Shellz India IPO is a proposed BSE SME Book Build Issue of Shellz India Limited. The reported issue comprises a fresh issue of 33,50,400 equity shares aggregating up to ₹59.97 crore, with a face value of ₹10 per share. There is no Offer for Sale (OFS) component in the reported issue structure. The company’s equity shares are proposed to be listed on the BSE SME platform.
The company plans to use the proceeds from the fresh issue for repayment or prepayment of certain outstanding borrowings, funding incremental working capital requirements, and general corporate purposes. Since the issue consists of a fresh issue, the proceeds will be received by the company to fund its disclosed objectives.
Shellz India Limited manufactures and markets confectionery products and food and bakery ingredients. Its product portfolio includes more than 250 stock-keeping units (SKUs), covering chocolates, jellies, baked treats, and other confectionery products. Its consumer brands include Hugs and Tosca, catering to different customer segments and price points.
The company serves customers through a distribution network covering urban, semi-urban, rural, and smaller-town markets. It also manufactures private-label products for third-party customers and exports products to selected international markets. Investors should evaluate its revenue growth, profitability, borrowing levels, working-capital requirements, distribution capabilities, and IPO valuation before making an investment decision.
Table of Contents
Shellz India IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Shellz India IPO |
| Company Name | Shellz India Limited |
| IPO Type | Book Build Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹170 to ₹179 Per Share |
| Total Issue Size | ₹59.97 Crore |
| Fresh Issue | 33,50,400 Equity Shares aggregating up to ₹59.97 Crore |
| Offer for Sale | Nil |
| IPO Open Date | 15 October 2026 |
| IPO Close Date | 19 October 2026 |
| Anchor Investor Bidding | To be confirmed |
| Basis of Allotment | 21 October 2026 |
| Refund Initiation | 22 October 2026 |
| Shares Credited to Demat Account | 22 October 2026 |
| Listing Date | 23 October 2026 |
| Listing Exchange | BSE SME |
| Lot Size | 800 Equity Shares |
| Minimum Investment | ₹2,86,400 |
| Registrar | Bigshare Services Private Limited |
| Book Running Lead Manager | Socradamus Capital Private Limited |
The reported issue consists entirely of a fresh issue of equity shares. The company intends to deploy the proceeds towards debt repayment, working-capital requirements, and general corporate purposes. Investors should refer to the final offer document for the confirmed issue structure, allocation of proceeds, and final bidding details.
Shellz India IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | To be confirmed |
| IPO Opening Date | 15 October 2026 |
| IPO Closing Date | 19 October 2026 |
| Basis of Allotment | 21 October 2026 |
| Refund Initiation | 22 October 2026 |
| Shares Credited to Demat Account | 22 October 2026 |
| Listing Date | 23 October 2026 |
The reported IPO schedule indicates that bidding will open on 15 October 2026 and close on 19 October 2026. The basis of allotment is expected on 21 October, followed by refunds and demat credit on 22 October. Investors should verify the final dates through official issue announcements before submitting their applications.
Shellz India IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% of the Net Issue |
| Non-Institutional Investors (NII) | Not Less Than 15% of the Net Issue |
| Retail Individual Investors (RII) | Not Less Than 35% of the Net Issue |
The reservation structure determines the allocation available to institutional, non-institutional, and retail investors. The final allocation depends on the issue terms and applicable regulations. Investors should check the offer document for the precise category-wise allocation and any market-maker reservation.
Shellz India IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual Minimum | 2 | 1,600 | ₹2,86,400 |
| Individual Maximum | 2 | 1,600 | ₹2,86,400 |
| S-HNI Minimum | 3 | 2,400 | ₹4,29,600 |
| S-HNI Maximum | 6 | 4,800 | ₹8,59,200 |
| B-HNI Minimum | 7 | 5,600 | ₹10,02,400 |
The market lot is 800 shares, and individual investors must apply for at least two lots, equivalent to 1,600 shares. At the upper price band of ₹179 per share, the minimum application amount is ₹2,86,400. Investors should ensure sufficient funds are available to complete the application and associated payment mandate.
About Shellz India Limited
Shellz India Limited was incorporated on 7 May 2012 and operates in the packaged food and confectionery industry. The company manufactures and markets a broad range of confectionery products, including chocolate-based products, jellies, baked treats, and other sweets. Its portfolio includes more than 250 SKUs designed to serve different consumer preferences and price segments.
