Rays of Belief Ltd. IPO Review 2026: Listing Dates, Allotment, GMP & Overview

01 Sep 2026
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Rays of Belief Ltd. IPO Review 2026: Listing Dates, Allotment, GMP & Overview

Rays of Belief IPO is a ₹125 crore book-building issue comprising entirely of a fresh issue of 52.30 lakh shares. The price band is ₹227 to ₹239 per share, with a lot size of 62 shares. The IPO opens on September 1, 2026 and closes on September 3, 2026. The minimum retail investment is ₹14,818 at the upper price band. The shares are proposed to list on BSE and NSE on September 8, 2026.

Rays of Belief IPO Details

IPO Open DateSeptember 1, 2026
IPO Close DateSeptember 3, 2026
Issue Size₹125 crore
Issue TypeBook Building IPO
Price Band₹227 to ₹239 per share
Face Value₹10 per share
Lot Size62 Shares
Minimum Retail Investment₹14,818
Fresh Issue52,30,000 shares aggregating up to ₹125 crore
Offer for SaleNil
ListingBSE and NSE
Tentative Listing DateSeptember 8, 2026
Market Cap at Upper Price₹499.55 crore
Lead ManagerMefcom Capital Markets Ltd.
RegistrarKFin Technologies Ltd.

Rays of Belief IPO Issue Size

Total Issue Size52,30,000 shares aggregating up to ₹125 crore
Fresh Issue52,30,000 shares aggregating up to ₹125 crore
Offer for SaleNil
Pre-Issue Shareholding1,56,71,682 shares
Post-Issue Shareholding2,09,01,682 shares

Rays of Belief IPO Timeline

IPO OpensSeptember 1, 2026
IPO ClosesSeptember 3, 2026
AllotmentSeptember 4, 2026
RefundsSeptember 7, 2026
Credit of SharesSeptember 7, 2026
ListingSeptember 8, 2026

Refer to RHP for detailed information.

About Rays of Belief Ltd.

Incorporated in 2017, Rays of Belief Ltd. is a for-profit social enterprise providing personalised intervention plans for children with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays.

The Company operates under the brand name Mom’s Belief and has expanded from 71 centres in Fiscal 2023 to 136 centres as of March 31, 2026. Its centres are spread across 57 cities and 20 states and union territories in India, including 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres.

The Company primarily serves children aged 18 months to 12 years, with specialised programmes available up to 15 years. Its multidisciplinary services include early intervention, parental guidance, occupational therapy, language therapy and family support programmes.

As of March 31, 2026, the Company had a team of more than 340 full-time clinical professionals. In June 2025, it acquired Mom's Belief US, Inc. and Allergy and Immunology Virginia, LLC, adding three centres in Virginia.

Business Strengths

  • Growing network of centres across Tier 1, Tier 2 and Tier 3 cities.
  • Integrated multidisciplinary intervention and family-support services.
  • Established Mom’s Belief brand in developmental care.
  • Presence across 57 cities and 20 states and union territories in India.
  • International presence through its US operations.
  • Large clinical professional base supporting service delivery.

Rays of Belief IPO – Key Considerations

  • The Company operates in a specialised and growing developmental-care services segment.
  • Expansion across Tier 2 and Tier 3 markets provides potential avenues for network growth, subject to execution.
  • The business is dependent on qualified clinical professionals and effective service delivery across its centre network.
  • Expansion of centres and international operations may involve execution and operating-cost risks.
  • Investors should evaluate the Company's financial performance, valuation, use of IPO proceeds and risk factors disclosed in the RHP before making an investment decision.

IPO Allotment & Application Status

Registrar: Kfin Technologies Ltd.

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Rays of Belief IPO – Frequently Asked Questions

What is the Rays of Belief IPO size?

The Rays of Belief IPO size is ₹125 crore and the issue consists entirely of a fresh issue.

What is the Rays of Belief IPO price band?

The price band is ₹227 to ₹239 per share.

What is the Rays of Belief IPO lot size?

