Rays of Belief IPO to fund 319 new centres across India

The company plans to use the net proceeds to expand its centre network. It intends to open 128 new centres in Tier 1 cities and 121 in Tier 2 cities. It also targets 70 centres in Tier 3 cities between fiscal 2027 and 2029.

Promoters Nitin Bindlish and Carving Futures Pte Ltd hold the company. Carving Futures has a two-year partnership with the LEGO Foundation, which contributed $2.02 million to support families of neurodivergent children. “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 note said.

The anchor investor bidding is set for August 31, and the issue closes on September 3. Bids must be for a minimum of 62 equity shares of face value ₹10 each.