The company’s consumer brands include Hugs and Tosca. Hugs focuses primarily on affordable confectionery products for mass-market customers, while Tosca caters to a different segment through its product range and distribution channels. In addition to branded products, Shellz India manufactures private-label products for third-party customers.
The company also manufactures and supplies food and bakery ingredients. Its distribution network serves urban, semi-urban, rural, and smaller-town markets, while its export business extends to selected international markets, including the Middle East, Southeast Asia, and Europe. This combination of branded confectionery, private-label manufacturing, and ingredients helps diversify its business activities.
Business Operations
Shellz India Limited operates across confectionery manufacturing, food ingredients, and product distribution.
- Chocolate-Based Confectionery: Manufactures chocolate-based sweets and related confectionery products for different consumer segments.
- Jellies: Offers jelly-based confectionery products in different formats and price categories.
- Baked Treats: Produces baked confectionery products for retail consumption.
- Sugar Confectionery: Offers sweets and other confectionery products designed for mass-market demand.
- Hugs Brand: Focuses on affordable consumer confectionery products distributed through a broad retail network.
- Tosca Brand: Serves customers through its separate confectionery product portfolio.
- Food and Bakery Ingredients: Manufactures and supplies ingredients for food-processing and bakery applications.
- Private-Label Manufacturing: Produces products for third-party customers under their respective brands.
- Distribution Network: Serves urban, semi-urban, rural, and smaller-town markets.
- Export Operations: Supplies products to selected overseas markets, including regions in the Middle East, Southeast Asia, and Europe.
Industry Overview
India’s confectionery industry is supported by demand for affordable snacks, packaged sweets, chocolates, jellies, and baked products. Changes in consumer preferences, the expansion of organised retail, and the growth of e-commerce and quick-commerce platforms are creating additional distribution opportunities for packaged food companies.
Products available at accessible price points can appeal to a broad customer base, including consumers in smaller towns and rural markets. Companies with established brands, efficient distribution, consistent product quality, and competitive pricing may benefit from repeat purchases and wider market penetration.
However, confectionery manufacturers face risks related to raw-material prices, packaging costs, competition, changing consumer preferences, and distribution expenses. Food safety requirements and regulatory compliance are also important. Businesses must maintain product quality while managing costs and ensuring that their products remain competitively priced.
Business Strategy
Shellz India’s strategy centres on expanding its confectionery portfolio, strengthening its brands, and improving distribution across different customer segments. Its broad product range allows the company to serve consumers seeking affordable confectionery products as well as customers looking for other product formats.
The company also participates in private-label manufacturing and the supply of food and bakery ingredients. These activities provide additional revenue opportunities beyond its own consumer brands. Its distribution network supports access to urban, semi-urban, rural, and smaller-town markets.
The company intends to use part of its IPO proceeds to fund incremental working-capital requirements and repay or prepay certain borrowings. Effective use of the proceeds, better working-capital management, cost control, and continued product development will be important factors in its future performance.
Shellz India IPO Financial Information
A company’s financial performance helps investors understand its revenue growth, profitability, asset base, and borrowing requirements. Comparing financial results over several years can show whether the company is growing and how effectively it converts sales into profits.
Shellz India reported revenue from operations of ₹186.97 crore in FY2025, compared with ₹162.81 crore in FY2024. Profit after tax increased from ₹5.25 crore in FY2024 to ₹8.30 crore in FY2025. The company also reported positive profits in FY2023, reflecting an established operating business.
Shellz India Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹158.77 Crore | ₹162.81 Crore | ₹186.97 Crore |
| EBITDA | ₹15.31 Crore | ₹18.93 Crore | ₹22.78 Crore |
| Profit After Tax (PAT) | ₹3.19 Crore | ₹5.25 Crore | ₹8.30 Crore |
| Total Assets | ₹127.97 Crore | ₹147.04 Crore | ₹167.36 Crore |
| Net Worth | ₹21.74 Crore | ₹26.99 Crore | ₹40.58 Crore |
| Total Borrowings | ₹66.58 Crore | ₹70.93 Crore | ₹96.90 Crore |
The company’s revenue increased from ₹158.77 crore in FY2023 to ₹186.97 crore in FY2025. Profit after tax rose from ₹3.19 crore to ₹8.30 crore over the same period. EBITDA also increased, indicating growth in the reported operating earnings measure.
