For-profit social enterprise Rays of Belief Ltd to come out with IPO to fund expansion

Rays of Belief (Mom’s Belief) provides personalized intervention plans for children with Neurodevelopmental Disorders (NDD).
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A for-profit social enterprise Rays of Belief Limited, that operates under the “Mom’s Belief” brand, expects its initial public offering (IPO) of equity shares of face value ₹10 each to open on September 1, 2026.

The company said, it was positioned to become India’s first for-profit social enterprise to be listed on the mainboard of the Indian stock exchanges – its shares are proposed to be listed on the main board of BSE and NSE.

The price band of the issue has been fixed between ₹227 and ₹239 per share. The issue size amounts to ₹118.72 crore at the floor Price of ₹227 per equity share and ₹125.00 crore at the cap price of ₹239, it added. The anchor investor bidding date is August 31, 2026, and the issue closing date is September 3, 2026, a note from the company said. Bids can be made for a minimum of 62 equity shares of face value ₹10 each and multiples of 62 equity shares of face value ₹10 each thereafter. The Issue comprises a fresh Issue of up to 52,30,000 equity shares of face value of ₹10 each.

Rays of Belief (Mom’s Belief) provides personalized intervention plans for children with Neurodevelopmental Disorders (NDD) such as Autism Spectrum Disorder, Attention-Deficit/Hyperactivity Disorder, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delay, the note said, adding that Nitin Bindlish and Carving Futures Pte Ltd are promoters of the company.

Founded to address key barriers related to NDDs in the behavioural health domain, including lack of awareness, limited access, inadequate quality of care and affordability, the company develops intervention plans to support parents and families to become co-therapists in their child’s developmental journey, it said.

Proceeds for expansion

The company intends to utilise a portion of the net proceeds of the issue towards expanding its centres’ network across India. Between fiscal 2027 and Fiscal 2029, the company proposes to establish 128 new centres in Tier 1 cities, 121 new centres in Tier 2 cities and 70 new centres in Tier 3 cities, it added.

Since its start in 2018, the company has served more than 58,000 children, it said. And as on March 31, 2026, more than 2,500 active children are enrolled under various intervention plans delivered through its centres and digital platforms, it added. The clinical team comprises 3340 full-time clinical professionals, including child and adolescent psychologists, occupational therapists, speech-language pathologists, special educators, behaviour therapists, and early childhood development professionals, it said. Mom’s Belief operates 136 centres across 57 cities spanning 20 states and union territories in India presence, it added.

Carving Futures Pte Ltd, one of the promoters, has also partnered with the LEGO Foundation to undertake activities under the project charter, including the Family Support Plan, Play Inclusion initiatives, and expansion of the company’s presence across geographies, including India, Dubai and the UAE, the note said. As part of the two-year project, the LEGO Foundation has contributed $ 2.02 million to the said promoter, it added. “The funding is being utilised to provide families of neurodivergent children with tools, knowledge and support, including using therapeutic developmental LEGO-integrated kits and the application of Learning Through Play principles,” the note said.

Published on August 25, 2026