Mom's Belief operator to launch IPO with ₹227-239 price band

Rays of Belief Ltd has announced the launch of its Initial Public Offering on September 1, with equity shares priced in the band of ₹227-239 per share. Anchor investors will place their bids on August 31, while the public issue will remain open through September 3, according to the company's statement released Monday.

The fresh issue comprises up to 52.30 lakh equity shares, valued at ₹125 crore at the upper price band. Based on these figures, the post-issue implied market capitalisation of the company is estimated between ₹474 crore and ₹500 crore.

Rays of Belief, which operates under the Mom's Belief brand, provides personalised intervention plans for children with neurodevelopmental conditions. The company intends to deploy IPO proceeds towards aggressive expansion, planning to establish 319 new centres during fiscal years 2027 and 2029.

Additional capital will be allocated for centre infrastructure, including fit-outs, therapy material inventory and technology hardware upgrades. The expansion aligns with the company's growth strategy in the early intervention and therapy services sector across India.