Shellz India Limited
Bookbuilding IPO · BSE
- Price band
- ₹170 - ₹179
- Lot size
- 800 shares
- Issue amount
- ₹59.97 cr
- Total subscription
- 58.7×
- Opens
- 15 Oct 2026
- Closes
- 19 Oct 2026
- Allotment
- 21 Oct 2026
- Listing
- 23 Oct 2026
Offer at a glance
Issue overview
- Issue size
- 33,50,400 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,36,000
- Fresh issue
- ₹59.97 cr
- Offer for sale
- ₹0 cr
- Registrar
- Bigshare Services Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,43,200
- Issue type
- Bookbuilding IPO
- Shares before issue
- 87,16,704
- Shares after issue
- 1,20,67,104
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 1,600 | ₹2,86,400 |
| sHNI | 3 | 2,400 | ₹4,29,600 |
| bHNI | 7 | 5,600 | ₹10,02,400 |
Share reservation
Subscription & GMP
Subscription by category
Reported 19 Oct 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 661 | 37,077 |
| HNIs(10L +) | 126 | 5,189 |
| HNIs (2-10L) | 63 | 3,833 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 10.83 | 453.8 |
| RETAIL | 18.93 | 1,061.89 |
| NIB | 8.12 | 706.25 |
| HNIs 2+ | 2.71 | 168.9 |
| HNIs 10+ | 5.41 | 538.63 |
| HNIs | 8.12 | 707.54 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| EPS | 4.68 | 15.37 | 9.59 | 6.09 |
| ROE | 0 | 0 | 0 | 0 |
| ROCE | 4.69 | 19.11 | 17.5 | 15.89 |
| RONW | 6.47 | 22.68 | 20.46 | 19.47 |
| PRE IPO(PE) | 0 | 11.65 | 0 | 0 |
| POST IPO(PE) | 13.24 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Shellz India Limited | 0 | 0 | 10.00 | 46.87 | 20.46 | 9.59 |
| Annapurna Swadisht Limited | 18.22 | 0 | 10.00 | 136.68 | 6.29 | 9.46 |
Company information
Company profile
Shellz India Ltd. is engaged in the manufacturing and marketing of a wide range of confectionery products in India, with a diversified portfolio of over 250 SKUs across categories such as chocolate-based products, jellies, baked treats, and other confectionery items. The company also manufactures and supplies food and bakery ingredients, catering to urban, semi-urban, and rural markets through a strong distribution network. Its consumer products are marketed under two key brands—“Hugs,” which targets the mass market with offerings across baked goods, chocolates, jellies, and sugar confectionery, and “Tosca,” positioned in the mass-premium segment with differentiated products and packaging for urban consumers. As of September 30, 2025, its products are distributed through more than 200 super stockists and are available across kirana stores in around 24 states. In addition to its branded business, the company undertakes private label manufacturing for third parties and exports its products to regions including the Middle East, Southeast Asia, and Europe, supporting diversification across markets and revenue streams.
Strengths
- I nnovative Products Across Price Points: The Company develops differentiated confectionery products in various formats, categories and price ranges, including Dip Sticks and Push Up. Its in-house team of food and packaging technologists supports product development and innovation.
- Affordable Products for Mass Markets: Most of the Company’s SKUs are priced at ₹10 or below, catering to price-sensitive consumers and frequent impulse purchases across urban, semi-urban and rural markets in India.
- Wide Distribution Through Super Stockists: The Company distributes its products through a network of over 200 super stockists, helping it reach multiple states across India without requiring a large, field-intensive retail sales team.
Risk factors
- Changing Consumer Preferences: The Company’s growth depends on understanding changing tastes, regional preferences and price sensitivity in the mass-market confectionery segment. Failure to adapt its products to consumer demand could reduce sales, customer loyalty and brand performance.
- High Debt & Repayment Risk: As of September 30, 2025, the Company had total sanctioned indebtedness of ₹10,181.88 lakhs and outstanding debt of ₹9,201.24 lakhs, with a Debt-Equity ratio of 1.76 times. Restrictive loan conditions and past repayment delays could create financial pressure and affect business operations.
- Pending Legal Proceedings: The Company, its subsidiaries, group companies, promoters and directors face various criminal, tax, statutory and civil proceedings. Claims involving ₹1,453.60 lakhs against the Company, among other matters, could lead to financial liabilities and adversely affect its financial condition and reputation.
Promoters
Kapil Garg
Shalini Garg
Registrar & documents
Lead manager
Socradamus Capital Private Limited
Registrar & contacts
Bigshare Services Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
39/35, 2nd Floor, Main Rohtak Road, Near Shivaji Park Metro Station, West Punjabi Bagh, Shivaji Park (West Delhi), Delhi, 110026
01148504850
[email protected]Company website ↗Understanding SHELLZ IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.