MUMBAI: 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 Exchange Board of India (SEBI) in connection with its proposed Initial Public Offering (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. The Company 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, the Company has transitioned to the public filing phase with the submission of the UDRHP-I.
The IPO comprises a Fresh Issue of up to 60 lakh equity shares of face value ₹10 each. The Company, in consultation with the Book Running Lead Manager (BRLM), may consider a Pre-IPO Placement of up to 20% of the Issue size before filing the Red Herring Prospectus with the Registrar 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, the Company 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. The Company has also expanded internationally through the acquisition of Mom’s Belief US, Inc., adding three centres in the United States.
The Company’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. The Company has reported a Pro Forma Revenue CAGR 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 the United 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 USD 685,000 from The LEGO Foundation to support initiatives aimed at empowering families of neurodivergent children.
Mefcom Capital Markets Limited is the sole Book Running Lead Manager to the Issue, and Link Intime India Private Limited is the Registrar to the Issue. The Equity Shares are proposed to be listed on the Main Board of BSE and NSE.