Rays of Belief, which operates under the brand name Mom’s Belief, has filed its Red Herring Prospectus with Sebi for an initial public offering. The IPO will comprise a fresh issue of up to 52.30 lakh equity shares. There will be no offer-for-sale component, meaning the entire issue will raise fresh capital for the company, with no shares being sold by existing shareholders.
Rays of Belief is a for-profit social enterprise that provides personalised intervention plans for children with neurodevelopmental disorders, including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays.
The company started operations in 2018. As of March 31, 2026, it operated 136 centres across 57 cities in 20 states and union territories. It has served more than 58,000 children since starting operations.
According to the CARE Report cited by the company, Rays of Belief ranks first in India and seventh globally by the number of centres among listed players operating in the behavioural health domain.
The company plans to use the IPO proceeds to expand its centre network. It proposes to set up 319 new centres between FY27 and FY29, with a particular focus on Tier II and Tier III cities, where access to structured neurodevelopmental care remains limited.
The company has proposed allocating Rs 413.61 million towards capital expenditure. Of this, Rs 349.91 million will be used for centre fit-outs, Rs 19.27 million for therapy-material inventory and Rs 44.43 million for technology hardware.
The planned expansion is aimed at increasing access to early intervention and therapy services for children outside large metro cities. Neurodevelopmental care in India remains concentrated in urban centres, while families in smaller cities often face limited access to trained therapists, standardised assessments and structured intervention programmes.
Rays of Belief’s business model is built around centres that offer intervention services for children with developmental and behavioural needs. The company provides personalised plans rather than a one-size-fits-all service model.
The company’s financial performance showed strong revenue growth in FY26. Revenue from operations rose to nearly Rs 82 crore in FY26 from Rs 36 crore in FY25. Profit for the year stood at Rs 5 crore in FY26, compared with Rs 6 crore in FY25. Profit before tax rose sharply to Rs 7 crore in FY26 from Rs 35 lakh in FY25.
The IPO comes at a time when healthcare and specialised service providers have seen rising investor interest, particularly companies operating in underpenetrated segments. Behavioral health and child development services remain a relatively niche listed-market theme in India, but demand has grown with increasing awareness among parents, schools and doctors.
