Mom's Belief Sets IPO Price Band at ₹227–₹239 as Personalized Care Sector Eyes Market Surge
Rays of Belief, the parent company behind Mom's Belief, has officially set its price band for the maiden public issue. The company fixed the price range at ₹227–₹239 per share on August 24, marking a strategic entry into the capital markets. This pricing is notably lower than the pre-IPO round price of ₹284–₹290 per share.The offering aims to raise ₹125 crore from investors. At the upper end of the band, the company offers 52.3 lakh shares. Through this Initial Public Offering (IPO), Rays of Belief is targeting a market capitalization valuation of ₹500 crore.
IPO Structure and Key Dates
The IPO is structured entirely as a fresh issue, meaning it does not include any rights issues or preferential allotment components. The booking period for the public subscription has been scheduled from September 1 to September 3. Prior to this, the anchor book launch will take place on August 31.The allocation among investor types ensures a balanced distribution. Qualified Institutional Buyers (QIBs) have been allocated 75 percent of the offer size. Non-Institutional Investors (NIIs) are allocated 15 percent, with Retail investors receiving the remaining 10 percent.
Understanding Rays of Belief’s Impact
Rays of Belief is dedicated to providing specialized support for children navigating neurodevelopmental disorders. Its services cover a wide range of conditions including autism, ADHD, Down syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delay.The company operates through a network of centers spanning 136 locations across 57 cities in India. Since commencing operations in 2018, the organization has served over 58,000 children. All its operational centers are currently established on a leasehold basis.
Strategic Use of IPO Proceeds
The company has clearly outlined how the net fresh issue proceeds will be deployed across various growth vectors. A significant portion, ₹41.3 crore, is earmarked for establishing new centers and associated technology (hardware) costs. Another ₹14.4 crore is dedicated to lease payments for existing centers across India.International expansion remains a focus. The company intends to invest ₹10.2 crore into its subsidiary, Mom’s Belief US Inc, specifically to cover lease or licence payments for existing operations in the United States. Funds are also allocated toward brand awareness and inclusive outreach programs amounting to ₹10.2 crore.
Financial Snapshot and Institutional Holdings
On the financial front, Rays of Belief reported strong performance in its latest reporting period. For the year ended March 2026, the company recorded a consolidated revenue of ₹81.6 crore and a consolidated profit of ₹4.9 crore.Carving Futures maintains a controlling stake at 91.43 percent in Rays of Belief. The remaining 8.28 percent is held by public shareholders, which includes institutions like KAPICO Investment and Rainmatter Investments. Mefcom Capital Markets is serving as the merchant banker for the IPO.
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