India’s leading neurodevelopmental intervention services provider, Rays of Belief Limited, popularly known under the brand Mom’s Belief, has taken a major step towards its Initial Public Offering (IPO). The company has officially filed its Updated Draft Red Herring Prospectus – I (UDRHP-I) dated February 11, 2026.
This filing is considered a strong development in the IPO journey because Updated DRHP generally reflects changes, updates, or final refinements made after the earlier draft filing stage.
According to the company’s prospectus details, this IPO will be a 100% Book Built Issue, which means the final price will be decided through the book-building process depending on investor demand.
Rays of Belief Limited IPO: Filing Timeline
The IPO process for Mom’s Belief has been progressing steadily, and the timeline indicates that the company has already completed major regulatory steps.
It is important to note that before this UDRHP filing, the company had initially filed its DRHP through the confidential route, which is a method used by companies to keep draft IPO details private until the later stages.
Now, by filing an updated draft, the company has moved a step closer towards the final IPO document, i.e., RHP (Red Herring Prospectus).
Mom’s Belief IPO Issue Structure
As per the UDRHP document, the IPO is structured as a Fresh Issue only, meaning the company will raise funds for business expansion and corporate purposes.
Issue Details:
Fresh Issue: Up to 60,00,000 Equity Shares
Face Value: ₹10 per share
Offer for Sale (OFS): Not applicable
Issue Type: 100% Book Built Issue
Since OFS is not included, it indicates that the funds raised will primarily go to the company rather than existing shareholders exiting partially.
IPO Reservation Quota:-
The UDRHP provides the standard allocation structure for a book-built IPO:
QIB (Qualified Institutional Buyers)
Not less than 75% of the issue size reserved for QIBs
Additionally, 5% of the Net QIB portion is reserved for Mutual Funds
NII (Non-Institutional Investors)
Not more than 15% of the issue size allocated to NIIs
Within this category:
One-third reserved for applications between ₹2 lakh to ₹10 lakh
Two-thirds reserved for applications above ₹10 lakh
Retail Individual Investors (RII)
Not more than 10% of the issue size allocated to retail investors
This allocation structure is aligned with SEBI’s standard book-building norms.
Book Running Lead Manager and Registrar Details
The IPO management team includes well-known market intermediaries.
KFin Technologies is one of India’s leading IPO registrars, and their involvement adds credibility to the overall issue execution process.
About Mom’s Belief (Rays of Belief Limited)
Rays of Belief Limited is a For-Profit Social Enterprise that focuses on providing personalized intervention plans for children with Neurodevelopmental Disorders (NDDs).
The company offers specialized support for conditions such as:
Autism Spectrum Disorder (ASD)
ADHD
Down Syndrome
Cerebral Palsy
Intellectual Disability
Learning Disabilities
Global Developmental Delay
The brand “Mom’s Belief” is widely recognized in India’s behavioral health ecosystem. The company began operations with its first centre in Gurgaon in 2018 and has expanded rapidly.
As per the CARE report referenced in the prospectus, the company ranked:
1st in India (based on number of centres) in NDD intervention services
7th globally among listed players in a similar domain
The company has scaled from 71 centres in FY2023 to 136 centres in India as of September 30, 2025, spread across 57 cities and 20 states/UTs.
Objects of the Issue
The company plans to use the IPO proceeds for growth and business expansion. Major objectives include:
1. Establishment of New Centres
Funds will be used for setting up new learning and intervention centres, including:
Company-owned learning centres
Centres in partnership with licensed professionals
School collaboration centres
Centres for Excellence and Research (COER)
Upskilling academies for training professionals
Technology and hardware infrastructure costs
2. Lease Payments for Existing Centres in India
The company also intends to allocate proceeds for lease payments of its currently operating centres.
3. Investment in US Subsidiary
The company plans to invest in its subsidiary Mom’s Belief US Inc. for lease/license payments in the USA.
4. Brand Awareness and Outreach
A portion of funds will be spent on marketing, awareness campaigns, and inclusive outreach programs.
5. Inorganic Growth & General Corporate Purposes
The company also plans to pursue acquisitions and expansion opportunities.
Recent Expansion Into the USA
A notable development mentioned in the prospectus is the company’s acquisition in the United States.
On June 23, 2025, the company acquired:
Mom’s Belief US, Inc. (wholly owned subsidiary)
Allergy and Immunology Virginia, LLC (step-down subsidiary)
Through this acquisition, the company added 3 centres in Virginia, located in Salem, Lynchburg, and Roanoke. This move indicates the company’s strategy to expand internationally in the behavioral health services segment.
The filing of Updated DRHP (UDRHP-I) is a major step forward for Mom’s Belief IPO. With SEBI approval already received on December 31, 2025, the company is now moving toward the final IPO process.
Given its rapid expansion in India, entry into the US market, and strong positioning in the neurodevelopmental disorder intervention segment, Rays of Belief Limited is expected to remain in focus among investors looking for emerging healthcare and social enterprise opportunities.
Now, the market will wait for the next big update — the filing of the final RHP and announcement of IPO dates.
2 thoughts on “Rays of Belief IPO (Mom’s Belief): Updated DRHP Filed After SEBI Approval”
2 thoughts on “Rays of Belief IPO (Mom’s Belief): Updated DRHP Filed After SEBI Approval”