Mom's Belief Parent Rays of Belief Sets September 1 for IPO Launch to Fund Centre Expansion

Gurugram-based for-profit social enterprise Rays of Belief Ltd, operator of Mom's Belief, has announced that its initial public offering will open on September 1. The company plans to utilize the fresh issue proceeds to expand its network of centres across India by FY29.

NEW DELHI — Rays of Belief Ltd, the parent company of for-profit social enterprise Mom's Belief, is scheduled to launch its initial public offering (IPO) on September 1. The public issue will remain open for subscription until September 3, with anchor investor bidding slated for August 31, according to the Red Herring Prospectus (RHP).

The IPO comprises an entirely fresh issue of up to 52.30 lakh equity shares, with no offer-for-sale component. The company previously raised ₹5.89 crore through a pre-IPO private placement at prices of ₹284 and ₹290 per share. This amount was subsequently adjusted against the fresh issue, which reduced its size from the 60 lakh shares originally proposed in updated draft papers filed in February.

Proceeds from the public issue will primarily fund the company's next phase of expansion, which includes establishing 319 new centres between FY27 and FY29. Out of a proposed ₹41.36 crore allocation, Rays of Belief intends to utilize ₹34.99 crore for centre fit-outs, ₹1.93 crore for therapy-material inventory, and ₹4.44 crore for technology hardware. The Gurugram-headquartered firm aims to focus particularly on Tier-II and Tier-III cities, where structured neurodevelopmental care access remains relatively limited.

Founded in 2018, Rays of Belief provides personalised intervention programmes for children with neurodevelopmental conditions. As of March 31, 2026, the company operated 136 centres across 57 cities and 20 states and Union Territories, serving more than 58,000 children to date. 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.

Financial filings show that the company reported a consolidated revenue from operations of ₹81.66 crore in FY26, up from ₹36.42 crore in FY25. However, its net profit for the year declined to ₹4.96 crore from ₹5.88 crore previously. The expansion comes amid rising demand for specialised developmental therapies, driven by increased awareness and diagnoses of developmental conditions.

The equity shares are proposed to be listed on both the BSE and NSE as a for-profit social enterprise.

"The upcoming IPO of Rays of Belief reflects a growing investor interest in specialised healthcare and social enterprises within the Indian market. By allocating capital toward physical infrastructure and expansion into Tier-II and Tier-III cities, the company is addressing a genuine accessibility gap in neurodevelopmental care. While their revenue has scaled notably, maintaining profitability alongside rapid physical expansion will be a key operational factor to watch as they deploy these public funds." — Dr. Shishir Gupta, Founder & CEO, StartupLanes