- Mom’s Belief seeks a landmark mainboard listing as a for-profit social enterprise focused on neurodevelopmental care.
- Fresh capital will help fund 319 new centres across Tier 1, Tier 2 and Tier 3 cities by FY29.
- Mom’s Belief has served more than 58,000 children since 2018 and now operates across 57 cities.
- The expansion plan seeks to take specialised intervention services deeper into markets where access remains a challenge.
- Revenue more than doubled in FY26, even as profit declined, making execution and profitability key investor watchpoints.
- The proposed listing could test whether a for-profit enterprise can combine social purpose, national scale and sustainable shareholder value.
R MANICKAVASAGAM
AHMEDABAD, AUG 26
Can the stock market become a new engine for social impact? Rays of Belief Ltd, operating under the Mom’s Belief brand, is seeking to make that proposition a reality with an IPO that could place India’s first for-profit social enterprise on the mainboard of the country’s stock exchanges. The company, which provides personalised intervention plans for children with neurodevelopmental disorders, will open its ₹118.72-crore to ₹125-crore fresh issue on September 1, offering investors a business whose expansion story is intertwined with a deeply social mission.
The IPO price band has been fixed at ₹227-239 per equity share, with the issue closing on September 3. Anchor investor bidding is scheduled for August 31.
If listed as proposed, Mom’s Belief will add a distinctive dimension to India’s equity markets: a for-profit enterprise whose core business is built around expanding access to specialised intervention and support for children and families dealing with neurodevelopmental disorders.
From social mission to stock-market milestone
Rays of Belief operates in the behavioural health space, providing personalised intervention plans for children with autism spectrum disorder, ADHD, Down Syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delay.
The company says it was founded to address persistent barriers in this space—including lack of awareness, limited access, inadequate quality of care and affordability—while empowering parents and families to become co-therapists in their children’s developmental journey.
Based on the number of centres, the company ranks first in India in offering intervention plans for children with neurodevelopmental disorders and seventh globally among listed players in a similar behavioural-health domain, according to the CARE Report cited in the company’s material.
₹125 crore issue to fuel a 319-centre expansion
The three-day IPO comprises a fresh issue of up to 52.30 lakh equity shares, with the issue size ranging from ₹118.72 crore at the floor price to ₹125 crore at the cap price.
A substantial part of the proceeds will support the company’s ambitious expansion programme. Rays of Belief proposes to establish 319 new centres between FY27 and FY29—128 in Tier 1 cities, 121 in Tier 2 cities and 70 in Tier 3 cities.
The funds will also support capital expenditure, including centre fit-outs, therapy-material inventory and technology hardware.
The planned expansion is significant because the company’s existing footprint is concentrated in Tier 2 markets, where access to specialised developmental intervention can be more limited.
136 centres, 58,000 children and counting
As of March 31, 2026, Mom’s Belief operated 136 centres across 57 cities in 20 States and Union Territories, comprising 42 centres in Tier 1 cities, 77 in Tier 2 cities and 17 in Tier 3 cities.
Since commencing operations in 2018, the company has served more than 58,000 children, while more than 2,500 children were actively enrolled in intervention plans through its centres and digital platforms as of March 31, 2026.
Its multidisciplinary clinical workforce comprises 3,340 full-time professionals, including child and adolescent psychologists, occupational therapists, speech-language pathologists, special educators, behaviour therapists and early-childhood development professionals.
The financial story behind the social mission
The company is also entering the market with a sharply expanded revenue base.
Its consolidated revenue from operations more than doubled to ₹81.66 crore in FY26 from ₹36.42 crore in FY25. Profit for FY26 stood at around ₹4.95 crore, compared with ₹5.88 crore in the preceding year.
The contrast between revenue growth and the decline in profit makes the IPO story more nuanced. The proposed issue is therefore not merely about raising capital to scale an established business; it also places the company’s ability to translate network expansion into sustainable profitability under greater public-market scrutiny.
Based on the price band, the company’s post-issue implied market capitalisation is estimated at approximately ₹474-500 crore.
A social enterprise backed by a global play partnership
The company’s social-impact ecosystem also extends beyond its own centres.
Promoter Carving Futures Pte. Ltd. has partnered with the LEGO Foundation on a two-year project covering the Family Support Plan, Play Inclusion initiatives and expansion across India, Dubai and the UAE. The LEGO Foundation has contributed USD 2.02 million to the project.
The funding is intended to support families of neurodivergent children with tools, knowledge and support, including therapeutic developmental LEGO-integrated kits and Learning Through Play principles.
This partnership adds another layer to the company’s stated objective of placing families at the centre of children’s developmental journeys.
A different kind of IPO narrative
The proposed listing comes with an unusual proposition for investors: growth in the number of centres and revenues is directly linked to expansion of access to specialised developmental intervention.
The company plans to take its network deeper into Tier 1, Tier 2 and Tier 3 markets, potentially bringing services to families beyond the larger urban centres where specialised care is more readily available.
The IPO will therefore test more than investor appetite for a new listed company. It will also put a spotlight on whether a for-profit model can simultaneously scale a specialised healthcare/social-impact service, widen access and create sustainable shareholder value.
- Proposed listing: Main Board of BSE and NSE
- Lead manager: Mefcom Capital Markets Ltd
- Registrar: KFin Technologies Ltd
