Rays of Belief IPO
Market Sentiment
IPO Details
Market Lot Size
IPO Reservation
Day-wise Subscription (times subscribed)
Financial Analysis
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 30.76 | 36.54 | 82.06 |
| Expense | 30.66 | 36.19 | 75.16 |
| Profit (PAT) | 0.85 | 5.88 | 4.96 |
| Total Assets | 12.89 | 26.12 | 50.89 |
Promoters: Nitin Bindlish and Carving Futures Pte.Ltd
Strengths & Risks
- Heavily oversubscribed — 107.6x overall (so far).
- Strong institutional (QIB) demand — 9.1x.
- Revenue grew 125% in the latest reported year.
- Strong return on equity — 22%.
Our data checks haven't flagged a specific concern for Rays of Belief — but that isn't a clean bill of health. Read the risk-factors section of the RHP, which lists company-specific risks our data can't capture.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
Rays of Belief, started in 2017, is a for-profit social enterprise that offers customized intervention programs for children with Neurodevelopmental Disorders (NDDs). The conditions they help with are Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays. The company serves children between the ages of 18 months and 12 years, while also offering specialised programs for children up to 15 years, which teach vocational and life skills to help them become more independent. Its services include early intervention, Parental guidance, Occupational therapy, Language therapy, and family support programs. Furthermore, the company has a large range of learning resources, including 150+ teaching tools at centres, 2,000+ tools for home learning, Regular follow-ups, Progress monitoring, and 340+ clinical professionals.
Rays of Belief Ltd., J-1919, Basement,, Chittranjan Park, New Delhi,, Delhi, New Delhi, 110019
| Purpose | Amount (Cr) |
|---|---|
| Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals | 26.88 |
| School Collaboration Centres | 5.54 |
| Centre for Excellence and Research | 2.45 |
| Upskilling Academy | 2.05 |
| Technology (hardware) costs | 4.44 |
| Expenditure for lease payments for existing centres in India | 14.45 |
| Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA | 10.13 |
| Expenditure for brand awareness and inclusive outreach programs | 10.21 |
| Funding inorganic growth through unidentified acquisition and General corporate purposes | - |
Resources & Documents
Rays of Belief has set a price band of Rs 227–Rs 239 per share for an issue size of Rs 125 crore. The stock listed flat against its issue price.
Rays of Belief, started in 2017, is a for-profit social enterprise that offers customized intervention programs for children with Neurodevelopmental Disorders (NDDs). The conditions they help with are Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays.
The issue is promoted by Nitin Bindlish and Carving Futures Pte.Ltd with Mefcom Capital Markets Ltd. acting as lead manager. Net proceeds will primarily be used towards Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals (Rs 27 crore) and School Collaboration Centres (Rs 6 crore).
On fundamentals, the company is posting revenue growth of 124.6%, a profit margin of 6.0%, return on equity of 21.6% in its most recent reported period.
On our data-signal score, the combined signals for this issue currently read strong — the composite picture tilts positive, though not without some caveats. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Rays of Belief IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed.
See the full Rays of Belief GMP history and trend, or learn how grey market premium works and how reliable it is.
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