Mom's Belief Operator Files IPO

Rays of Belief, the operator of Mom's Belief, has filed IPO papers with Sebi to fund the expansion of its child therapy centres. The company plans to set up 319 new centres between FY27 and FY29, with a focus on Tier II and Tier III cities where access to structured neurodevelopmental care remains limited.

As of March 31, 2026, Rays of Belief operated 136 centres across 57 cities in 20 states and union territories. The company has served more than 58,000 children since starting operations in 2018. The IPO is expected to raise around Rs 149-152 crore, which will be used to expand the centre network.

The IPO comprises an entirely fresh issue of up to 52.3 lakh equity shares, with no offer-for-sale (OFS) component. The issue is set to launch on September 1, 2026, and will remain open for subscription until September 3.

Rays of Belief's financial performance has shown strong revenue growth in FY26, with revenue from operations rising to nearly Rs 82 crore 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.

## Why it matters 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. The expansion of Rays of Belief's centre network is expected to increase access to neurodevelopmental care for children in Tier II and Tier III cities.

The company's plans to set up 319 new centres between FY27 and FY29 will significantly increase its presence in the country. With a strong financial performance and growing demand for its services, Rays of Belief is well-positioned to capitalize on the growing need for child development and therapy services in India.