The lot size is 62 shares. At the upper price of ₹239, the minimum retail application amount is ₹14,818.

When does the Rays of Belief IPO open and close?

The IPO opens on September 1, 2026 and closes on September 3, 2026.

When is the Rays of Belief IPO allotment date?

The tentative allotment date is September 4, 2026.

When will Rays of Belief shares be listed?

Rays of Belief shares are proposed to list on BSE and NSE on September 8, 2026, subject to completion of the IPO process and applicable approvals.

What does Rays of Belief Ltd. do?

Rays of Belief Ltd. provides personalised intervention and developmental-care services for children with various neurodevelopmental disorders under its Mom’s Belief brand.

How many centres does Rays of Belief operate?

As of March 31, 2026, the Company operated 136 centres across 57 cities and 20 states and union territories in India.

Who are the lead manager and registrar of Rays of Belief IPO?

Mefcom Capital Markets Ltd. is the book running lead manager and KFin Technologies Ltd. is the registrar of the issue.

Investor Education Hub: Everything You Need to Know About IPOs

Disclaimer: - Investments in IPOs are subject to market risks. Investors should read the Red Herring Prospectus carefully and consult their financial advisor before investing. https://www.mnclgroup.com/research-disclaimer

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Name of the Company has changed from Networth Stock Broking Limited to Monarch Networth Capital Limited upon Certification of Incorporation received from Registrar of Companies, Mumbai vide certificate dated 13th October, 2015.

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    Monarch Networth Capital Limited (‘MNCL’) | CIN No.: L64990GJ1993PLC120014

    Registered Address

    Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar - 382050, Gujarat

    Corporate Address

    Ahmedabad

    “Monarch House”, Opp Prahladbhai Patel garden, Near Ishwar Bhuvan, Commerce Six Roads, Navrangpura, Ahmedabad - 380009

    Mumbai

    Monarch Networth Capital Limited, G Block, Laxmi Tower, B Wing, 4th Floor, Bandra Kurla Complex, Bandra East, Mumbai - 400051.

    Contact Details

    Tel:079-26666500 / 6600500
    NPS Email ID:nps@mnclgroup.com
    Compliance Officer:Nikhil Parikh (Click to view details)
    Compliance Email:compliance@mnclgroup.com
    Compliance Tel:+91-79-26666768

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    Email for Grievance: grievances@mnclgroup.com

    CLIENT BANK ACCOUNT DETAILS

    Investors are requested to note that Stock broker (Monarch Networth Capital Ltd) is permitted to receive money from investors through designated bank accounts only named as Up streaming Client Nodal Bank Account (USCNBA). Stock broker (Monarch Networth Capital Ltd) is also required to disclose these USCNB accounts to Stock Exchange. Hence, you are requested to use following USCNB accounts only (Click to View) for the purpose of dealings in your trading account with us. The details of these USCNB accounts are also displayed by Stock Exchanges on their website under “Know/ Locate your Stock Broker".

    Registered Numbers

    SEBI Registration No:INZ000008037
    NSE Member ID:06386
    BSE: Member ID :197
    MCX: Member ID :10585
    Date of Admission:28/02/2004
    NCDEX: Member ID :00011
    MSEI Member Code :84251
    Date of Admission:06/12/2003
    CDSL-DP ID:35000
    NSDL-DP ID:IN303052
    SEBI Reg (DP):IN-DP-278-2016
  • Complete name of entity registered with SEBI as Portfolio Manager:Monarch Networth Capital Limited
    Type of Registration (Individual, Non-Individual):Non-Individual
    PMS Registration No.:INP000006059
    Corporate Identification No.:L64990GJ1993PLC120014
    Principal Place of Business:301-302, 3rd Floor, Arunachal Building, Barakhamba Road, New Delhi - 110001
    Registered Office Address:Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar, Gujarat, India, 382050
    Corresponding SEBI regional/local office Address:8th floor, Plate B, Tower 1, NBCC Complex, East Kidwai Nagar, New Delhi – 110023

    Contact Details

    Principal Officer:Md Shaukat Ali
    Contact No.:011-40851303
    Compliance Officer:Ms. Bhumika Gowda
    Contact No.:011-40851312

    Mechanism for addressing grievances and information about SCORES.

