Social Enterprise Rays of Belief Sets IPO Details to Fund Expansion

Rays of Belief Limited, operating under the 'Mom’s Belief' brand, has announced its upcoming initial public offering to raise between ₹118.72 crore and ₹125.00 crore. The company plans to use the proceeds to expand its network of centres for children with neurodevelopmental disorders across India.

NEW DELHI — For-profit social enterprise Rays of Belief Limited, which operates under the brand name “Mom’s Belief,” has announced that its initial public offering (IPO) of equity shares is expected to open on September 1, 2026. The company is positioned to become India's first for-profit social enterprise to be listed on the mainboard of the Indian stock exchanges, with proposed listings on both BSE and NSE.

The price band for the issue has been fixed between ₹227 and ₹239 per equity share of face value ₹10 each. The total issue size ranges from ₹118.72 crore at the floor price to ₹125.00 crore at the cap price. Anchor investor bidding is scheduled for August 31, 2026, while the issue will close on September 3, 2026. Investors can bid for a minimum of 62 equity shares and in multiples thereof. The offering comprises a fresh issue of up to 52,30,000 equity shares.

Founded in 2018 by promoters Nitin Bindlish and Carving Futures Pte Ltd, Rays of Belief provides personalized intervention plans for children with Neurodevelopmental Disorders (NDDs). These include Autism Spectrum Disorder, Attention-Deficit/Hyperactivity Disorder, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delay. The enterprise aims to address key barriers in behavioural health such as lack of awareness, limited access, inadequate quality of care, and affordability by supporting parents and families to act as co-therapists.

The company intends to use a portion of the net proceeds from the IPO to fund the expansion of its centre network across India. Between fiscal years 2027 and 2029, the firm 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.

As of March 31, 2026, Mom’s Belief operates 136 centres across 57 cities in 20 states and union territories. The company reports having served more than 58,000 children since its inception, with over 2,500 active children enrolled under various intervention plans through its physical centres and digital platforms. Its clinical team consists of 3,340 full-time professionals, including child and adolescent psychologists, occupational therapists, speech-language pathologists, special educators, behaviour therapists, and early childhood development professionals.

Additionally, promoter Carving Futures Pte Ltd previously partnered with the LEGO Foundation on a two-year project. The LEGO Foundation contributed $2.02 million to the promoter to support initiatives such as Family Support Plans, Play Inclusion activities, and regional expansion across India, Dubai, and the UAE, utilizing therapeutic developmental LEGO-integrated kits and Learning Through Play principles.

"The planned IPO by Rays of Belief marks a significant milestone for the Indian social enterprise and healthcare sector, demonstrating that businesses addressing specialized developmental needs can scale toward public markets. Utilizing public capital for regional expansion into Tier 1, Tier 2, and Tier 3 cities highlights a structured approach to meeting the widespread demand for neurodevelopmental care. Executing this capital deployment efficiently will be crucial for the company's long-term sustainability." — Dr. Shishir Gupta, Founder & CEO, StartupLanes