Rays of Belief, the company behind the child development and therapy platform Mom's Belief, is set to open its initial public offering (IPO) on September 1, 2026. The public issue will remain open for subscription until September 3, with the company planning to utilize the proceeds to fuel a significant expansion of its services across India.
IPO Details and Funding Goals
The IPO consists entirely of a fresh issue, offering up to 52.3 lakh equity shares, and notably includes no offer-for-sale (OFS) component. Based on pre-IPO placement prices, Rays of Belief anticipates raising approximately Rs 149-152 crore through this offering. While the specific price band will be announced closer to the opening date, the company previously secured Rs 5.9 crore via a pre-IPO placement, with shares allotted at Rs 284 to Rs 290 apiece.
The one-day anchor book for institutional investors is scheduled to open on August 31, ahead of the main public subscription period.
Ambitious Expansion Plans Ahead
A primary objective of the IPO is to secure capital for Rays of Belief's next phase of growth. The company has outlined ambitious plans to establish 319 new centers between Fiscal Year 2027 and Fiscal Year 2029. This expansion will significantly broaden the reach of its child development and therapy services, which cater to children with various developmental and behavioral needs.
Current Operational Footprint
As of March 31, 2026, Rays of Belief operated 136 centers across 57 cities and 20 states and union territories. Since commencing its operations in 2018, the Mom's Belief platform has served over 58,000 children, underscoring its established presence and impact in the sector.
Financial Performance Snapshot
The company has demonstrated strong revenue growth, with consolidated revenue increasing to Rs 81.66 crore in Fiscal 2026, up from Rs 36.41 crore in Fiscal 2025. However, profit for Fiscal 2026 saw a slight decline, standing at Rs 4.95 crore compared to Rs 5.88 crore in the preceding fiscal year. The IPO is expected to provide the necessary capital injection to support continued expansion and scale its operations effectively.