However, total borrowings increased to ₹96.90 crore in FY2025 from ₹70.93 crore in FY2024. Investors should examine the company’s debt-servicing capacity, working-capital requirements, and cash-flow generation alongside its revenue and profit growth.
The company also reported interim financial results for the six months ended 30 September 2025, including revenue of ₹92.10 crore and profit after tax of ₹6.19 crore. These interim figures cover only six months and should not be directly compared with full-year results without appropriate adjustments.
Shellz India IPO Key Performance Indicators (KPIs)
Key Performance Indicators provide additional information about profitability, capital utilisation, operating efficiency, and financial leverage. These ratios help investors assess the company’s performance alongside its reported financial statements.
| KPI | Value |
|---|---|
| Earnings Per Share (EPS) – FY2025 | ₹9.59 |
| Net Asset Value (NAV) Per Share – FY2025 | ₹46.87 |
| Return on Equity (ROE) – FY2025 | 20.45% |
| Return on Capital Employed (ROCE) – FY2025 | 17.50% |
| EBITDA Margin – FY2025 | 12.18% |
| PAT Margin – FY2025 | 4.44% |
| Debt-to-Equity Ratio – FY2025 | 1.93 |
| Return on Assets (ROA) – FY2025 | 4.96% |
| Price to Earnings (P/E) | To be calculated using the final offer price and relevant EPS |
The FY2025 figures indicate that the company generated a positive return on equity and return on capital employed. Its EBITDA margin was 12.18%, while its PAT margin was 4.44%. The debt-to-equity ratio of 1.93 indicates that borrowings are an important part of its capital structure.
The P/E ratio depends on the final IPO price and the appropriate earnings figure. Investors should compare the implied valuation with the company’s profitability, debt levels, working-capital needs, and relevant listed peers before deciding whether the issue price is attractive.
Objects of the Shellz India IPO
Shellz India Limited intends to use the proceeds from its fresh issue to strengthen its financial position and support the company’s operating requirements. The principal objectives include:
- Repayment or prepayment, in full or in part, of certain outstanding borrowings.
- Funding incremental working-capital requirements.
- General corporate purposes.
The proceeds from the fresh issue will be received by the company. Debt repayment may help reduce outstanding financial obligations, while working-capital funding can support inventory, receivables, and day-to-day operating requirements. The final allocation should be checked against the offer document.
Shellz India IPO Listing Performance
The listing performance section records the price at which the company’s shares begin trading compared with the IPO issue price. Since Shellz India is proposed to be listed on the BSE SME platform, its actual listing performance will depend on market demand, investor sentiment, and the company’s valuation.
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 23 October 2026 |
| Issue Price | ₹179 Per Share (Upper Price Band) |
| Listing Price | To be updated after listing |
| Listing Gain | To be updated after listing |
| Listing Gain (%) | To be updated after listing |
The listing price and listing gain will be available after trading begins. Investors should not assume that the shares will list at a premium to the issue price, as actual market performance can differ from expectations.
Shellz India IPO GMP
Shellz India IPO GMP refers to the unofficial premium or discount at which the shares may reportedly trade in the grey market before listing. It is not an official exchange price and does not guarantee the listing price or potential return.
As of 12 October 2026, no verified grey-market premium quote was available in the sources reviewed. Investors should therefore avoid relying on an unverified GMP figure when evaluating the IPO.
The company’s financial performance, valuation, subscription demand, borrowing levels, and working-capital requirements are important factors to consider. Grey-market premiums can change quickly and should be treated only as informal indicators of market sentiment.
Shellz India IPO GMP Snapshot
| Particular | Value |
|---|---|
| IPO Price Band | ₹170 to ₹179 |
| Latest Verified GMP | No verified quote available |
| Indicative Listing Price | Cannot be calculated without a verified GMP |
| GMP Status | Unofficial and subject to change |
| Actual Listing Price | To be updated after listing |
The actual listing price will be determined by market trading after the shares are listed. Investors should evaluate the IPO on its fundamentals and valuation rather than treating an unofficial grey-market premium as a guaranteed return.
Shellz India IPO Subscription Status
The subscription status indicates the level of demand received from different investor categories during the IPO bidding period. It is generally reported separately for Qualified Institutional Buyers, Non-Institutional Investors, and Retail Individual Investors.
