000 shares (₹125 Cr) |
| Offer for Sale | Not applicable |
| IPO Segment | Main Board, Book-Building IPO |
| Listing At | BSE, NSE |
| Shareholding Pre-Issue | 1,56,71,682 shares |
| Shareholding Post-Issue | 2,09,01,682 shares |
| Market Cap (At Upper Price) | ₹499.55 Cr |
Rays of Belief Limited | Company Overview
Rays of Belief Limited is a for-profit social enterprise that provides personalised intervention programmes for children with neurodevelopmental disorders. These include Autism Spectrum Disorder, ADHD, Down Syndrome, cerebral palsy, intellectual disabilities, learning disabilities and global developmental delays.
The company opened its first centre in Gurugram in 2018. It subsequently expanded from 71 centres in FY23 to 136 centres across 57 cities and 20 states and union territories as of March 31, 2026. The centres operate under the Mom’s Belief brand, with a significant presence in Tier 2 cities.
As of March 31, 2026, the company had more than 340 full-time clinical professionals. In June 2025, it expanded into the US by acquiring Mom’s Belief US, Inc., which operates centres in Salem, Lynchburg and Roanoke, Virginia.
Considering the Rays of Belief IPO?
Subscription open September 1–3, 2026 · Price band ₹227–₹239 · Min. investment ₹14,818
Rays of Belief Limited | Key Dates
- IPO Opening Date: September 1, 2026
- IPO Closing Date: September 3, 2026
- Allotment Date: September 4, 2026
- Refunds Initiated: September 7, 2026
- Shares Credited to Demat: September 7, 2026
- Listing Date: September 8, 2026
- Cut-off Time for UPI Mandate Confirmation: Typically 5 PM on the IPO closing date, September 3, 2026
Rays of Belief IPO | Lot Size & Investment
Investors can bid for a minimum of 62 shares and in multiples thereof. The application amounts below are calculated at the upper price band of ₹239 per share.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 62 | ₹14,818 |
| Retail Maximum | 13 | 806 | ₹1,92,634 |
| sNII Minimum | 14 | 868 | ₹2,07,452 |
| sNII Maximum | 67 | 4,154 | ₹9,92,806 |
| bNII Minimum | 68 | 4,216 | ₹10,07,624 |
Investor Category Reservations
| Category | Application Value | Cut-off Price Option |
|---|---|---|
| RII | Up to ₹2 lakh | Yes |
| sNII | Above ₹2 lakh and up to ₹10 lakh | No |
| bNII | Above ₹10 lakh | No |
Shares are reserved as follows: not less than 75% of the issue for Qualified Institutional Buyers, not more than 10% for retail investors and not more than 15% for Non-Institutional Investors.
Rays of Belief Limited | Financial Overview
Rays of Belief Limited’s total income increased by approximately 125% between the financial years ending March 31, 2025, and March 31, 2026.
Here is a snapshot of its year-on-year financial performance:
| Detail | 31-Mar-26 | 31-Mar-25 | Change | Change % |
|---|---|---|---|---|
| Assets | 50.89 | 26.12 | +24.77 | +94.83% |
| Total Income | 82.06 | 36.54 | +45.52 | +124.58% |
| Profit After Tax | 4.96 | 5.88 | -0.92 | -15.65% |
| EBITDA | 11.91 | 3.02 | +8.89 | +294.37% |
| Net Worth | 30.81 | 15.02 | +15.79 | +105.13% |
| Reserves & Surplus | 15.22 | 14.70 | +0.52 | +3.54% |
| Total Borrowings | 3.61 | 4.36 | -0.75 | -17.20% |
Amounts are in ₹ crore.
Rays of Belief IPO | FAQs
When does the Rays of Belief IPO open and close?
The Rays of Belief IPO opens on September 1, 2026, and closes on September 3, 2026.
What is the price band and lot size for the Rays of Belief IPO?
The price band is ₹227 – ₹239 per share, and the minimum lot size is 62 shares. Retail investors must apply for at least one lot, amounting to ₹14,818 at the upper price band.
How can I check the allotment status of the Rays of Belief IPO?
You can check the IPO allotment status on KFin Technologies Limited’s website using your PAN, application number or Demat account details. The status may also be available through the BSE and NSE issue pages.
Who is the registrar for the Rays of Belief IPO?
KFin Technologies Limited is the registrar for the Rays of Belief IPO.
What is the refund and Demat credit date for the Rays of Belief IPO?
Refunds or the release of blocked funds are tentatively scheduled for September 7, 2026. Shares are also expected to be credited to successful applicants’ Demat accounts on the same date.
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