The company had raised ₹5.89 crore through a pre-IPO private placement.
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For-profit social enterprise Rays of Belief Ltd, the parent company of Mom’s Belief, will launch its initial public offering on September 1, as it plans its next phase of expansion and to add 319 centres across India by FY29.
The IPO will remain open till September 3, while bidding for anchor investors will take place on August 31, according to the Red Herring Prospectus (RHP).
The public issue is entirely a fresh issue of up to 52.30 lakh equity shares, with no offer-for-sale component.
The company had raised ₹5.89 crore through a pre-IPO private placement, which was subsequently adjusted against the fresh issue, reducing its size from the 60 lakh shares proposed in its updated draft papers filed in February.
“The pre-IPO placements were made at a price of ₹284 per share and ₹290 per share,” according to the RHP filed on August 19.
The IPO proceeds will support the next phase of expansion, including setting up 319 new centres between FY27 and FY29.
Of the proposed ₹41.36 crore allocation, the company will utilise ₹34.99 crore for centre fit-outs, ₹1.93 crore on therapy-material inventory and ₹4.44 crore on technology hardware.
The Gurugram-based company intends to focus particularly on Tier-II and Tier-III cities, where access to structured neurodevelopmental care remains relatively limited.
As of March 31, 2026, Rays of Belief operated 136 centres across 57 cities and 20 states and Union Territories. It has served more than 58,000 children since commencing operations in 2018.
According to a CARE report, the company ranks first in India and seventh globally by number of centres among listed players operating in the behavioural health domain.
The company reported a sharp rise in consolidated revenue from operations to ₹81.66 crore in FY26 from ₹36.42 crore in FY25. However, its profit for the year declined to ₹4.96 crore from ₹5.88 crore.
Rays of Belief provides personalised intervention programmes for children with neurodevelopmental conditions.
The company is expanding at a time when demand for specialised developmental therapies is rising, driven by greater awareness of developmental conditions and increased diagnoses.
The equity shares are proposed to be listed on the BSE and NSE as a for-profit social enterprise.
Published on August 22, 2026
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