Learn about the IPO journey of Rays of Belief Limited, the parent company of Mom's Belief, covering its updated DRHP filing, issue structure, business operations, financial disclosures, and key regulatory milestones.
Rays of Belief Limited, a for-profit social enterprise specialising in neurodevelopmental care, has filed an updated Draft Red Herring Prospectus (UDRHP) with SEBI for its proposed mainboard IPO. Initially cleared through SEBI’s confidential route in December 2025, the offering is structured as a 100% fresh issue intended to fund the expansion of child development and therapy centers globally.
The DRHP provides an overview of the proposed IPO and sets out the company’s financials, governance framework, and business outlook.
The company initially submitted its papers via a confidential pre-filing mechanism in August 2025 and received SEBI approval on December 31, 2025. On February 11, 2026, an Updated Draft Red Herring Prospectus (UDRHP) was filed, officially detailing the public offering.
The proposed IPO is expected to comprise the following components:
| Particulars | Details |
|---|---|
Issue Type |
Mainboard IPO, 100% Fresh Issue (No Offer for Sale) |
Face Value |
₹10 per equity share |
Issue Size |
Up to 60,00,000 (60 lakh) equity shares |
Proposed Listing |
BSE and NSE |
Lead Manager |
Mefcom Capital Markets |
Registrar |
KFin Technologies |
These details reflect indicative disclosures available at the DRHP stage and are subject to change based on SEBI observations and final approvals.
Incorporated in 2017, Rays of Belief Limited operates the Mom's Belief brand, providing intervention services for children with neurodevelopmental disorders like autism (ASD), ADHD, and learning disabilities. According to prospectus disclosures, the company operates one of the largest organised networks of centres in its segment in India. The DRHP also indicates operations that span domestic markets and select international activities.
Its comprehensive service model includes:
Early intervention and developmental assessments.
Occupational therapy and sensory integration.
Speech and language therapy.
Parental guidance and family-support programs.
Proceeds from the 100% fresh issue will be utilised for the following strategic objectives:
| Fund Allocation | Purpose |
|---|---|
New Centers & Tech |
Funding capital expenditure for new centers (owned, partnership, and school collaboration) and hardware costs. |
Lease Payments |
Meeting lease obligations for existing centers across India. |
US Subsidiary |
Investment into Mom’s Belief US Inc. for center leases and licenses. |
Brand & Outreach |
Funding brand-building initiatives to expand awareness of neurodevelopmental services. |
General Corporate |
Allocating balance for inorganic growth/acquisitions and general operational needs. |
The company is currently in a phase of rapid scale-up, transitioning from early-stage losses to profitability.
| Fiscal Year / Period | Revenue from Operations (₹ Cr) | Profit After Tax (PAT) (₹ Cr) | Notes/Highlights |
|---|---|---|---|
FY2023 |
22.3 |
-8.5 |
Loss-making during the early scale-up phase. |
FY2024 |
30.6 |
0.87 |
Turnaround to marginal profitability. |
FY2025 |
36.50 |
5.9 |
Significant improvement in profit margins. |
H1 FY2026 |
43.3 |
1.35 |
Revenue already exceeds FY2025 full-year. |
*Detailed year-wise financial statements, including audited figures, are available in the DRHP and should be referred to for complete financial information.
The status of the IPO process based on public information is summarised below:
| Milestone/Stage | Date (or Status) | Details |
|---|---|---|
Confidential DRHP Filed |
August 2025 |
Submitted via confidential pre-filing mechanism. |
SEBI Approval |
December 31, 2025 |
Cleared to proceed within 12-month validity period. |
Updated DRHP (UDRHP) |
February 11, 2026 |
UDRHP filed for public disclosure with fresh issue details. |
RHP Filing |
To be announced |
Will specify final price band and lot size. |
IPO Opening Date |
Not yet announced |
Dates awaited post-RHP filing. |
Listing on BSE/NSE |
To be announced |
Post successful completion of allotment. |
Note: Investors should refer to official filings for final IPO dates to learn more about the IPO listing details and price, and listing timelines.
Check other upcoming ipo’s here : Upcoming IPO
This content is for informational purposes only and the same should not be construed as investment advice. Bajaj Finserv Direct Limited shall not be liable or responsible for any investment decision that you may take based on this content.
Sources
LiveMint — IPO News and Updates, https://www.livemint.com/market/ipo
Economic Times — IPO News: Latest IPO News, Upcoming IPO, https://economictimes.indiatimes.com/markets/ipo
Financial Express — IPO News, https://www.financialexpress.com/market/ipo-news/
NDTV Profit — IPOs, https://www.ndtvprofit.com/ipos
Business Today — IPO Corner: Latest IPO News & Analysis, https://www.businesstoday.in/markets/ipo-corner
Rays of Belief Limited filed confidentially in August 2025, received approval from SEBI in December 2025, and released its Updated Draft Red Herring Prospectus on 11 February 2026.
The IPO consists entirely of a fresh issue of 60 lakh equity shares with no offer-for-sale component, meaning the full proceeds are intended to be utilised by the company for its operational and expansion plans.
The company operates the Mom’s Belief network, providing specialised therapy services such as speech, occupational, and behavioural interventions for children with neurodevelopmental conditions across more than 136 centres worldwide.
The IPO proceeds are allocated toward expanding therapy centres, strengthening technology systems, funding lease obligations for existing facilities, and supporting international expansion initiatives through its United States subsidiary.