Rays of Belief IPO 2026: Price Band, Dates, Lot Size & Key Details

Rays of Belief IPO 2026: Price Band, Dates, Lot Size & Key Details

Reviewed by BuyUnlistedShares Research Desk.

Rays of Belief Limited, a for-profit social enterprise providing personalised intervention plans for children with Neurodevelopmental Disorders (NDDs), is launching its initial public offering (IPO) on the mainboard segment of the stock exchanges. The IPO gives investors a window to bid for shares before the company lists. Below is a complete, easy-to-read breakdown of the price band, key dates, lot size, issue structure, and business snapshot of the Rays of Belief IPO 2026.

Rays of Belief IPO: Key Details at a Glance

Price Band and Lot Size Explained

The price band for the Rays of Belief IPO has been fixed at ₹227 (lower end) to ₹239 (upper end) per equity share, with a face value of ₹10 each. The applicable lot size is 62 equity shares, and retail investors can apply for a minimum of 1 lot and a maximum of 13 lots. Key points to note:

• Minimum lot: 62 shares → ₹14,074 (lower band) to ₹14,818 (upper band)

• Maximum retail application: 13 lots (806 shares) → up to ₹1,92,634

• QIB quota: 75% of the net offer, a notably high allocation for this issue

• Non-Institutional Investor (NII) quota: 15% of the net offer

• Retail investor quota: 10% of the net offer, lower than the typical 35% seen in many mainboard IPOs

• Application modes: ASBA (through net banking) or UPI (through brokers)

IPO Structure and Objects of the Issue

The Rays of Belief IPO is a book-built issue comprising a 100% fresh issue of 52,30,000 equity shares aggregating up to ₹125 crore. As per available offer document disclosures, the net proceeds are proposed to be used broadly for expanding the company's network of intervention centres, funding working capital requirements, and general corporate purposes. Interested applicants should refer to the company's Red Herring Prospectus (RHP) for the complete object-wise break-up.

Financial Performance

As per available offer document disclosures, Rays of Belief's financial performance for the year ended March 31, 2026, compared with the prior year, reflects the following trends:

• Total Income: Increased from ₹36.54 crore in FY25 to ₹82.06 crore in FY26, growth of about 125%

• Profit After Tax (PAT): Declined from ₹5.88 crore in FY25 to ₹4.96 crore in FY26, a drop of about 16%, even as revenue grew sharply

• EBITDA: ₹11.91 crore in FY26

How to Apply for the Rays of Belief IPO

• Step 1: Log in to your broker's trading app or your bank's net banking/ASBA facility

• Step 2: Search for 'Rays of Belief Limited' in the IPO section

• Step 3: Select the number of lots (minimum 1 lot, maximum 13 lots for retail investors) within the price band

• Step 4: Enter your UPI ID (for UPI applications) or authorise via ASBA

• Step 5: Approve the mandate request in your UPI app to block the application amount

• Step 6: Track allotment status on the registrar's website using PAN, application number, or DP/Client ID

Points Investors Should Note

• Profit despite revenue growth: PAT declined by about 16% in FY26 even though revenue more than doubled, which is a factor worth reviewing in the RHP

• Lower retail allocation: The retail investor quota of 10% is notably lower than the 35% typically seen in many mainboard IPOs, while QIBs are allocated 75%

• Niche sector exposure: The business operates in the specialised behavioural-health and developmental-intervention space, which can involve unique regulatory, clinical-staffing, and reimbursement considerations

• Expansion-stage business: Rapid centre network growth can bring execution and quality-consistency challenges across a large, geographically spread footprint

• Read the RHP: Interested applicants are encouraged to go through the company's Red Herring Prospectus (RHP) for complete details before making any decisions

Frequently Asked Questions (FAQs)

1. When does the Rays of Belief IPO open and close?

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

2. What is the price band of the Rays of Belief IPO?

The price band is fixed at ₹227 to ₹239 per equity share, with a face value of ₹10 per share.

3. What is the lot size for this IPO?

The lot size is 62 equity shares. Retail investors can apply for a minimum of 1 lot and up to a maximum of 13 lots.

4. What is the minimum investment amount required?

At the upper price band, the minimum investment is ₹14,818 for 1 lot (62 shares).

5. What is the total issue size of the IPO?

The total issue size is up to ₹125 crore, comprising a 100% fresh issue of 52,30,000 equity shares.

6. On which exchange will Rays of Belief shares be listed?

The shares are proposed to be listed on both the BSE and NSE, with a tentative listing date of September 8, 2026.

7. When will the IPO allotment be finalised?

The basis of allotment is tentatively scheduled to be finalised on September 4, 2026.

8. Who is the registrar for the Rays of Belief IPO?

KFin Technologies Limited is the registrar to the issue.

9. How can I apply for the IPO?

Applications can be made online through ASBA via net banking or through UPI-enabled broker platforms during the subscription window.

10. What does Rays of Belief Limited do?

The company is a for-profit social enterprise that provides personalised intervention plans for children with Neurodevelopmental Disorders such as Autism Spectrum Disorder, ADHD, Down Syndrome, and Cerebral Palsy, operating 136 centres across 57 cities in India.

Disclaimer:

This is written for educational and informational purposes only. Nothing here constitutes investment advice or a recommendation to buy or sell securities. All data is sourced from publicly available information. Investments in securities markets are subject to market risks — please read all offer documents carefully before investing.