A new chapter in the Indian social enterprise landscape is set to unfold as Rays of Belief, operating under the “Mom’s Belief” brand, prepares for its initial public offering (IPO) scheduled to open on September 1, 2026. With a focus on providing personalized intervention plans for children with Neurodevelopmental Disorders (NDD), the company aims to become the first for-profit social enterprise listed on India’s main stock exchanges.
IPO Details and Company Background
Rays of Belief Limited has established itself as a major player in the behavioral health domain since its inception in 2018. The IPO will be aimed at raising funds within a price band set between ₹227 and ₹239 per share, translating to a total issue size of approximately ₹118.72 crore at the floor price and ₹125 crore at the upper end. An anchor investor bidding date is set for August 31, 2026, with the issue closing on September 3, 2026.
Investors will be able to bid in minimum multiples of 62 equity shares, facilitating broader participation. The company plans to issue a fresh allocation of up to 52,30,000 equity shares, generating much-needed capital to expand its reach and enhance services.
Mission and Services: Supporting Neurodivergent Children
Rays of Belief focuses on children with NDDs, including Autism Spectrum Disorder, Attention-Deficit/Hyperactivity Disorder, and Down Syndrome, among others. By developing personalized intervention plans, the organization empowers parents to actively participate as co-therapists in their child’s development. This approach addresses key barriers in India’s behavioral health sector, such as limited awareness, access, and affordability.
As of March 31, 2026, the company has reportedly served over 58,000 children, with around 2,500 actively enrolled in its programs through a combination of physical centres and digital platforms. Their clinical team includes more than 3,340 professionals specializing in child and adolescent psychology, occupational therapy, and other relevant fields, enhancing the quality of care provided.
Strategic Expansion Plans
The IPO proceeds will primarily be utilized for expanding the company’s network of centres across India. Between fiscal years 2027 and 2029, Rays of Belief plans to establish a significant footprint, with 128 centres in Tier 1 cities, 121 in Tier 2 cities, and 70 in Tier 3 cities. This expansion aims to enhance accessibility to quality intervention services for families in various economic strata.
Additionally, the company has collaborated with Carving Futures Pte Ltd. and partnered with the LEGO Foundation to introduce innovative therapeutic solutions. This partnership has seen an investment of $2.02 million from the LEGO Foundation, which supports the development of resources for families of neurodivergent children, utilizing therapeutic LEGO kits and learning workshops based on the principles of Learning Through Play.
What This Means
The forthcoming IPO of Rays of Belief represents a critical moment not only for the company but also for the broader Indian social enterprise sector. The entry of a for-profit entity dedicated to the welfare of children with NDDs on the stock exchanges signifies a growing acknowledgment of mental health and developmental disorders as significant societal issues. As the company expands, it may set a precedent for future social enterprises aiming to blend profitability with social responsibility.
This venture could also spur interest in the behavioral health sector, pushing other businesses to innovate in services that cater to underserved communities. Investors might view this as an opportunity to support a noble cause while potentially securing a financial return, thus attracting more funds to the NDD space, which remains critically underfunded in India.
Frequently Asked Questions
What is Rays of Belief?
Rays of Belief is a for-profit social enterprise focused on delivering personalized intervention plans for children with Neurodevelopmental Disorders (NDD).
When is the IPO date and what is its price range?
The IPO is set to open on September 1, 2026, with a price range between ₹227 and ₹239 per share.
What will the proceeds from the IPO be used for?
The proceeds will primarily be utilized for expanding the company’s network of intervention centres across India.
Who are the promoters of Rays of Belief?
The company is promoted by Nitin Bindlish and Carving Futures Pte Ltd, which has also partnered with the LEGO Foundation for various initiatives.
