Rays of Belief Limited has raised ₹124.997 crore from an initial public offering of equity shares comprising a fresh issue of 5,230,000 equity shares.

Luthra and Luthra Law Offices India advised Rays of Belief as well as the book running lead manager, Mefcom Capital Markets Limited, on this IPO.

The transaction team consisted of Akshit Kapoor (Partner), Kshitij Asthana (Managing Associate) and Naman Dubey (Senior Associate), Associates Ashutosh Anand, Ashwin Singh, Karan Kapoor, Kumar Anant Ashish, Manali Singh, Savar Arora, Shashwat Tyagi and Swetapadma Priyadarshini.

Rays of Belief operates India’s largest network of centres dedicated to intervention plans for children with neurodevelopmental disorders, with 136 centres across 20 states and union territories.

The IPO was pursued through the ‘Confidential Pre-Filing Route’ under Chapter IIA of the SEBI ICDR Regulations.

Rays of Belief is the first “For Profit Social Enterprise” to list in India under Regulation 292(E) of the SEBI ICDR Regulations.

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