    Contacts for Investor Grievance

    pms.grievance@mnclgroup.com

  • Fund Name:Monarch AIF
    Category of AIF :Category III
    AIF Registration number :IN/AIF3/20-21/0787
    Registration Date :April 23, 2020
    Registered Office Address :Laxmi Tower, B Wing, 4th Floor, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400051

    Contact Details

    Fund Manager:Mr. Abhisar Jain
    Phone :+91 22 66746425
    Compliance Officer:Ms. Bhumika Gowda
    Phone :+91 22 66746424

    Gift City AIF Disclaimer

    Monarch Networth Capital IFSC Private Limited (Wholly owned subsidiary of Monarch Networth Capital Limited) is a Registered Fund Management Entity (Retail) having Registration No: IFSCA/FME/III/2025-26/169. Monarch India Growth Fund will be an open-ended Restricted Scheme (Non-Retail) construed as a Category III AIF under the IFSCA (Fund Management) Regulations, 2025. Monarch AIF is a Category III AIF having SEBI Registration No. IN/AIF3/20-21/0787. This material is for informational purposes only and is not intended as an offer or solicitation or investment advice to buy or sell securities. Investments are subject to market risks. The offering is made only through official scheme documents to eligible investors under GIFT IFSC regulations. Investors should read all documents carefully and consult their advisors before investing.

  • Complete name of entity registered with SEBI as Merchant Banker:Monarch Networth Capital Limited
    Type of Registration (Individual, Non-Individual):Non-Individual
    MB Registration No.:INM000011013
    Corporate Identification Number:L64990GJ1993PLC120014
    Principal Place of Business:4th FLoor, B Wing, Laxmi Tower, Bandra Kurla Complex, Bandra East, Mumbai-400051
    Registered office address:Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar, Gujarat, India, 382050

    Contact Details

    Compliance Officer:Mr.Jayesh Bhagwat
    Contact No.:(022) 66476400
    Email for Regulatory Communication:mbdcompliance@mnclgroup.com

    Mechanism for addressing grievances and information about SCORES.

    Contacts for Investor Grievance

    mbd@mnclgroup.com

  • Complete name of entity registered with SEBI as Research Analysts :Monarch Networth Capital Limited
    Type of Registration (Individual, Non-Individual):Non-Individual
    RA Registration No.:INH000000644
    BSE Enlistment No.:5039
    Corporate Identification Number: L64990GJ1993PLC120014

    Contact Details

    Registered office address: Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar, Gujarat, India, 382050
    Principal Place of Business: 4th FLoor, B Wing, Laxmi Tower, Bandra Kurla Complex, Bandra East, Mumbai-400051
    Principal Officer: Sahil Sanghvi
    Compliance Officer: Nikhil Parikh
    Telephone no.: +91-79-26666768
    Contacts for Investor Grievance: ragrievance@mnclgroup.com
  • Complete name of entity registered with SEBI as Investment Adviser : Monarch Networth Investment Advisors Private Limited
    Type of Registration (Individual, Non-Individual) :Non-Individual
    IA Registration No.: INA000005721
    BSE Enlistment No.:2005
    Validity of registration : Perpetual
    Corporate Identification Number : U74140GJ2007PTC052348
    Registered office address : Monarch House, Nr. Ishwar Bhuwan Cross Road, Nr. Commerce Six Road, Navrangpura, AHMEDABAD, GUJARAT, 380009
    Corresponding SEBI Office address: SEBI Bhavan, Western Regional Office, Panchvati 1st Lane, Gulbai Tekra Road, Ahmedabad - 380006, Gujarat