The reported IPO schedule indicates that the issue will open on 15 October 2026 and close on 19 October 2026. Final subscription figures are not yet available as of 12 October 2026 and should be updated during the bidding period.
Shellz India IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | Yet to be updated |
| Non-Institutional Investors (NII) | Yet to be updated |
| Retail Individual Investors (RII) | Yet to be updated |
| Employee Category | To be confirmed from the final offer document |
| Total Subscription | Yet to be updated |
The final subscription figures will show the level of investor participation across the available categories. Investors should analyse subscription demand alongside the company’s financial results, valuation, and long-term business prospects.
Shellz India IPO Review
Shellz India Limited operates in the packaged food and confectionery industry, with a product portfolio covering chocolates, jellies, baked treats, and other confectionery products. Its Hugs and Tosca brands, private-label manufacturing activities, and food and bakery ingredient business provide multiple revenue channels.
The company reported revenue growth from ₹162.81 crore in FY2024 to ₹186.97 crore in FY2025. Profit after tax also increased from ₹5.25 crore to ₹8.30 crore during the same period. These figures indicate growth in reported revenue and profitability, although investors should also consider the company’s debt levels and working-capital requirements.
The company’s distribution network serves different market segments, including smaller towns and rural areas. Its products at accessible price points may support wider consumer reach, while private-label manufacturing and exports provide additional business opportunities. However, the company faces competition from established confectionery brands and other packaged food manufacturers.
The proposed IPO is a fresh issue, with proceeds intended for debt repayment, working-capital funding, and general corporate purposes. Investors should evaluate whether these uses of proceeds can strengthen the company’s financial position and support its operating requirements.
Overall, Shellz India has an established confectionery business and a record of positive profitability. However, investors should assess the IPO valuation, borrowing levels, distribution costs, raw-material exposure, competitive pressures, and the company’s ability to sustain growth before making an investment decision.
Shellz India IPO Strengths
- Diversified confectionery portfolio with more than 250 SKUs.
- Established consumer brands, including Hugs and Tosca.
- Presence in both branded and private-label manufacturing.
- Revenue growth between FY2023 and FY2025.
- Positive profitability across the reported financial years.
- Distribution reach across urban, semi-urban, rural, and smaller-town markets.
- Additional business opportunities through food and bakery ingredients and exports.
Shellz India IPO Risk Factors
- The confectionery industry is highly competitive.
- Rising raw-material and packaging costs may affect margins.
- Total borrowings increased in FY2025.
- Working-capital requirements may put pressure on cash flow.
- The company depends on effective distribution and retail availability.
- Consumer preferences and demand may change over time.
- Food safety and regulatory compliance are important operational requirements.
- Export operations may be affected by foreign-market conditions and regulatory requirements.
- The IPO valuation should be assessed against the company’s earnings, debt, and growth prospects.
Shellz India IPO Promoters
Shellz India Limited is promoted by Kapil Garg and Shalini Garg. Kapil Garg serves as the company’s Chairman and Managing Director and has experience in the confectionery industry. Shalini Garg serves as a Non-Executive Director and contributes to the company’s branding, product design, and communication activities.
The promoters have played a role in developing the company’s product portfolio and business operations. Investors should review the offer document for the exact promoter shareholding before and after the IPO and any applicable lock-in requirements.
Shellz India IPO Promoters Details
| Promoter | Designation |
|---|---|
| Kapil Garg | Promoter, Chairman and Managing Director |
| Shalini Garg | Promoter and Non-Executive Director |
Shellz India IPO Management Team
Shellz India Limited is managed by a team responsible for operations, finance, strategy, compliance, and corporate governance. The leadership team oversees product development, manufacturing, distribution, financial planning, and the company’s growth initiatives.
| Name | Designation |
|---|---|
| Kapil Garg | Chairman and Managing Director |
| Shalini Garg | Non-Executive Director |
| Sapna Tomar | Independent Director |
| Narinder Sethi | Independent Director |
| Pavil Garg | Head of Strategy and Operations |
| Sangeeta Thakur | Chief Financial Officer |
| Sumit Kumar | Company Secretary and Compliance Officer |
The management team is responsible for maintaining product quality, improving operating efficiency, overseeing financial controls, and supporting the company’s expansion plans. Investors should assess the experience of the leadership team alongside the company’s financial performance and governance disclosures.
