SI
Shellz India Limited IPO
Confectionery & Baked Treats · Hugs & Tosca Brands · B2B & E-commerce · New Delhi
📋 BSE SME IPO
Fresh Issue Only
BSE SME
₹179
Upper Price
₹59.97 Cr
Issue Size
Oct 23, 2026
Listing Date
₹156.03 Cr
Market Cap (Pre)
📅 IPO Timetable
All dates tentative🟢
IPO Opens
Thursday, 15 October 2026
Bidding starts — apply before close
🔒
IPO Closes
Monday, 19 October 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Wednesday, 21 October 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Thursday, 22 October 2026
Unallotted funds unblocked; shares credited to demat
🏷️
Friday, 23 October 2026
Trading begins on BSE SME from 10:00 AM IST
📋 IPO Details
IPO Open Date15 October 2026 (Thu)
IPO Close Date19 October 2026 (Mon)
Listing Date23 October 2026 (Fri)
Face Value₹10 per share
Price Band₹170 to ₹179
Issue Price (Upper Band)₹179 per share
Issue TypeBook Build — Fresh Issue Only
Lot Size800 shares (Min App: 2 Lots / 1,600 Shares)
Total Issue Size33,50,400 shares (₹59.97 Cr)
Fresh Issue33,50,400 shares (₹59.97 Cr)
Offer for Sale (OFS)0 shares (₹0 Cr)
Market Maker Portion3,29,600 shares
Net Offered to Public30,20,800 shares (₹54.07 Cr)
Pre-Issue Shares87,16,704
Post-Issue Shares1,20,67,104
Promoter Holding (Pre → Post)88.11% → 63.64%
Market Cap (Pre-IPO)₹156.03 Cr
Listing ExchangeBSE SME
Lead ManagerSocradamus Capital Pvt.Ltd.
RegistrarBigshare Services Pvt.Ltd.
💰 Lot Size & Minimum Investment
At upper price ₹179| Investor Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail — Minimum | 2 | 1,600 | ₹2,86,400 |
| Retail — Maximum | 2 | 1,600 | ₹2,86,400 |
| S-HNI (sNII) — Min | 3 | 2,400 | ₹4,29,600 |
| S-HNI (sNII) — Max | 6 | 4,800 | ₹8,59,200 |
| B-HNI (bNII) — Min | 7 | 5,600 | ₹10,02,400 |
⚠️ Note: Investors can bid for a minimum of 1,600 shares (2 lots) and in multiples of 800 shares thereafter. Market Maker reservation comprises 3,29,600 shares.
👥 Investor Reservation
Allocated portion of Net OfferMax 50%
QIB Portion
Min 35%
Retail Portion
Min 15%
NII Portion
📊 Subscription Status
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📈 Company Financials
Restated Consolidated · ₹ Crore| Metric | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Total Assets | 198.58 | 167.36 | 147.04 | 127.97 |
| Total Income | 92.10 | 187.39 | 162.81 | 158.77 |
| PAT | 6.19 | 8.30 | 5.25 | 3.19 |
| EBITDA | 13.67 | 22.79 | 18.94 | 15.31 |
| Net Worth | 51.77 | 40.58 | 26.99 | 21.74 |
| Reserves & Surplus | 51.04 | 39.89 | 26.35 | 21.10 |
| Total Borrowing | 91.16 | 96.90 | 70.93 | 66.58 |
Income Growth
FY 2023–24₹162.81 Cr
FY 2024–25₹187.39 Cr
H1 FY 2025–26₹92.10 Cr
🎯 Key Performance Indicators
24.57%
ROE (Mar 25)
26.79% (Sep 25)
1.93
Debt/Equity (Mar 25)
1.76 (Sep 25)
17.50%
ROCE (Mar 25)
18.23% (Sep 25)
4.44%
PAT Margin (Mar 25)
6.73% (Sep 25)
12.19%
EBITDA Margin (Mar 25)
14.88% (Sep 25)
20.46%
RoNW (Mar 25)
11.95% (Sep 25)
3.82x
Price/Book
Sep 30, 2025
₹46.87
NAV (Mar 25)
₹59.62 (Sep 25)
⚖️ Valuation & EPS
Pre-IPO EPS
₹9.52
FY25 earnings + pre-issue shares
P/E: 18.80xPost-IPO EPS
₹10.25
Annualised post-issue basis
P/E: 17.46xPrice to Book Value
3.82x
At upper price band ₹179
Market Cap
₹216.00 Cr
At upper offer price ₹179
ℹ️
Pre-IPO EPS (₹9.52) is based on pre-issue equity of 87,16,704 shares and restated FY25 PAT of ₹8.30 Cr. Post-issue EPS (₹10.25) reflects annualized H1 FY26 earnings of ₹6.19 Cr over an expanded post-issue equity base of 1,20,67,104 shares following the fresh issuance of 33,50,400 shares. Post-IPO Market Cap stands at ₹216.00 Cr at the upper band.
