Rays of Belief Ltd IPO: Check GMP, Price Band, Lot Size, Allotment & Listing Date

Rays of Belief Ltd IPO: Check GMP, Price Band, Lot Size, Allotment & Listing Date

Rays of Belief Ltd IPO is one of the upcoming mainboard IPOs that investors are watching in 2026. The company operates under the Mom’s Belief brand and provides personalised intervention and developmental services for children with neurodevelopmental disorders.

The IPO will open for subscription on September 1, 2026, and close on September 3, 2026. Rays of Belief has fixed the IPO price band at ₹227 to ₹239 per share. The company will issue up to 52.30 lakh fresh equity shares and aims to raise around ₹125 crore. The shares will list on both BSE and NSE.

Rays of Belief Ltd IPO Overview

Particular	Details
Company Name	Rays of Belief Ltd
IPO Type	Mainboard IPO
Issue Type	Book Building
IPO Open Date	September 1, 2026
IPO Close Date	September 3, 2026
Price Band	₹227 – ₹239 per share
Face Value	₹10 per share
Lot Size	62 Shares
Minimum Investment	₹14,818
Issue Size	₹125 Crore
Fresh Issue	52.30 Lakh Shares
Allotment Date	September 4, 2026
Refund/Share Credit	September 7, 2026
Listing Date	September 8, 2026
Listing Exchange	BSE & NSE
Registrar	KFin Technologies Ltd
Lead Manager	Mefcom Capital Markets Ltd

Rays of Belief Ltd IPO

Rays of Belief IPO GMP has started trading in the grey market ahead of the IPO opening.

As of August 29, 2026, InvestorGain reports a GMP of around ₹29 per share. At the upper IPO price of ₹239, this indicates an estimated listing price of around ₹268 per share, representing an indicative premium of approximately 12.13%.

However, GMP figures can vary between sources. IPOGuru reported GMP at ₹10 on August 28, while other trackers have reported different levels.

3 Years Past Performance

Particulars	FY2024	FY2025	FY2026
Revenue	₹30.76 Cr	₹36.54 Cr	₹82.06 Cr
EBITDA	₹1.49 Cr	₹3.02 Cr	₹11.91 Cr
PAT	₹0.85 Cr	₹5.88 Cr	₹4.96 Cr
EPS	₹0.56	₹3.84	₹3.16
ROE	16.83%	56.56%	21.64%
ROCE	4.58%	7.49%	29.74%
Debt-to-Equity	—	0.29x	0.12x
NAV / Book Value	₹5.78	₹15.02	₹15.67
P/E Ratio	—	—	75.63x
P/B Ratio	—	—	15.67x

Also Read: Kwick Forensic Solutions IPO: GMP, Price, Dates, Financials, Strengths & Risks

Rays of Belief Ltd IPOStrengths

Strong revenue growth: Revenue increased significantly in FY2026, showing strong business expansion.
Growing centre network: The company operates 136 centres across 57 cities.
Specialised services: Rays of Belief focuses on developmental and behavioural healthcare services.
Improved EBITDA: EBITDA increased strongly in FY2026, supporting better operating performance.
Large customer base: The company has served more than 58,000 children.

Rays of Belief Ltd IPO Risks

PAT decline: Profit after tax declined in FY2026 despite strong revenue growth.
Expansion risk: Rapid centre expansion could increase operating and management costs.
Lease risk: The company depends on leased properties for many centres.
Valuation risk: Investors should carefully assess the IPO valuation against earnings and growth.
Skilled staff dependency: The business needs trained professionals to maintain service quality.

Why Should You Consider Rays of Belief IPO?

Rays of Belief IPO may attract investors because of its strong revenue growth, improving EBITDA, specialised business model and expanding centre network. However, investors should also consider the company’s PAT decline, expansion plans and valuation. The GMP can indicate market sentiment, but investors should not use GMP alone to make an investment decision.

Conclusion

Rays of Belief IPO combines strong revenue growth with an expanding healthcare business. However, investors should evaluate profitability, valuation, expansion risks and GMP before applying. Always review the IPO documents and financial details before making an investment decision.