Rays of Belief Limited, which operates under the brand name “Mom’s Belief,” has filed its Updated
Draft Red Herring Prospectus –I (UDRHP-I) with the Securities and ExchangeBoard of India (SEBI)
in connection with its proposed Initial PublicOffering (IPO).
Mom’s Belief ranks first in India by number of centres providing intervention plans for children with
neurodevelopmental disorders (NDDs) and is the seventh largest globally in its domain, based on the
number of centres. TheCompany had earlier undertaken a confidential filing of its pre-filed draft red
herring prospectus with SEBI in October 2025. Pursuant to the observations received from SEBI and
the Stock Exchanges (BSE and NSE) earlier, theCompany has transitioned to the public filing phase
with the submission of theUDRHP-I.
The IPO comprises a Fresh Issue of up to 60 lakh equity shares of face value ₹10 each. The
Company, in consultation with theBook Running Lead Manager (BRLM), may consider a Pre-IPO
Placement of up to 20% of the Issue size prior to filing theRed Herring Prospectus with theRegistrar
of Companies (RoC).
Mom’s Belief provides multidisciplinary, evidence-based intervention plans for children aged 18
months to 15 years diagnosed with neurodevelopmental disorders such as Autism and Dyslexia.
As of September 30, 2025, theCompany operates 136 centres across 57 cities in 20 states and union
territories in India, including 43 centres in Tier 1, 76 centres in Tier 2, and 17 centres in Tier 3 cities.
TheCompany has also expanded internationally through the acquisition of Mom’s Belief US, Inc.,
adding three centres in theUnited States.
TheCompany’s “Parent-as-a-Co-Therapist” model integrates therapy into the child’s home
environment and emphasizes structured parental involvement. To date, Mom’s Belief has served over
56,500 children. TheCompany has reported a Pro Forma RevenueCAGR of 81.8% between Fiscal
2023 and Fiscal 2025.
The Net Proceeds from the Fresh Issue are proposed to be utilized towards capital expenditure of
₹576.20 million for the establishment of new centres, including Company Learning Centres, School
Collaboration Centres, Centres for Excellence and Research, and Upskilling Academies, along with
associated technology costs. An amount of ₹144.45 million is proposed to be used towards lease
payments for existing centres in India, while ₹101.31 million is proposed to be invested in its U.S.
subsidiary, Mom’s Belief US, Inc., towards lease and license payments for centres in theUnited
States. Further, ₹102.08 million is proposed to be allocated towards brand awareness and inclusive
outreach programmes. The balance of the Net Proceeds will be utilized towards funding inorganic
growth through unidentified acquisitions and for general corporate purposes.
Mom’s Belief had earlier raised USD685,000 from The LEGO Foundation to support initiatives aimed
at empowering families of neurodivergent children.
Mefcom Capital Markets Limited is the soleBook Running Lead Manager to the Issue, and Link
Intime India Private Limited is theRegistrar to the Issue. The Equity Shares are proposed to be listed
on the Main Board of BSE and NSE.
