Rays of Belief Raises Rs 2.3 Crore in Pre-IPO Round

Key Highlights

• Rays of Belief, the parent company of Mom's Belief, has raised Rs 2.3 crore from Myong Zin Park in a pre-IPO round on March 24, at a valuation of Rs 622 crore.
• The company aims to raise Rs 174 crore via its proposed IPO, with a fresh issue of 60 lakh shares.

IPO Details

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• Rays of Belief filed a draft document with SEBI via the confidential route in August 2025, which was cleared by the regulator in December 2025.
• The company filed an Updated Draft Red Herring Prospectus with SEBI in February 2026 to raise funds via an initial public offering (IPO).
• The IPO comprises an entirely fresh issue of 60 lakh shares with no offer-for-sale component.

Pre-IPO Placement

• Rays of Belief allotted 79,732 equity shares (0.51 percent of pre-IPO capital) to Myong Zin Park for Rs 2.3 crore via private placement.
• The share allotment took place at a price of Rs 290 per share, valuing the company at Rs 622.5 crore.

IPO Proceeds Utilisation

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• The proceeds raised from the pre-IPO placement will be completely utilised for general corporate purposes.
• The amount proposed to be raised through the fresh issue will be reduced to the extent of the pre-IPO placement funds.

Company Overview

• Rays of Belief, a for-profit social enterprise, provides intervention plans for children with neurodevelopmental disorders (NDDs).
• The company has 136 centres in India and three centres in the USA, which were acquired in June 2025.
• Nitin Bindlish founded the company, and Carving Futures holds a 92.93 percent stake in Rays of Belief.