Shellz India IPO Registrar Details
The registrar is responsible for processing IPO applications, coordinating the basis of allotment, facilitating refunds, and handling the credit of shares to successful applicants. Investors can use the official registrar portal to check allotment status after the allotment process is completed.
| Particular | Details |
|---|---|
| Registrar Name | Bigshare Services Private Limited |
| Website | https://www.bigshareonline.com/ |
| IPO Allotment Status | https://ipo.bigshareonline.com/IPO_Status.html |
| Email ID | [email protected] |
| Contact Number | +91 22 6263 8200 |
Shellz India IPO Lead Manager Details
The Book Running Lead Manager coordinates the IPO process, assists with regulatory compliance, supports the preparation of offer documents, and manages the public issue in coordination with the company and other intermediaries.
| Particular | Details |
|---|---|
| Lead Manager | Socradamus Capital Private Limited |
Shellz India Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Shellz India Limited |
| Registered Office | 39/35, 2nd Floor, Main Rohtak Road, West Punjabi Bagh, Shivaji Park, New Delhi – 110026 |
| Website | https://www.shellz.in/ |
| Email ID | [email protected] |
| Contact Number | 011-4850 4850 |
How to Check Shellz India IPO Allotment Status
Investors can check their IPO allotment status after the basis of allotment is finalised. The reported allotment date is 21 October 2026. Applicants should keep their PAN, application number, or demat account details available when checking the result.
Through Bigshare Services Private Limited
- Visit the official Bigshare IPO allotment portal.
- Select Shellz India IPO from the available issue list once it appears.
- Choose the applicable search option, such as PAN or application number.
- Enter the required details accurately.
- Submit the information to view the allotment status.
Through BSE
- Visit the official BSE website.
- Open the IPO allotment status section.
- Select Shellz India IPO once the issue becomes available.
- Enter the required application details and PAN.
- Submit the details to check the allotment result.
Successful applicants should verify that the allotted shares are credited to their demat accounts. Applicants who do not receive an allotment should check the refund or mandate-release status through their bank or broker.
Shellz India IPO Conclusion
Shellz India Limited operates an established confectionery business with a diversified product portfolio, consumer brands, private-label manufacturing, and food and bakery ingredient operations. Its distribution network and range of products provide access to multiple customer segments.
The company reported growth in revenue and profit between FY2023 and FY2025. However, its borrowings also increased, making debt servicing, working-capital management, and cash-flow generation important factors to monitor.
The IPO is structured as a fresh issue, with the proceeds intended for repayment or prepayment of borrowings, incremental working-capital requirements, and general corporate purposes. Investors should evaluate the final issue valuation, financial performance, competitive position, and risk factors before applying.
A careful review of the offer document and the company’s financial statements can help investors determine whether Shellz India IPO aligns with their investment objectives and risk tolerance.
Shellz India IPO FAQs
What is Shellz India IPO?
Shellz India IPO is a proposed BSE SME public issue of Shellz India Limited, a confectionery manufacturer that also supplies food and bakery ingredients.
What is the price band of Shellz India IPO?
The reported price band is ₹170 to ₹179 per equity share.
What is the issue size of Shellz India IPO?
The reported issue size is ₹59.97 crore, comprising a fresh issue of 33,50,400 equity shares.
When will Shellz India IPO open and close?
The reported IPO opening date is 15 October 2026, and the closing date is 19 October 2026.
What is the lot size of Shellz India IPO?
The lot size is 800 shares. Individual investors must apply for at least two lots, equivalent to 1,600 shares.
What is the minimum investment for Shellz India IPO?
At the upper price band of ₹179 per share, the minimum application of 1,600 shares amounts to ₹2,86,400.
What is the expected allotment date of Shellz India IPO?
The reported basis-of-allotment date is 21 October 2026.
Who is the registrar for Shellz India IPO?
Bigshare Services Private Limited is the registrar to the issue. Investors can check allotment information through its official IPO status portal.
What is the GMP of Shellz India IPO?
No verified grey-market premium quote was available as of 12 October 2026. GMP is unofficial and does not guarantee the actual listing price.
Is Shellz India IPO worth investing in?
Investors should assess the company’s revenue and profit growth, debt levels, working-capital requirements, competitive position, and IPO valuation before deciding whether to apply. The suitability of the issue depends on individual investment objectives and risk tolerance.
