Rays of Belief IPO

Rays of Belief is an upcoming issue, offered in a price band of ₹227 to ₹239 per share, in lots of 62 shares. Every figure below is taken from the issue's own filings and exchange disclosures.

Issue details

Price band

₹227 – ₹239

Lot size

62 shares

Minimum investment

₹14,818

Issue size

₹125 Cr

Fresh issue

₹125 Cr

Offer for sale

—

Opens

1 Sept 2026

Closes

3 Sept 2026

Listing date

8 Sept 2026

Registrar

Kfin Technologies Limited

Symbol

MOMSBELIEF

One lot of 62 shares at the upper band price of ₹239 is ₹14,818 — the smallest retail application this issue accepts.

Lead managers: Mefcom Capital Markets Limited.

Grey market premium (GMP)

Latest reported GMP

₹18

Implied over upper band

7.50%

As of

27 Aug 2026, 09:05 pm IST

How the reported premium has moved. The trend matters more than any single reading — a premium that is drifting down into the close is a different signal from one holding firm.

Grey Market Premium is an unofficial, unregulated over-the-counter datapoint reported by third parties. It is not a price, a forecast, or an indication of listing gains, and is not investment advice.

Reported financials

As disclosed in the offer document. Figures in ₹ crore unless the filing states otherwise.

Strengths disclosed in the offer document

• The company ranks first in India and seventh globally in offering intervention plans for children with neurodevelopmental disorders.
• The company has a pan-India presence with centres across 57 cities in 20 states and union territories.
• The company's business model allows for optimal upfront investment, limited capital expenditure, and high scalability by leasing commercial spaces.
• The company offers a comprehensive and multidisciplinary suite of services, including early intervention, parental guidance, occupational therapy, language therapy, and family support programs.
• The company has a dedicated research and development team and leverages technology for virtual therapy and care models.
• The company has a team of over 339 full-time clinical professionals with extensive experience in the healthcare industry.
• The company's marketing strategy focuses on building brand awareness and loyalty through integrated ATL, BTL, and Medical-Backed initiatives.

Risk factors disclosed in the offer document

• The company's centres operate on leased premises with short lease tenures, and capital expenditure on fit-outs may not be recoverable if leases are not renewed.
• The company's revenue is derived from specific regions and tier 2 cities, and any loss of business in these areas may adversely affect revenues and profitability.
• The company derives a significant portion of its revenue from export of support services to its holding company and promoter group entity, and adverse changes in this agreement could affect its business.
• The company has only leasehold rights for its premises, and landlords may not renew leases or may renegotiate terms, which could adversely affect its business.
• The company operates in a highly specialized and sensitive domain, and any disruption or deficiency in service delivery may adversely affect its reputation and financial performance.
• The company is dependent on arrangements with licensed professionals for its 'Company Learning Centres in partnership with Licensed Professionals' model, and termination of these arrangements could harm its business.
• The company may be unable to build brand awareness and achieve market acceptance, which could adversely affect client acquisition, retention, and revenue generation.
• The company has been delayed in paying certain statutory dues in the past, and any future failure or delay may expose it to regulatory action and penalties.

These are the company's own disclosures, not Alphave's assessment. Read the offer document →

What this page will not tell you

Whether to apply

Alphave is NISM-certified, not a SEBI-registered research analyst. There is no rating, verdict or recommendation on this issue anywhere on this page.

What it will list at

Nobody knows, and GMP is not a forecast of it. It is an unofficial over-the-counter quote reported by third parties, shown here with its source time so you can judge how stale it is.

Your allotment

Allotment is decided by the registrar (Kfin Technologies Limited) after the issue closes. Track the whole calendar in the IPO Centre.

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