Mom's Belief Parent Sets ₹227-239 Price Band For ₹125 Crore IPO
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Rays of Belief, the parent company of Mom's Belief, has set a ₹227-239 price band for its ₹125 crore IPO, with the issue scheduled to open on 1 September. The company is seeking a market capitalisation of ₹500 crore, with proceeds to fund new centres, lease payments and expansion. Read ahead to know more.
Rays of Belief, which operates the Mom's Belief brand, has fixed the price band for its maiden IPO at ₹227-239 per share.
The issue will open for subscription on 1 September and close on 3 September, following the launch of the anchor book on 31 August. At the upper end of the band, the company will raise ₹125 crore through the fresh issue of 52.3 lakh shares.
The IPO price band is below the ₹284-290 per share range at which the company raised ₹5.8 crore through a pre-IPO placement. The amount raised in that round was adjusted against the fresh issue.
How The IPO Is Structured
The Ray of Belief IPO consists of a fresh issue. Qualified institutional buyers have been allocated 75% of the offer, while non-institutional investors will receive 15% and retail investors the remaining 10%.
The minimum bid is 62 shares, with subsequent bids required in multiples of 62. At the upper price band, retail investors would need ₹14,818 for the minimum lot, while the maximum investment would be ₹1,92,634.
Where The IPO Proceeds Will Go
Rays of Belief plans to deploy ₹41.3 crore from the net IPO proceeds towards setting up new centres on leased premises and related technology hardware. A further ₹14.4 crore will go towards lease payments for existing centres in India.
The company will invest another ₹10.2 crore in its US subsidiary, Mom's Belief US Inc, for lease or licence payments. It has also earmarked another ₹10.2 crore for brand awareness and inclusive outreach programmes. The balance will be used for unidentified acquisitions and general corporate purposes.
Business And Financial Performance
Rays of Belief provides personalised intervention plans for children with neurodevelopmental disorders, including autism, ADHD, Down syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delay.
Since beginning operations in 2018, it has served more than 58,000 children through centres across 136 locations in 57 Indian cities. All centres operate from leased premises.
For the year ended March 2026, the company reported consolidated revenue of ₹81.6 crore and profit of ₹4.9 crore.
Carving Futures, promoted by Nitin Bindlish, owns 91.43% of Rays of Belief. Public shareholders, including Rainmatter Investments, KAPICO Investment and Manish Agarwal, hold 8.28%.
Mefcom Capital Markets is the merchant banker for the Rays of Belief IPO.
Also Read - Priority Jewels To Launch ₹91.50 Crore IPO On 28 August
This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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