Our IPO analysis
What stands out in the offer document
The five questions
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1How it makes money₹58 of every ₹100 of sales comes from its "India Segment" segment. ₹67 of every ₹100 comes from Overseas.
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2Is it growing, and is profit turning into cash?Sales grew 2.7x from 2024 to 2026 (₹30.6 cr → ₹81.7 cr). Over 3 years it made ₹11.7 cr of profit and brought in −₹1.7 cr of cash from operations.
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3How much cushion does it have?It owes ₹0.12 for every ₹1 of its own money. The line for hospitals / healthcare is ₹2.5.
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4What you pay, and who gets the moneyAll the money raised goes to the company. At ₹239 you pay about ₹74 for every ₹1 of last year's profit (two figures in the document don't match; check p.142).
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5Who controls it, and what is on record?Promoters own 92% before the IPO. The document discloses 3 legal matters.
Every check we run on an offer document, and how often each one fires →
Rays of Belief GMP history
| When | GMP | Trackers |
|---|---|---|
| 8 Sept, 06:22 IST | ₹14 (+5.9%) | 1 |
| 8 Sept, 03:22 IST | ₹14 (+5.9%) | 1 |
| 7 Sept, 21:45 IST | ₹14 (+5.9%) | 1 |
| 7 Sept, 15:16 IST | ₹15 (+6.3%) | 1 |
| 7 Sept, 13:20 IST | ₹15 (+6.3%) | 1 |
| 6 Sept, 06:00 IST | ₹7 (+2.9%) | 1 |
| 6 Sept, 02:23 IST | ₹7 (+2.9%) | 1 |
| 5 Sept, 22:34 IST | ₹7 (+2.9%) | 1 |
| 5 Sept, 19:11 IST | ₹8 (+3.3%) | 1 |
| 5 Sept, 14:07 IST | ₹8 (+3.3%) | 1 |
| 5 Sept, 12:50 IST | ₹8 (+3.3%) | 1 |
| 5 Sept, 06:03 IST | ₹11 (+4.6%) | 1 |
Showing the latest 12 of 59 readings.
Grey-market premium is unregulated and self-reported: a sentiment read, not a promise. Today's GMP for every IPO · How often GMP has been right
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Listed at ₹239 vs ₹239 issue price (+0.0%) · GMP before listing +5.9% implied, 5.9 pp above the actual open · Subscribed 107.71× (QIB 9.1× · NII 279.1× · Retail 195.9×) · Price band ₹227–₹239 · Closed 3 Sep 2026 · Lists 8 Sep 2026 (Expected)
How it actually listed
₹239 on open, against a ₹239 issue price +0.0%
Before it listed, the grey market implied +5.9%. The shares opened 5.9 pp below what that implied. It pointed the wrong way on whether they would open above the issue price. GMP is unregulated and self-reported.
What Rays of Belief does
Our Company is a For-Profit Social Enterprise providing intervention plans for children with Neurodevelopmental Disorders (NDDs). Such plans are personalised based on each child's unique needs and condition severity.
Rays of Belief financials
Rs crore · Annual| 2024 | 2025 | 2026 | ||
|---|---|---|---|---|
| Sales | 31 | 36 | 82 | |
| Operating Profit | 1 | 3 | 12 | |
| OPM % | 4.9% | 8.3% | 14.6% | |
| Net Profit | 1 | 6 | 5 | |
| Total Debt | 0 | 4 | 4 |
Rays of Belief IPO offer structure
Total issue size: ₹125 cr, all of it a fresh issue.
There is no offer for sale: all the money goes to the company.
Size and split come from a public aggregator rather than the exchange, cross-checked against a second.
