Rays of Belief Limited has successfully completed its initial public offering (IPO), raising a substantial ₹124.997 crore. This capital was generated through a fresh issuance of 5,230,000 equity shares. The esteemed Luthra and Luthra Law Offices India played a pivotal role in advising both Rays of Belief and the book running lead manager, Mefcom Capital Markets Limited, in this significant financial endeavor.
The legal team from Luthra and Luthra was spearheaded by Partner Akshit Kapoor, with critical contributions from Managing Associate Kshitij Asthana and Senior Associate Naman Dubey. The team was further supported by Associates Ashutosh Anand, Ashwin Singh, Karan Kapoor, Kumar Anant Ashish, Manali Singh, Savar Arora, Shashwat Tyagi, and Swetapadma Priyadarshini.
Rays of Belief Limited operates a remarkable network of 136 centers across 20 states and union territories in India, dedicated to providing intervention plans for children with neurodevelopmental disorders. This IPO marks a significant milestone as Rays of Belief becomes the first “For Profit Social Enterprise” in India to go public under Regulation 292(E) of the Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements (ICDR) Regulations.
The IPO was executed via the ‘Confidential Pre-Filing Route’, in accordance with Chapter IIA of the SEBI ICDR Regulations. This strategic move underscores the innovative approach taken by Rays of Belief to navigate the complexities of the IPO process.
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