Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO
LISTEDMAINBOARDMOMSBELIEFSUBSCRIBEListing Performance
▲ 0.00%
Issue Price
₹239
Listing Price
₹239
Listed On
08 Sep 2026
- Price Band
- ₹227 – ₹239
- Lot Size
- 62
- Lot Value
- ₹14,818
- Open Date
- 01 Sep 2026
- Close Date
- 03 Sep 2026
- Min Investment
- ₹14,818
About Rays of Belief Limited- For Profit Social Enterprise (FPSE)
Rays of Belief is a for-profit social enterprise delivering personalized intervention plans for children with neurodevelopmental disorders such as ASD, ADHD, and Down Syndrome. Operating an asset-light model, it runs Company Learning Centres, professional partnerships, and school collaborations across India and the US. Revenue comes from in-person centre operations, online therapy services, and export earnings via global R&D coordination and programmatic innovation, all delivered through accessible, family-centric care. Disclosure: Zerodha (via Rainmatter) holds a 1.09% pre-IPO stake in the company. <span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span>
The company provides intervention plans and therapy services for children with Neurodevelopmental Disorders (NDDs) through physical centres and export of support services, generating revenue from families availing intervention services and entities it exports services to.
Use of IPO Proceeds
Total allocation: ₹92.40 Cr (excludes issue expenses)
Promoters
Nitin Bindlish
Promoter and Managing Director · age 44
Pre-issue: 0.3%
Investment Analysis
Quick Analysis: 5 strengths · 5 risk factors· Exchange: NSE
Strengths (5)
- •Largest Indian For-Profit Social Enterprise for neurodevelopmental disorders by centre count.
- •Scalable, asset-light business model using leased premises and professional partnerships.
- •Specialized multidisciplinary team of over 337 full-time clinical professionals.
- •Diversified revenue from domestic centres, online therapy, and international service exports.
- •Established presence in 57 Indian cities with a growing international footprint in the US.
Risk Factors (5)
- •Short-term leases create relocation risks and potential unrecoverable capital expenditure losses.
- •High dependence on skilled clinical staff leads to significant employee benefit expenses.
- •High revenue concentration with newly acquired US centres driving over half of FY25 revenue.
- •Disagreements or early terminations with licensed professional partners could force centre closures.
- •Rising trade receivables and delayed client payments could negatively impact operating cash flows.
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
▲ Listed +0.0%Strong investor demand with 77x subscription suggests positive listing momentum. GMP indicates market expects a listing premium.
Pre-listing prediction: SUBSCRIBE
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 62 | ₹14,818 |
| Retail (max) | 13 | 806 | ₹1,92,634 |
| S-HNI (min) | 14 | 868 | ₹2,07,452 |
| S-HNI (max) | 67 | 4,154 | ₹9,92,806 |
| B-HNI (min) | 68 | 4,216 | ₹10,07,624 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.00x | 0.00x | 8.18x |
| sNII (S-HNI) | 0.62x | 2.83x | 160.22x |
| bNII (B-HNI) | 0.11x | 0.93x | 243.79x |
| Retail | 4.04x | 11.54x | 110.32x |
| Total | 0.74x | 2.32x | 77.15x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
110.32x
Allotment Ratio
1 lot per 111 applicants
Allotment Probability
~0.9%
Non-Institutional Investors (NII / HNI)
Subscription
215.93x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
8.18x
Allotment Type
Discretionary allotment
Total Subscription
77.15x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
IPO Timeline
Issue Opens
01 Sep 2026 · Tue
Issue Closes
03 Sep 2026 · Thu
UPI Deadline
03 Sep 2026 · Thu
Allotment
04 Sep 2026 · Fri
Refund
07 Sep 2026 · Mon
Share Credit
07 Sep 2026 · Mon
Listing
08 Sep 2026 · Tue
Issue Opens
01 Sep 2026 · Tue
Issue Closes
03 Sep 2026 · Thu
UPI Deadline
03 Sep 2026 · Thu
Allotment
04 Sep 2026 · Fri
Refund
07 Sep 2026 · Mon
Share Credit
07 Sep 2026 · Mon
Listing
08 Sep 2026 · Tue
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | NSE |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹125.00 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | MEFCOM CAPITAL MARKETS LIMITED |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 36.42 | 5.88 | 1.18 | — | 2.36% |
| FY24 | 30.61 | 0.85 | — | — | — |
| FY23 | 22.13 | -8.46 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total Income | 22.27 | 30.76 | 36.54 |
| EBITDA | -7.22 | 1.49 | 3.02 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
202.5x
Price ÷ EPS
EPS (FY25)
₹1
Earnings per share
RoNW
2.36%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
8.3%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Company Fundamentals
10 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹1.55 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Rays of Belief Limited- For Profit Social Enterprise (FPSE) offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Rays of Belief Limited- For Profit Social Enterprise (FPSE)'s filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Rays of Belief Limited- For Profit Social Enterprise (FPSE)'s filing.
