• Price Band fixed at Rs 227 per equity share of face value Rs 10 each to Rs 239 per equity share of the face value of Rs 10 each (“Equity Shares”) of Rays of Belief Limited (Mom’s Belief)
• Mom’s Belief is positioned to become India’s first for-profit social enterprise to be listed on the mainboard of the Indian stock exchanges.
• Anchor Investor Bidding Date – Monday, August 31, 2026
• Bid /Issue Opening Date: Tuesday, September 1st, 2026 and Bid/ Issue Closing Date: Thursday, September 3, 2026
• Bids can be made for a minimum of 62 equity shares of face value Rs 10 each and in multiples of 62 equity Shares thereafter
• Red Herring Prospectus (“RHP”) link: https://www.sebi.gov.in/filings/public-issues/aug-2026/rays-of-belief-limited-rhp_103782.html

INDIA, NATIONAL 23 AUGUST 2026 | GPN, SACHIN MURDESHWAR: Rays of Belief Limited, which operates under the brand name “Mom’s Belief,” proposes to open the initial public offering (“Issue”) of its equity shares of face value Rs 10 each (“Equity Shares”) on Tuesday, September 1, 2026. The Anchor Investor Bidding Date is a Working Day prior to Bid/Issue Opening Date, being Monday, August 31, 2026. The Bid/Issue Closing Date is Thursday, September 3, 2026.

Rays of Belief (Mom’s Belief) is a For-Profit Social Enterprise that provides personalized intervention plans for children with Neurodevelopmental Disorders (“NDDs”) such as Autism Spectrum Disorder (“ASD”), Attention-Deficit/Hyperactivity Disorder(“ADHD”), Down Syndrome (“DS”), Cerebral Palsy (“CP”), Intellectual Disability (“ID”), Learning Disabilities (“LD”) and Global Developmental Delay (“GDD”). Based on number of centres, as of March 31, 2026, it ranks first (1st) in India in offering intervention plans for children with neurodevelopmental disorders (NDDs) and is the seventh (7th) globally among the listed players operating in a similar behavioural health domain. Nitin Bindlish and Carving Futures Pte. Ltd. are promoters of the Company. (Source: CARE Report)

The Company was founded, primarily to address key barriers related to NDDs in the behavioural health domain, including lack of awareness, limited access, inadequate quality of care and affordability. Accordingly, the Company’s intervention plans are prepared to empower parents and families to become co-therapists in their child’s developmental journey.

Since commencing operations in 2018, the Company has served more than 58,000 children. As of March 31, 2026, more than 2,500 active children were enrolled under various intervention plans delivered through its centres and digital platforms. The Company’s multidisciplinary clinical team comprises 3340 full-time clinical professionals, including child and adolescent psychologists, occupational therapists, speech-language pathologists, special educators, behaviour therapists, and early childhood development professionals. The Company has also employed more than 80 clinical operations staff and headquarter and support staff. (Source: CARE Report)

As of March 31, 2026, Mom’s Belief operated 136 centres across 57 cities spanning 20 states and union territories in India under the Company’s brand name, Mom’s Belief, comprising 42 centres in Tier 1 cities, 77 centres in Tier 2 cities and 17 centres in Tier 3 cities. The Company’s presence is predominantly in Tier 2 cities. (Source: CARE Report)

One of the promoters of the Company, Carving Futures Pte. Ltd., has partnered with the LEGO Foundation to undertake activities under the project charter, including the Family Support Plan (“FSP”), Play Inclusion initiatives, and the expansion of the Company’s footprint across geographies, including India, Dubai and the UAE. As part of the two-year project, the LEGO Foundation has contributed USD 2.02 million to the said promoter. The funding is being utilised to provide families of neurodivergent children with tools, knowledge and support, including using therapeutic developmental LEGO-integrated kits and the application of Learning Through Play principles.

The Company intends to utilise a portion of the Net Proceeds of the Issue towards expanding its centre network across India. Between Fiscal 2027 and Fiscal 2029, the Company proposes to establish 128 new centres in Tier 1 cities, 121 new centres in Tier 2 cities and 70 new centres in Tier 3 cities, with the expansion to be funded through the Net Proceeds of the Issue.

