Status
Listed
Price band
₹227–₹239
Shares in one lotA lot is the smallest bundle of shares you can apply for. Lot size, in the glossary
62 shares
Minimum money
₹14,818 for 1 lot
Issue size
₹125 crore
Dates
1 Sept 2026 – 3 Sept 2026
Official links
- Prospectus
- Allotment statusAllotment is the decision of who gets shares after the issue closes. Basis of allotment, in the glossary
How to apply
Use UPI and ASBA. The guide covers the close, allotment, and the T+3 listing.
Open the guideRelated guides
Rays of Belief Ltd. IPO is listed. It opens on 1 Sept 2026 and closes on 3 Sept 2026. The price band is ₹227 to ₹239. One lot is 62 shares, and the minimum amount is ₹14,818. The issue size is ₹125 crore, with a fresh issue of ₹125 crore. In FY26, total income was ₹82.06 crore and profit after tax was ₹4.96 crore. Total income was up 124.6% from ₹36.54 crore in FY25. Profit after tax was down 15.6% from ₹5.88 crore in FY25.
The total subscription for Rays of Belief Ltd. is 107.71 times.
Rays of Belief Ltd. listed at ₹239.
Rays of Belief runs therapy and intervention centres for children with developmental conditions such as autism and ADHD. It offers personalised therapy plans.
Dates
Opens
1 Sept 2026
Closes
3 Sept 2026
AllotmentAllotment is the decision of who gets shares after the issue closes. Basis of allotment, in the glossary
4 Sept 2026
Refunds
7 Sept 2026
Demat credit
7 Sept 2026
Listing
8 Sept 2026
Objects of the issue
- Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals
- School Collaboration Centres
- Centre for Excellence and Research
- Upskilling Academy
- Technology (hardware) costs
- Expenditure for lease payments for existing centres in India
- Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA
- Expenditure for brand awareness and inclusive outreach programs
- Funding inorganic growth through unidentified acquisition and General corporate purposes
- Issue Expenses
Promoters
Nitin Bindlish and Carving Futures Pte.Ltd
Subscription
Subscribed 107.71x overall. Final, as of 3 Sept 5 pm IST.
Big fundsQIB means a big institution, such as a mutual fund or a bank. How allotment works
9.06x
Large bidsNII means a bid bigger than the retail limit, and not from a big institution. How allotment works
279.11x
Retail
195.86x
Total
107.71x
Issue structure
Fresh issue
₹125 crore
Reservation
Share kept for each group. The percents are the published figures.
| Part | Amount |
|---|---|
| Retail | 10% |
| Large bids | 15% |
| Big funds | 75% |
Issue
- Face value
- ₹10
- Fresh issue
- ₹125 crore
- Exchanges
- BSE, NSE
- Registrar
- Kfin Technologies Ltd.
Reservation
- Retail
- 10%
- Large bidsNII means a bid bigger than the retail limit, and not from a big institution. How allotment works
- 15%
- Big fundsQIB means a big institution, such as a mutual fund or a bank. How allotment works
- 75%
Financials
₹ crore, for the last three reported years.
Total income and profit
Each chart has its own scale. Amounts are in ₹ crore.
Total income
Profit after tax
| Year | Total income | Profit |
|---|---|---|
| FY24 | ₹30.76 crore | ₹0.85 crore |
| FY25 | ₹36.54 crore | ₹5.88 crore |
| FY26 | ₹82.06 crore | ₹4.96 crore |
Net worth
₹ crore, for each year that reports net worth.
| Year | Net worth |
|---|---|
| FY24 | ₹5.78 crore |
| FY25 | ₹15.02 crore |
| FY26 | ₹30.81 crore |
| Year | Total income | PAT | Net worth | Assets | Borrowings |
|---|---|---|---|---|---|
| FY24 | 30.76 | 0.85 | 5.78 | — | — |
| FY25 | 36.54 | 5.88 | 15.02 | — | — |
| FY26 | 82.06 | 4.96 | 30.81 | — | — |
Listing
- Listing price
- ₹239
- Close on listing day
- ₹228.34
- Listing gainListing gain is how far the first traded price sits above or below the issue price. Capital gains, in the glossary
- 0% versus ₹239
Frequently asked questions
When does this issue open?
It opens on 1 Sept 2026 and closes on 3 Sept 2026.
What is the lot size and the minimum amount?
One lot is 62 shares. The minimum amount is ₹14,818 for 1 lot.
When are allotment and listing?
Allotment is on 4 Sept 2026. Listing is on 8 Sept 2026.
What is the price band?
The price band is ₹227 to ₹239.
What is the issue size?
The issue size is ₹125 crore.
How many times was it subscribed?
The total subscription is 107.71 times, checked 3 Sept 2026, 5:00 pm IST.
What was the listing gain?
The listing gain against the top of the price band is 0%.
This page is a calendar of dates and prices. It is not a recommendation to apply.