Source: Rays of Belief Limited- For Profit Social Enterprise (FPSE) offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+75.00%
- NII / HNI+15.00%
- Retail+10.00%
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Rays of Belief Limited- For Profit Social Enterprise (FPSE) offer document (DRHP/RHP).
Board & Management
Board of Directors (5)
- Nitin Bindlish₹0.06 Cr p.a.
Managing Director
Bachelor's degree in Commerce from University of Delhi; Member of Institute of Chartered Accountants of India since 2004; ACCA certifications in International Financial Reporting
19 years total experience, including 11 years in healthcare industry; associated with company since November 01, 2017
- Afzal Mohammed Modak
Non-Executive and Non-Independent Director
Bachelor's degree in Technology in Mechanical Engineering from IIT Bombay; Master's degree in Computer Science from Pace University, New York
30 years experience in banking and finance; associated with company since March 05, 2022
- Bindu Damodaran
Independent Director
Bachelor's degree in Science in Agriculture from University of Agricultural Sciences, Dharwad
More than 6 years in Pharmaceutical Industry; associated with company since May 12, 2025
- Nitin Ahuja
Independent Director
Master's degree in Arts from Himachal Pradesh University; Master of Business Administration from Institute of Management Technology, Ghaziabad
More than 16 years in finance, law, management, sales, marketing, administration, research, corporate governance, technical operations; associated with company since April 24, 2025
- Sunil Kumar Agarwal
Independent Director
Bachelor's degree in Science from Agra University; Bachelor's degree in Law from J.M. Nanavati Law College
Nearly 39 years professional experience, 20 years with Department of Revenue Government of India as Additional Commissioner of Income Tax; associated with company since May 09, 2025
Key Managerial Personnel (2)
- Mayank Bhargava
Company Secretary and Compliance Officer
Appointed February 14, 2025
- Ved Prakash
Chief Financial Officer
Appointed April 04, 2025; previously deputy general manager of finance department
Source: Rays of Belief Limited- For Profit Social Enterprise (FPSE) offer document (DRHP/RHP).
Industry & Market
Industry & market data not disclosed in this filing.Market-size/industry detail was not extracted from Rays of Belief Limited- For Profit Social Enterprise (FPSE)'s filing.
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Criminal | Company | 1 | — |
| Civil | Company | 2 | 2.204 |
The Company has filed three material civil litigations: (1) a suit against former employees and Bharat Home Medicare Private Limited seeking ₹20.01 million for breach of contract, data infringement, and passing off, with a Local Commissioner's execution obstructed in April 2023 and a contempt petition pending; (2) a criminal complaint and FIR against ex-employee Pankaj Kumar for theft and unauthorized misappropriation of proprietary data under IT Act 2000, with matter pending before District Court Gurugram; and (3) a civil suit against former consultant Dr. Manish Samnani seeking ₹4.49 million total for breach of understanding and client solicitation, with interim stay granted.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO opening?
The Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO opens on 01 Sep 2026 and closes on 03 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO?
The price band for the Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO is ₹227 to ₹239. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO?
The minimum lot size is 62 shares with a minimum investment of ₹14,818. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO today?
The latest Grey Market Premium for Rays of Belief Limited- For Profit Social Enterprise (FPSE) is ₹12 (+5.02%). GMP is unofficial data and is not a guarantee of listing price.
When will the Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO list on NSE and BSE?
The Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO is expected to list on 08 Sep 2026 on NSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO a mainboard or SME issue?
Rays of Belief Limited- For Profit Social Enterprise (FPSE) is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO?
You can apply for the Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO?
Based on the current GMP of ₹12, the expected listing price of Rays of Belief Limited- For Profit Social Enterprise (FPSE) is ₹251 (issue price ₹239 + GMP ₹12). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO?
Based on the retail subscription of 110.32x, the estimated allotment ratio is 1 lot per 111 applicants (approximately 0.9% chance of allotment). This is an estimate and actual allotment may vary.
Should I subscribe to Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO?
Based on our algorithmic analysis, Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO is rated SUBSCRIBE with high confidence. Strong investor demand with 77x subscription suggests positive listing momentum. GMP indicates market expects a listing premium. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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