Rays of Belief's IPO to open on Sep 1; price band set at ₹227-239/share

Rays of Belief Ltd, a for-profit social enterprise based in Mumbai, is scheduled to launch its Initial Public Offering (IPO) on September 1, with the price range fixed at ₹227-239 per share. The company's post-issue estimated market capitalisation is pegged between ₹474-500 crore, predicated on the indicated price band. The three-day public offering will conclude on September 3, while anchor investors' bidding will occur on August 31, as per the company's announcement on Monday.

The IPO involves the issuance of up to 52.30 lakh equity shares, valued at ₹125 crore at the upper limit of the price range. These proceeds will be earmarked for expanding the company's operations, such as establishing 319 new centers between fiscal 2027 and fiscal 2029, as well as funding capital expenditures like center refurbishments, therapy-material inventory, and technology hardware.

Rays of Belief operates 136 centers across 57 cities in 20 Indian states and union territories, having served more than 58,000 children since its inception in 2018. The company's focus is on providing personalized intervention plans for children with neurodevelopmental disorders, including autism spectrum disorder, ADHD, Down Syndrome, cerebral palsy, intellectual disability, learning disabilities, and global developmental delays.

As of March 31, 2026, Rays of Belief's consolidated revenue from operations increased more than twofold to ₹81.66 crore from ₹36.42 crore in the prior fiscal year. The company reported a profit of ₹4.96 crore in fiscal 2026, contrasting with ₹5.88 crore in the preceding fiscal year. The equity shares are scheduled for listing on the BSE and NSE on or around September 8, with Mefcom Capital Markets serving as the book-running lead manager for the issue, while KFin Technologies acts as the registrar.

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