Mom’s Belief operator Rays of Belief targets ₹118.7–125 crore IPO, plans 319 new centres
Rays of Belief, which operates Mom’s Belief therapy centres, plans to open its IPO on September 1, 2026. The company had 136 centres across 57 Indian cities as of March 2026 and aims to add 319 centres across FY2027–FY2029.
What happened
Mom’s Belief operator Rays of Belief will launch a Rs 118.72-125 crore IPO on September 1, 2026, using proceeds to expand its Indian therapy-centre network. The
Key facts
- IPO opens September 1, 2026; closes September 3, 2026
- Anchor bidding: August 31, 2026
- Fresh issue: up to 5,230,000 equity shares
- Price band: Rs 227-Rs 239 per share
- Issue size: Rs 118.72 crore-Rs 125 crore
- Minimum bid: 62 shares
- 136 centres across 57 cities in 20 states and Union Territories as of March 31, 2026
- 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres
- Over 58,000 children served since 2018
- More than 2,500 active children as of March 31, 2026
- 3,340 full-time clinical professionals and over 80 support staff
- 319 new centres planned in FY2027-FY2029: 128 Tier 1, 121 Tier 2 and 70 Tier 3
- FY2026 revenue: Rs 81.66 crore versus Rs 36.41 crore in FY2025
- FY2026 profit: Rs 4.95 crore versus Rs 5.88 crore in FY2025
- LEGO Foundation contribution: USD 2.02 million
Why this matters
The expansion creates potential partnership opportunities in therapist supply, diagnostic technology, schools, hospitals and regional referral networks across India.
What to watch
- IPO subscription level, pricing, anchor-investor participation and net proceeds available for expansion.
- Quarterly centre-opening pace versus the 319-centre FY2027-FY2029 target.
- Average revenue, occupancy/utilisation, ramp time and EBITDA contribution per new centre.
- Therapist headcount growth, attrition, compensation inflation and clinician-to-patient capacity ratios.
- Same-centre sales growth and referral-channel mix from hospitals, schools and paediatricians.
- Evidence of service-quality consistency, clinical outcomes, customer reviews and any regulatory or accreditation developments.
- Lease commitments and operating cash burn relative to revenue growth and mature-centre profitability.
- Use IPO proceeds to prioritise cluster expansion around existing 57-city operations before broad greenfield entry.
- Build therapist recruitment, certification, retention and clinical-supervision capacity ahead of centre launches.
- Pursue referral partnerships with paediatric hospitals, schools, insurers and corporate employee-benefit platforms.
- Standardise assessment, care-plan and outcome-tracking systems to protect quality as the network scales.
- Use hub-and-spoke formats, tele-therapy and smaller satellite centres to lower the break-even threshold in smaller cities.
- Increase consumer education and digital lead generation, which could expand awareness of developmental and behavioural therapy services beyond urban affluent households.