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Shellz India

Price band ₹170–179 · Issue ₹59.97 Cr

Market attention score 33 (how ranked)

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Capital required

Approximate retail outlay for Shellz India at the issue price band (lot × lots).

Est. capital

₹1,36,000 – ₹1,43,200

Lot size 800 · up to ₹179/share

Prefer smaller tickets before listing? Explore unlisted & pre-IPO shares.

Opens

15 Oct 2026

Closes

19 Oct 2026

Allotment

21 Oct 2026

Listing

23 Oct 2026

Lot size

800

Overview

Shellz India IPO is a book build issue of ₹59.97 crores. The issue is entirely a fresh issue of 33.50 lakh shares of ₹59.97 crore.

Shellz India IPO opens for subscription on Oct 15, 2026 and closes on Oct 19, 2026. The allotment for the Shellz India IPO is expected to be finalized on Oct 21, 2026. Shellz India IPO will list on the BSE SME with a tentative listing date fixed as Oct 23, 2026.

Shellz India IPO is set issue price band at ₹170 to ₹179 per share. The lot size for an application is 800 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,86,400 (1,600 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (2,400 shares), amounting to ₹4,29,600.

Socradamus Capital Pvt.Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Mansi Share & Stock Broking Pvt.Ltd.

Refer to Shellz India IPO RHP for detailed Information.

Issue details

IPO Date

15 to 19 Oct, 2026

Listing Date

Fri, Oct 23, 2026

Face Value

₹10 per share

Price Band

₹170 to ₹179

Lot Size

800 Shares

Sale Type

Fresh capital only

Issue Type

Bookbuilding IPO

Listing At

BSE SME

Lot size

ApplicationLotsSharesAmount
Individual investors (IND) (Min)21600₹2,86,400
Individual investors (IND) (Max)21600₹2,86,400
S-HNI (Min)32400₹4,29,600
S-HNI (Max)64800₹8,59,200
B-HNI (Min)75600₹10,02,400

Issue reservation

Investor CategoryShares
QIBNot more than 50% of the Net Issue
RetailNot less than 35% of the Net Issue
NIINot less than 15% of the Net Issue

About the company

Incorporated in May 2012, Shellz India Limited is engaged in the manufacturing and marketing of confectionery products and the manufacturing and supply of food and bakery ingredients. Its product portfolio comprises over 300 SKUs across multiple categories, catering to consumers in urban, semi-urban and rural markets.The Company markets its consumer products under two brands, Hugs and Tosca. The Hugs portfolio includes baked treats, choco delights, jellies, and panned and sugar confectionery, primarily positioned at mass-market price points, with most products priced at ₹10 or below. The Tosca brand focuses on the mass-premium segment through differentiated product formats and packaging, with an emphasis on e-commerce and quick-commerce channels. Its portfolio also includes Tosca Oat Choco, an oat and cereal-based bar developed as an alternative to traditional confectionery products.

The Company's distribution network comprises over 300 super stockists, with products available through kirana outlets across approximately 24 states in India, as of March 31, 2026. In addition to its own brands, the Company undertakes private-label manufacturing for third-party customers and exports products to international markets, including the Middle East, South Asia and Europe. Its operations are supported by in-house manufacturing, product development, research and development, and quality assurance capabilities.

As of August 31, 2026, the Company had 258 full-time employees, including personnel across production, sales, finance, engineering, research and development, quality assurance and other functions.

  • Super stockist-led distribution model enabling scalable market reach.
  • Ability to develop differentiated products across formats and price points.
  • In-house product development capabilities supported by technical expertise.
  • Presence in the mass-market segment supported by a diversified product portfolio.
  • Integrated in-house manufacturing capabilities with a focus on scalability and process control.

Financials

Metric30 Jun 202631 Mar 202631 Mar 202531 Mar 2024
Assets229.36213.72167.36147.04
Total Income47.43193.18187.39162.81
Profit After Tax4.0813.378.305.25
EBITDA8.5230.1522.7918.94
NET Worth63.0358.9540.5826.99
Reserves and Surplus54.3150.2439.8926.35
Total Borrowing108.56100.8378.1870.93

Amounts in ₹ Crore (restated)

Key performance indicators

KPIJun 30, 2026Mar 31, 2026
ROE6.69%26.87%
ROCE4.69%19.11%
Debt/Equity1.721.71
RoNW6.47%22.68%
PAT Margin8.63%6.94%
EBITDA Margin18.04%15.65%
NAV72.3167.63
P/B (x)2.482.65

Valuation

Valuation Metric

Pre IPO

EPS (₹)

15.34

P/E (x)

11.67

Market Cap at Offer Price

₹156.03 Cr.

Shareholding

CategoryPre IPOPost IPO
Promoter and Promoter Group88.11%63.64%
Public11.89%36.36%
Total100%100%

Objects of the issue

  1. Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by our Company
  2. Funding our incremental working capital requirements and
  3. General corporate purposes

Intermediaries

Registrar

Bigshare Services Pvt.Ltd.

Lead manager(s)

Socradamus Capital Pvt.Ltd.

FAQs

How to apply in Shellz India IPO through Zerodha?+

Zerodha customers can apply online in Shellz India IPO using UPI as a payment gateway. Zerodha customers can apply in Shellz India IPO by login into Zerodha Console (back office) and submitting an IPO application form. Steps to apply in Shellz India IPO through Zerodha Visit the Zerodha website and login to Console. Go to Portfolio and click the IPOs link. Go to the ' Shellz India IPO ' row and click the 'Bid' button. Enter your UPI ID, Quantity, and Price. Submit IPO application form. Visit the UPI App (net banking or BHIM ) to approve the mandate. Visit Zerodha IPO Application Process Review for more detail.

When Shellz India IPO will open?+

The Shellz India IPO opens on Thu, Oct 15, 2026 and closes on Mon, Oct 19, 2026.

What is the lot size of Shellz India IPO?+

Shellz India IPO lot size is 800 , and the minimum amount required for application is ₹2,86,400 , with 2 lots being the minimum application size .

How to apply for Shellz India IPO?+

You can apply in Shellz India IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha , Upstox , 5Paisa , Nuvama , HDFC Bank , and SBI Bank .

When is Shellz India IPO allotment?+

The finalization of Basis of Allotment for Shellz India IPO will be done on Wednesday, October 21, 2026 , and the allotted shares will be credited to your demat account by Thu, Oct 22, 2026 . Check the Shellz India IPO allotment status .

When is Shellz India IPO listing date ?+

The Shellz India IPO listing date is not yet announced. The tentative date of listing is Fri, Oct 23, 2026 .

Aggregated from public IPO filings. GMP is unofficial grey-market chatter, not advice.