Live Status
GMP & Subscription
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Subscription · Final · Day 3 (Sep 3)107.7× overall
NII / HNI
279.1×
Retail
195.9×
QIB
9.1×
Overall
107.7×
Grey Market PremiumUnofficial
₹47▲ +20%
Est. listing price ≈ ₹286 on issue price of ₹239
!GMP is unofficial and unregulated. Treat it as sentiment only — never a basis for a decision. Anchor investors were allotted 20,92,190 shares (~₹50 Cr) on Aug 31, with 30- and 90-day lock-ins.
Last updated: Subscription: Sep 3, 5:39 PM (final) · GMP: Sep 3, 5:09 PM IST
Issue Details
IPO Details & Timeline
Verified against RHP, cross-checked on NSE & BSE.
Sep 1
Opens
Sep 3
Closes
Sep 4
Allotment
Sep 7
Refund/Demat
Sep 8
Listing
| Issue Structure | |
|---|---|
| Type | Mainboard · Book Built |
| Face Value | ₹10 |
| Fresh Issue | ₹125 Cr |
| Offer for Sale | Nil |
| Market Cap | ≈ ₹499.55 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 75% |
| NII / HNI | 15% |
| Retail | 10% |
| Lead Managers | Mefcom Capital Markets |
| Registrar | KFin Technologies |
Company & Financials
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Revenue | 30.76 | 36.54 | 82.06 | +125% |
| EBITDA | 1.49 | 3.02 | 11.91 | +294% |
| PAT | 0.85 | 5.88 | 4.96 | -16% |
| PAT Margin | 2.8% | 16.1% | 6.0% | — |
Post-issue EPS
₹2.37
P/E
≈100.8x
ROE
21.64%
Restated standalone, from the RHP. FY26 = year ended Mar 31, 2026. Note PAT fell 16% even as revenue doubled — margin compression while scaling.
Valuation vs Peers
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Rays of Belief | 100.8x | 21.64% | 6.0% |
A niche NDD-therapy business with no clean listed peer in our sources; listed healthcare-services and diagnostics names typically trade far below ~101x. Treat the valuation as rich and add RHP 'Basis for Issue Price' comparables before publishing.
Promoters & Use of Funds
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Nitin Bindlish, Carving Futures Pte. Ltd. |
| Pre-issue | 92.93% |
| Post-issue | ≈ 69.7% |
| Objects of Issue | |
|---|---|
| New company learning centres | ₹26.88 Cr |
| Lease payments (existing centres) | ₹14.45 Cr |
| Brand awareness & outreach | ₹10.21 Cr |
| Investment in US subsidiary (Mom's Belief US) | ₹10.13 Cr |
| School centres, tech & other | Balance |
100% fresh issue — no OFS; promoter stake dilutes only through the new shares. Post figure derived from disclosed pre/post equity.
IPO Review: Strengths & Risks
Strengths & Risks
The part most sites skip — both sides, from the RHP.
Strengths
- Explosive revenue growth — up 125% in FY26 (₹36.5 Cr → ₹82.1 Cr).
- Mission-driven brand ('Mom's Belief') with 136 centres across 57 cities and 20 states.
- Low leverage (debt/equity 0.12) and high ROCE (~29.7%).
- Very strong demand — book subscribed ~108x overall (NII 279x, retail 196x); GMP ~20%.
- 100% fresh issue funding centre expansion, technology and outreach.
Risks
- Extremely rich valuation — ~101x post-issue P/E leaves little room for error.
- PAT FELL 16% in FY26 despite revenue doubling — margins compressing as it scales.
- QIB only ~9x versus NII 279x — institutional interest far more muted than the frenzied HNI/retail bid, a caution flag at this valuation.
- Thin net margin (~6%) and heavy reliance on continued centre rollout.
- US-subsidiary integration and rapid-expansion execution risk.
Post-Listing Review
Did the signal hold up? Updates after Sep 8
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Listing Price
—
Listing Gain
—
Our Call
Neutral