Rays of Belief Raises ₹125 Crore in Milestone Social Enterprise IPO to Expand Mom's Belief Autism Network

Rays of Belief Limited, the operating parent behind India's largest organised paediatric behavioural healthcare platform Mom's Belief, has raised ₹125 crore (approximately $13 million) through an initial public offering on Indian stock exchanges. The listing marks a notable event on Dalal Street as the company debuted under the Securities and Exchange Board of India's (SEBI) regulatory provisions for a For-Profit Social Enterprise.

The Gurugram-headquartered healthcare chain opened its public issue on September 1, 2026, priced in a band of ₹227 to ₹239 per share, closing on September 3, 2026. The offering comprised an entirely fresh issue of 52.3 lakh equity shares, with no offer-for-sale (OFS) component, leaving the capital raised intact on the balance sheet for network and infrastructure build-outs.

Strong Demand and Anchor Backing

Ahead of the issue opening, Rays of Belief mobilised ₹50 crore by allocating shares to five anchor investors, including Viney Growth Fund, LRSD Securities, Nova Global Opportunities Fund, 31 Degrees North Fund, and Visionary Value Fund.

Despite unproven three-year profit continuity triggering SEBI Regulation 6(2) rules that cap the retail quota at 10% and allocate 75% to Qualified Institutional Buyers (QIBs), investor demand was strong across categories. By the final day of bidding, the issue was subscribed nearly 108 times, driven by institutional and high-net-worth investor participation. The shares subsequently listed on both the BSE and the National Stock Exchange (NSE) on September 8, 2026, at par with the upper issue price of ₹239 per share.

Deployment Plan: 319 New Centres by FY29

Founded in 2017 by Managing Director Nitin Bindlish, Mom's Belief delivers structured therapy and personalised intervention programmes for children with neurodevelopmental disorders (NDDs), including autism spectrum disorder (ASD), ADHD, Down syndrome, and speech delays.

As of March 31, 2026, the company operated 136 centres across 57 Indian cities in 20 states and Union Territories, having serviced over 58,000 children since starting operations in 2018.

The net proceeds from the IPO have been earmarked to widen this network significantly between Fiscal 2027 and Fiscal 2029:

• Domestic Footprint Expansion: Deploying ₹41.36 crore in capital expenditure to establish 319 new therapy locations, including 190 company learning centres, 121 school collaboration centres, three Centres of Excellence and Research, and five upskilling academies. The rollout targets 128 centres in Tier 1 cities, 121 in Tier 2 cities, and 70 in Tier 3 cities.
• Clinic Leases and Fit-Outs: Allocating ₹14.45 crore towards ongoing lease obligations for its domestic centres and ₹10.13 crore to fund lease commitments for its US subsidiary, Mom's Belief US Inc., which operates three clinics acquired in Virginia.
• Technology and Hardware: Investing ₹4.44 crore into digital devices, IT infrastructure, and monitoring tools to maintain uniform therapy records across hubs.
• Awareness Campaigns: Earmarking ₹10.2 crore for inclusive outreach and neurodevelopmental screening initiatives to build brand awareness.

Financial Profile and Investor Considerations

Rays of Belief's consolidated operational revenue more than doubled in FY26 to ₹81.66 crore compared to ₹36.41 crore in FY25, aided by the consolidation of its Virginia operations in the United States, which generated ₹34.09 crore (around 41.7% of total revenue). Consolidated EBITDA rose to ₹11.91 crore.

However, profit after tax (PAT) contracted slightly to ₹4.96 crore in FY26 from ₹5.88 crore in FY25 due to higher operating and administrative costs tied to overseas expansion and network rollouts.

For Indian market participants, the listing represents a unique gauge for specialised healthcare assets. While rising diagnoses and an underpenetrated developmental therapy market in Tier 2 and Tier 3 regions offer multi-year volume tailwinds, the company's valuation—trading at over 100 times trailing earnings at the offer price—leaves little margin for execution delays as it works to deliver on its ambitious physical expansion.

Tags: Rays of Belief Mom's Belief SEBI BSE NSE Healthcare