🎯 Objects of the Issue
Net proceeds utilisation1
Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by our Company
₹22.00 Cr
2
Funding our incremental working capital requirements
₹23.00 Cr
3
General corporate purposes
Balance
Total Fresh Issue Goal
₹59.97 Cr
🏢 About Shellz India Ltd.
Est. 2009 · New Delhi · Confectionery Manufacturing & DistributionShellz India Limited is an established FMCG company engaged in the manufacturing, marketing, and distribution of a diverse array of confectionery products. With a robust portfolio exceeding 250 Stock Keeping Units (SKUs), the company operates across key categories including chocolate-based treats, jellies, baked goods, and specialized sugar confectionery formats.
The business caters to both urban and semi-urban retail ecosystems through two primary consumer brands: Hugs, a mass-market brand spanning baked treats, chocolates, and jellies; and Tosca, a mass-premium label offering differentiated formats and enhanced packaging for urban demographics. The company also produces and supplies bakery ingredients to industrial clients and engages in private label contract manufacturing for third-party enterprises. Anchored by an integrated in-house manufacturing base and product development capabilities, Shellz India utilizes a super stockist-led distribution model. As of September 30, 2025, its products were distributed via a network of over 200 super stockists, ensuring widespread penetration across kirana outlets in 24 states. The company also exports its confectionery lines to international markets across the Middle East, Southeast Asia, and Europe.
Brand Ecosystem
🍫
Hugs Brand
Flagship mass-market brand encompassing baked treats, chocolate confectionery, and jellies.
🍬
Tosca Brand
Mass-premium label targeting urban consumers with specialized packaging and premium formats.
🛒
Pan-India Distribution
Robust network of over 200 super stockists penetrating kirana outlets across 24 states.
🌎
B2B & International Exports
Supplying bakery ingredients, third-party private labeling, and exporting to the Middle East and Europe.
Competitive Strengths
🏆Diversified product portfolio spanning 250+ SKUs across multiple confectionery and baked treat formats.
🏭Integrated in-house manufacturing and product development capabilities supporting rapid go-to-market strategies.
🚚Scalable super stockist-led distribution model enabling deep market reach into rural and semi-urban tiers.
📈Consistent profitability, delivering ₹187.39 Cr in FY25 revenue with a 24.57% ROE and 17.50% ROCE.
Company Promoters
KG
Kapil Garg & Shalini Garg
Promoters, Shellz India Ltd.
📅 Key Dates
IPO Opens15 Oct 2026
IPO Closes19 Oct 2026
Allotment21 Oct 2026
Refund & Share Credit22 Oct 2026
Listing Day23 Oct 2026
💡 Quick Summary
Price Band₹170 – ₹179
Upper Price₹179 / share
Lot Size800 shares
Min. Investment (Retail)₹2,86,400 (2 Lots)
Issue Size₹59.97 Cr
ListingBSE SME
🏦 Registrar & Lead Manager
Lead Manager
Socradamus Capital Pvt.Ltd.
📍 Registered Address
Shellz India Ltd.
39/35, 2nd Floor, Main Rohtak Road,
Near Shivaji Park Metro Station, West Punjabi Bagh,
Shivaji Park, West Delhi, New Delhi — 110026
📞 011 4850 4850
[email protected]
39/35, 2nd Floor, Main Rohtak Road,
Near Shivaji Park Metro Station, West Punjabi Bagh,
Shivaji Park, West Delhi, New Delhi — 110026
📞 011 4850 4850
[email protected]
🛡️ Regulatory Note: SME IPO investments are subject to SEBI regulations and higher lot size restrictions. Always read the Prospectus/DRHP before applying. Consult a SEBI-registered advisor before investing.
⚠️
Disclaimer: This page presents publicly available information from the Shellz India IPO DRHP for informational purposes only. This format is generated adhering to the required structure as specified in the IPO NEW FORMAT source file. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
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