    Contact Details

    Compliance Officer : Ankita Sudhir Madhwani
    Telephone no. : +91 22-66476405
    Registration granted by SEBI, enlistment of IA with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
  • AMC's Empanelled

    Regulatory Details

    Complete name of entity registered with SEBI as : Monarch Networth Capital Limited
    AMFI Registration No. :8812
    Validity of ARN: 29-03-2028
    Registered Office address:Office No 901/902, 9Th Floor, Atlanta Centre, Opp Udyog Bhavan, Sonawala Road Goregaon East, MUMBAI, MA- 400063
    Corporate Office and Principal Place of Business : Monarch House, Nr. Ishwar Bhuwan Cross Road, Nr. Commerce Six Road, Navrangpura, AHMEDABAD, GUJARAT, 380009

    Contact Details

    Telephone no. :079-66000790
    Compliance Officer : Nikhil Parikh
    Compliance Email : compliance@mnclgroup.com
    Compliance Tel :079-26666768

    Risk Factors – Investments in Mutual Funds are subject to Market Risks. Read all scheme related documents carefully before investing. Mutual Fund Schemes do not assure or guarantee any returns. Past performances of any Mutual Fund Scheme may or may not be sustained in future. There is no guarantee that the investment objective of any suggested scheme shall be achieved. All existing and prospective investors are advised to check and evaluate the Exit loads and other cost structure (TER) applicable at the time of making the investment before finalizing on any investment decision for Mutual Funds schemes. We deal in Regular Plans only for Mutual Fund Schemes and earn a Trailing Commission on client investments. Disclosure For Commission earnings is made to clients at the time of investments. Option of Direct Plan for every Mutual Fund Scheme is available to investors offering advantage of lower expense ratio. We are not entitled to earn any commission on Direct plans. Hence we do not deal in Direct Plans.

  • Monarch Networth Capital Limited (‘MNCL’) | CIN No.: L64990GJ1993PLC120014

    For Broking and Demat Related Queries

    Call on this number +91-79-26666768
    For any queries related to broking please contact helpdesk@mnclgroup.com
    Escalation Matrix

    Monarch Networth Capital Limited

    Registered Address

    Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar - 382050, Gujarat

    Corporate Address

    Ahmedabad

    “Monarch House”, Opp Prahladbhai Patel garden, Near Ishwar Bhuvan, Commerce Six Roads, Navrangpura, Ahmedabad – 380009

    Mumbai

    Monarch Networth Capital Limited, G Block, Laxmi Tower, B Wing, 4th Floor, Bandra Kurla Complex, Bandra East, Mumbai - 400051.

    Contact Details

    “Filing of complaints on SCORES – Easy & quick
    (Link is given in our useful link option on our website)

    • A. Register on SCORES portal
    • B. Mandatory details for filing complaints on SCORES:
      • I. Name, PAN, Address, Mobile Number, Email ID
    • C. Benefits
      • I. Effective communication
      • II. Speedy redressal of the grievances

    Email for Grievance: cs@mnclgroup.com

    Company Secretary & Compliance Officer

    (As per LODR Regulations and Companies Act, 2013)

    Contact information of the designated officials of the listed entity who are responsible for assisting and handling investor grievances :
    Mr. Nitesh Tanwar : 022 - 66476400 / 66476405

    Listing of Equity Shares on Stock Exchange at

    BSE

    Add :Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001
    Scrip Id :Monarch Scrip Code : 511551

    NSE

    Add :Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051.
    Scrip Id :Monarch Scrip Code : MONARCH

    Demat ISIN Numbers in NSDL & CDSL for

    Equity Shares:INE903D01011

    REGISTRAR AND SHARE TRANSFER AGENT

    MUFG Intime India Private Limited

    (Formerly known as Link Intime India Private Limited)

    Add:C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400083
    Tel:(0) 810 811 6767
    Toll-free number:1800 1020 878
    Fax:022 - 4918 6060

    For any queries related to broking please contact helpdesk@mnclgroup.com.

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‘Investments in securities market are subject to market risks, read all the related documents carefully before investing.’

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