Rays of Belief Limited, the company behind the child development and therapy platform Mom's Belief, is set to launch its Initial Public Offering (IPO) on Tuesday, September 1, 2026. The anchor investor bidding is scheduled for Monday, August 31, 2026, with the issue closing on Thursday, September 3, 2026.
This fresh issue comprises up to 52,30,000 equity shares, each with a face value of Rs 10. The price band for the IPO has been fixed between Rs 227 and Rs 239 per share. This pricing translates to an issue size ranging from Rs 118.72 crore at the lower end to Rs 125 crore at the upper end.
Investors can bid for a minimum of 62 equity shares, and in multiples of 62 thereafter. A significant portion of the net proceeds from the IPO is earmarked for the expansion of Mom's Belief's centre network across India.
About Mom's Belief
Mom's Belief operates as a for-profit social enterprise, dedicated to providing personalized intervention plans for children diagnosed with neurodevelopmental disorders. These conditions include autism spectrum disorder, ADHD, Down syndrome, cerebral palsy, intellectual disability, learning disabilities, and global developmental delay.
The company was founded in 2018 with a mission to address critical gaps in awareness, access, quality of care, and affordability within the behavioural health sector. Its intervention plans are designed to empower parents and families to actively participate as co-therapists in their child's developmental journey.
Operational Footprint and Expansion
As of March 31, 2026, Mom's Belief managed 136 centres across 57 cities in 20 states and Union Territories, with a notable concentration in Tier 2 markets. Specifically, it operated 42 centres in Tier 1 cities, 77 in Tier 2 cities, and 17 in Tier 3 cities.
Since its inception, the platform has served over 58,000 children, with more than 2,500 active children enrolled in its intervention plans through both physical centres and digital platforms as of the same date. A CARE Report indicates that Mom's Belief ranks first in India by the number of centres offering intervention plans for children with neurodevelopmental disorders, and seventh globally among listed players in similar behavioural health domains.
The company boasts a multidisciplinary team of 3,340 full-time clinical professionals, supported by over 80 clinical operations, headquarters, and support staff. Promoters Nitin Bindlish and Carving Futures Pte. Ltd. back the company. Carving Futures has also partnered with the LEGO Foundation on a two-year project, contributing USD 2.02 million for initiatives like the Family Support Plan and play inclusion across India, Dubai, and the UAE.
Financial Performance and Future Plans
Rays of Belief has ambitious expansion plans, aiming to open 319 new centres between Fiscal 2027 and Fiscal 2029. This includes 128 centres in Tier 1 cities, 121 in Tier 2 cities, and 70 in Tier 3 cities.
Financially, the company reported consolidated revenue of Rs 81.66 crore in Fiscal 2026, a significant increase from Rs 36.41 crore in Fiscal 2025. However, profit saw a slight decline, falling to Rs 4.95 crore in Fiscal 2026 from Rs 5.88 crore in Fiscal 2025.
With this IPO, Mom's Belief seeks to expand its network and scale its services nationwide, aiming to become India’s first for-profit social enterprise to list on the main board of the stock exchanges.