Rays of Belief shares set to debut today. Here’s what GMP suggests ahead of listing
The Rs 125 crore IPO was priced at Rs 239 per share and comprised entirely a fresh issue of 52.30 lakh shares. Ahead of the public issue, the company raised Rs 50 crore from anchor investors, with the anchor bidding process taking place on August 31, 2026.
The IPO, which remained open for subscription from September 1 to September 3, 2026, drew an overwhelming response across investor categories. The issue was subscribed 107.71 times overall, with the retail portion subscribed 195.87 times, the Non-Institutional Investors (NIIs) category 279.11 times, and the Qualified Institutional Buyers (QIBs) portion 9.06 times.
With the IPO witnessing such strong demand, investors will now closely watch the stock’s opening price to see whether the robust subscription numbers translate into a strong debut.
Mefcom Capital Markets Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is the registrar to the issue.
Rays of Belief IPO GMP Today
The Rays of Belief IPO continues to command a positive premium in the grey market. The latest Grey Market Premium (GMP) stands at Rs 15 per share, indicating a premium of nearly 5% over the IPO’s upper price band of Rs 239.
At the current GMP, the estimated listing price for Rays of Belief shares is around Rs 254 per share, pointing to a modest premium over the issue price when the stock makes its market debut.
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds of the Issue primarily towards expanding and strengthening its learning and education infrastructure. This includes setting up Company Learning Centres and centres in partnership with Licensed Professionals (Rs 26.88 crore), School Collaboration Centres (Rs 5.54 crore), a Centre for Excellence and Research (Rs 2.45 crore), and an Upskilling Academy (Rs 2.05 crore). The Company also plans to incur Rs 4.44 crore towards technology hardware and Rs 14.45 crore towards lease payments for its existing centres in India.
In addition, Rs 10.13 crore is proposed to be invested in its subsidiary, Moms Belief US Inc., towards lease/license payments for existing centres in the USA. The Company also proposes to spend Rs 10.21 crore on brand awareness and inclusive outreach programmes, while a portion of the Net Proceeds will be utilised for funding inorganic growth through unidentified acquisitions and general corporate purposes. The total estimated utilisation of the Issue proceeds is Rs 76.15 crore.
Financial Performance
Rays of Belief Ltd. reported a strong 125% year-on-year growth in total income, which increased from Rs 36.54 crore in FY25 to Rs 82.06 crore in FY26.
Despite the significant growth in revenue, the company’s profit after tax (PAT) declined by 16% from Rs 5.88 crore in FY25 to Rs 4.96 crore in FY26, indicating pressure on profitability during the period.
About Rays of Belief
Founded in 2017, Rays of Belief Ltd. is a social enterprise offering personalised care and intervention programmes for children with neurodevelopmental disorders, including autism, ADHD, Down Syndrome and cerebral palsy.
Under its Mom’s Belief brand, the company has expanded from 71 centres in FY23 to 136 centres across 57 cities and 20 states/UTs as of March 31, 2026, with a strong presence in Tier 2 and Tier 3 cities.
Its services include early intervention, occupational and language therapy, parental guidance and family support. The company had 340+ full-time clinical professionals as of March 31, 2026.
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