Use of proceeds- Funding capital expenditure towards establishment of new centres on leased premises and associated technology (hardware) costs: ₹41 cr
- Expenditure for lease payments for our existing centres in India: ₹14 cr
- Investment in our Subsidiary, Mom’s Belief US Inc., for making lease / license payments for our existing centres in the USA: ₹10 cr
- Expenditure for brand awareness and inclusive outreach programs: ₹10 cr
- Funding inorganic growth through unidentified acquisition and General corporate purposes
Rays of Belief promoters and holding
- Nitin Bindlish: Managing Director
- Carving Futures Pte. Ltd.: Corporate Promoter
Rays of Belief risks and strengths
- Our centres operate on leased premises with lease tenures ranging from 11 months to 3 years, and fit-outs may not be recoverable if a lease is not renewed. (p.27)
- During Fiscal 2026, 15.36% of our Revenue from Operations was derived from our centres located in Uttar Pradesh, Karnataka, and Delhi. (p.28)
- In Fiscal 2026, we derived 25.56% of our Revenue from Operations from the export of support services to Carving Futures Pte. Ltd. and Carving Futures Inc. (p.29)
Rays of Belief peer comparison
DRHP data only| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Acadia Healthcare Company, Inc | — | — | — | — | DRHP |
| LifeStance Health Group, Inc | — | — | — | — | DRHP |
| Universal Health Services, Inc | — | — | — | — | DRHP |
| BrightSpring Health Services, Inc | — | — | — | — | DRHP |
| Addus HomeCare Corporation | — | — | — | — | DRHP |
| Humana AB | — | — | — | — | DRHP |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Rays of Belief market and competition
Based on number of centres, as of March 31, 2026, the Company ranks first (1st) in India in offering intervention plans for children with neurodevelopmental disorders (NDDs), and seventh (7th) globally among the listed players operating in a similar behavioural health domain.
Rays of Belief outlook, as the document states it
We intend to continue to expand our geographic footprint and deepen client reach in India, primarily through our organic expansion strategy, by setting up centres in new cities and towns and strengthening our position in existing cities and towns through our centre rollout model. We intend to utilize ₹41.361 crore of the proceeds raised from the Issue for setting up 319 new centres between Fiscal 2027 and 2029.
Rays of Belief IPO: common questions
What was the Rays of Belief IPO listing price?
The Rays of Belief IPO listed at ₹239, at its issue price. Before listing, the grey-market premium had implied +5.9%, so the grey market was 5.9 points too high. The listing price is the opening price set by the pre-open call auction on listing day, as reported by the exchange. Listing price vs GMP for every recent IPO →
When does the Rays of Belief IPO open and close?
The Rays of Belief IPO opened for bidding on 1 Sep 2026 and closed on 3 Sep 2026. Under the T+3 timetable the basis of allotment is fixed on the working day after the close, refunds and demat credits follow a day later, and the shares list on the third working day after the close. Open, allotment and listing dates for every IPO →
What is the Rays of Belief IPO price band?
The Rays of Belief IPO price band is ₹227–₹239 per share. You can bid at any price inside the band, and a retail investor can bid at cut-off, which accepts the final issue price, usually the top of the band. The minimum investment is always worked out at that upper end. How book building sets the price →
What is the lot size and minimum investment for the Rays of Belief IPO?
One lot is 62 shares, and a retail application must be at least one lot. That is about ₹14,818 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category. Lot size and minimum investment, explained →
How much is the Rays of Belief IPO subscribed?
The Rays of Belief IPO closed on 3 Sep 2026 subscribed 107.71× in total, the final figure: investors bid for that many times the shares on offer. Each category (QIB, NII and retail) is counted separately, and when retail is oversubscribed its allotment is decided by a lottery for one lot each. What "subscribed 3x" means →
When are the Rays of Belief IPO allotment and listing dates?
Allotment for the Rays of Belief IPO is on 4 Sep 2026, as published. That is the day the registrar fixes who got shares; money blocked for everyone else is released the next working day, when allotted shares are credited. The listing date follows once the exchange confirms it. Allotment and listing dates for every IPO →
How do I check the Rays of Belief IPO allotment status?
On the allotment status page published by KFin Technologies, this issue's registrar, and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. Allotment status links for every recent IPO →
Rays of Belief IPO allotment status
Allotment is on 4 Sep 2026, as published. Allotment is decided and published by the registrar, not by us. This issue's registrar is KFin Technologies.
Check your allotment on the registrar's own page ↗
We do not hold allotment data and cannot look yours up. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. How allotment is actually decided →
Check it at the source: The offer document · KFin Technologies (registrar) · NSE issues · SEBI offer documents
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Source: Rays of Belief IPO data, IPO agent by Kredfit, updated 16 Oct 2026. https://ipoagent.kredfit.com/ipo/rays-of-belief-limited-for-profit-social-enterprise-fpse-60675.htmlSource: <a href="https://ipoagent.kredfit.com/ipo/rays-of-belief-limited-for-profit-social-enterprise-fpse-60675.html">Rays of Belief IPO data – IPO agent by Kredfit</a> (updated 16 Oct 2026)