With its focus on improving access to specialised intervention for children and families, Mom’s Belief is positioned to become India’s first for-profit social enterprise to be listed on the mainboard of the Indian stock exchanges.

The Price Band of the Issue has been fixed from Rs 227 per Equity Share of face value Rs 10 each to Rs 239 per Equity Share of face value of Rs 10 each. Bids can be made for a minimum of 62 Equity Shares of face value Rs 10 each and multiples of 62 Equity Shares of face value ₹10 each thereafter. The Issue comprises a Fresh Issue of up to 52,30,000 Equity Shares of face value of Rs 10 each. The Issue size amounts to Rs 118.72 crore at the Floor Price of Rs 227 per Equity Share and Rs 125.00 crore at the cap price of ₹239 per Equity Share.

The Issue is being made through the Book Building Process in accordance with Regulation 6(2) of the SEBI ICDR Regulations wherein not less than 75% of the issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that our Company, in consultation with the Book Running Lead Manager, may allocate up to 60% of the QIB Portion to Anchor Investors and the basis of such allocation will be on a discretionary basis by our Company, in consultation with the Book Running Lead Manager, in accordance with the SEBI ICDR Regulations (the “Anchor Investor Portion”), of which 40% shall be available for allocation as follows: (i) 33.33% shall be available for allocation to domestic Mutual Funds, and (ii) 6.67% for Life Insurance Companies and Pension Funds, subject to valid Bids being received from domestic Mutual Funds, Life Insurance Companies and Pension Funds at or above the Anchor Investor Allocation Price. In the event of undersubscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than Anchor Investor Portion) (“Net QIB Portion”). Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds, subject to valid Bids being received at or above the Issue Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Further, not more than 15% of the Issue shall be available for allocation to Non-Institutional Investors (“Non-Institutional Category“ or “Non-Institutional Portion”) of which one-third of the Non-Institutional Category shall be available for allocation to Bidders with an application size of more than ₹200,000 and up to ₹1,000,000 and two-thirds of the Non-Institutional Category shall be available for allocation to Bidders with an application size of more than ₹1,000,000 and undersubscription in either of these two sub-categories of Non-Institutional Category may be allocated to Bidders in the other sub-category of Non-Institutional Category in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Issue Price. Further, not more than 10% of the Issue shall be available for allocation to Retail Individual Investors (“Retail Category” or “Retail Portion”), in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Issue Price. All Bidders (except Anchor Investors) shall mandatorily participate in this Issue only through the Application Supported by Blocked Amount (“ASBA”) process and shall provide details of their respective bank account (including UPI ID (defined hereinafter) in case of UPI Bidders (defined hereinafter)) in which the Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or the Sponsor Bank(s), as the case may be. Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA process. This Red Herring Prospectus is filed with SEBI and the Stock Exchanges under Chapter IIA of the SEBI ICDR Regulations.

Further, as prescribed under the SEBI ICDR Regulations, the entire pre-issue Equity Share capital of our Company will be locked-in for a period of six months from the date of Allotment or any other period as may be prescribed under applicable law, except for the (i) Equity Shares which may be Allotted to the employees under the employee stock option scheme pursuant to exercise of options held by such eligible employees, whether current employees or not, in accordance with the employee stock option scheme or a stock appreciation right scheme; (ii) Equity Shares Allotted pursuant to the Issue; and (iii) the Equity Shares held by VCFs or Category I AIF or Category II AIF or FVCI, subject to certain conditions set out in Regulation 17 of the SEBI ICDR Regulations, provided that such Equity Shares will be locked-in for a period of at least six months from the date of purchase by the VCFs or Category I AIF or Category II AIF or FVCI.

Mefcom Capital Markets Limited is the sole Book Running Lead Manager to the Issue and Kfin Technologies Limited is the Registrar to the Issue. The Equity Shares are proposed to be listed on the Main Board of BSE and NSE.