New Delhi

Shares of Rays of Belief Ltd, which operates under the Mom's Belief brand, on Tuesday made a muted market debut and listed at par with the issue price of Rs 239.

The stock listed at Rs 239 on both the BSE and NSE.

It was later quoting at Rs 229, down 4.18 per cent from the issue price on the BSE.

The company's market valuation stood at Rs 476.77 crore.

The initial share sale of Rays of Belief Ltd, a for-profit social enterprise, received nearly 108-times subscription on the final day of bidding on Thursday.

The IPO had a price band of Rs 227-239 per share. It had a fresh issue of up to 52.30 lakh equity shares worth Rs 125 crore at the upper end of the price band.

The company plans to use the issue proceeds to fund its expansion, including setting up 319 new centres between fiscal 2027 and 2029.

Funds will also be deployed towards capital expenditure, including centre fit-outs, therapy-material inventory and technology hardware.

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Rays of Belief is a for-profit social enterprise that provides personalised intervention plans for children with neurodevelopmental disorders (NDDs), including autism spectrum disorder, ADHD, Down Syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delays.