Mom’s Belief Operator Files For IPO To Fund 319 Therapy Centres

Rays of Belief, which operates under the Mom’s Belief brand, has filed its red herring prospectus (RHP) with Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The proposed IPO will include a fresh issue of up to 52.30 lakh equity shares. The offering will not have an offer-for-sale component. This means the entire amount raised will go to the company, with existing shareholders not selling their holdings.

Focus On Neurodevelopmental Care

Rays of Belief is a for-profit social enterprise that provides personalised intervention programmes for children with neurodevelopmental conditions. Its services cover autism spectrum disorder, attention-deficit/hyperactivity disorder, down syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delays.

The company began operations in 2018. As of 31 March 2026, it had 136 centres across 57 cities in 20 states and union territories.

It has provided services to more than 58,000 children since its inception. According to the CARE Report cited in its prospectus, the company ranks first in India and seventh globally among listed behavioural health players by centre count.

Plans To Expand Into Smaller Cities

Rays of Belief intends to use the IPO proceeds to grow its network. It plans to establish 319 additional centres between FY27 and FY29, with a strong focus on Tier II and Tier III cities. These centres provide intervention services for children with developmental and behavioural needs. Its approach is based on personalised treatment plans rather than a standardised service model.

Financial Performance

Financially, the company reported significant revenue growth in FY26. Revenue from operations increased to nearly ₹82 crore from ₹36 crore in FY25.

Profit for the year was ₹5 crore in FY26, compared with ₹6 crore a year earlier. Profit before tax, however, increased sharply to ₹7 crore from ₹35 lakh in FY25.

Rays of Belief IPO arrives as investors show greater interest in healthcare and specialised service businesses. Behavioural health and child development remain relatively niche segments in India's listed market, although demand has increased with greater awareness among parents, schools and healthcare professionals.

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