As of September 2, 2026. The IPO’s Grey Market Premium (GMP) is reported at around 16%, indicating an unofficial premium over the upper issue price of Rs. 239. GMP is an unregulated market indicator and can change before listing.
Rays of Belief IPO Overview
The IPO comprises a fresh issue of 52.30 lakh equity shares worth Rs. 125 crore. The price band is Rs. 227–Rs. 239 per share, with a minimum lot size of 62 shares, requiring a minimum investment of Rs. 14,818 at the upper price band. The shares are proposed to be listed on the NSE and BSE.
Shareholders: The promoters of Rays of Belief are Nitin Bindlish and Carving Futures Pte. Ltd. The company does not have any selling shareholders, as the IPO consists entirely of a fresh issue. Therefore, the complete Rs. 125 crore raised will go to the company rather than existing shareholders.
Lead Managers: Mefcom Capital Markets Limited is the Book Running Lead Manager for the IPO, while KFin Technologies Limited is the registrar to the issue.
Objectives of the IPO: The company plans to use the proceeds to expand its centre network, including Company Learning Centres, School Collaboration Centres and Centres for Excellence and Research. It will also spend on technology, existing centre leases, US subsidiary lease payments, brand awareness and general corporate purposes.
Financial Analysis
Rays of Belief reported revenue from operations of Rs. 81.66 crore in FY26, compared with Rs. 36.42 crore in FY25, representing a growth of approximately 124%. EBITDA increased from Rs. 3.02 crore to Rs. 11.91 crore, a rise of around 294%, while PAT declined from Rs. 5.88 crore to Rs. 4.96 crore, a fall of nearly 16%. Its FY26 EBITDA margin stood at about 14.6%, while ROCE was 29.74%.
The company states that there are no directly comparable listed peers in India or overseas with a similar business model and scale. However, indicative healthcare IPO comparisons include Molbio Diagnostics, Manipal Health and Gaudium IVF. At the Rs. 239 issue price, Rays of Belief is valued at around 101x P/E, compared with approximately 56.7x for Molbio Diagnostics, 84.7x for Manipal Health and 23x for Gaudium IVF. These companies are not direct operational peers, so the comparison should be viewed cautiously.
Strengths and Weaknesses
Strengths: The company has built a network of 136 centres across 57 cities and 20 states and UTs, while serving more than 58,000 children since 2018. Its leased, asset-light model and growing operating margins are additional positives.
Weakness: The valuation appears demanding at around 101x P/E. The company also operates in a highly sensitive healthcare segment where service quality and availability of skilled professionals are important. Further, aggressive expansion into new centres carries execution risks, while revenue dependence on a related party remains a concern.
Conclusion
Rays of Belief offers exposure to a specialised and growing neurodevelopmental care segment, supported by rapid revenue growth and an expanding centre network. However, the sharp PAT decline in FY26 and high IPO valuation make the issue more suitable for investors who are comfortable with execution and valuation risks.