Shellz India IPO

The Shellz India SME IPO opens for subscription on 15 Oct 2026 and closes on 19 Oct 2026, offered at a price band of ₹170–179 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹54.07 crore. Retail investors bid in lots of 800 shares, a minimum application of ₹2,86,400.

Issue structure

The IPO is structured entirely as a fresh issue of ₹54.07 crore, so the full proceeds flow to the company to fund its stated objects of the issue.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding our incremental working capital requirements and (₹23 crore), alongside repayment or prepayment, in full or in part, of certain outstanding borrowings availed by our company (₹22 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2025, Shellz India reported revenue of ₹92.1 crore and a net profit of ₹6.19 crore. Revenue declined from ₹158.77 crore in FY2023 to ₹92.1 crore in FY2025 (-42.0%). Net worth stood at ₹51.77 crore at the end of FY2025. At the upper band, that puts the issue at roughly 18.8× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 17.46× post-issue earnings and 3.82× book value, against a return on net worth of 11.95% and a debt-to-equity ratio of 1.76. These ratios come from the offer document and are for comparison, not a recommendation.

Promoters

The promoters of the company are Kapil Garg and Shalini Garg. Promoter holding stands at 88.11% before the issue and comes down to 63.64% after listing.

Grey market premium (GMP)

In the unofficial grey market, Shellz India shares are quoted at a premium of ₹0 implying an expected listing around ₹179, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Shellz India IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Shellz India

Shellz India Ltd. is engaged in the manufacturing and marketing of a wide range of confectionery products in India, supported by a diversified portfolio of over 250 SKUs. These offerings span across multiple categories, including chocolate-based products, jellies, baked treats, and other confectionery formats. In addition, the company manufacture and supply food and bakery ingredients, catering to urban and semi-urban markets, as well as smaller towns and rural areas, leveraging an extensive distribution network. It market its consumer products under two key brands: Hugs and Tosca . The flagship Hugs brand is positioned for the mass market and includes products across four primary categories: baked treats, chocolate-based confectionery, jellies, and panned and sugar confectionery. As of September 30, 2025, its products are distributed through a network of over 200 super stockists and are available across kirana outlets in approximately 24 states. The Tosca brand is positioned toward the mass-premium segment, offering products at relatively higher price points. This brand targets urban consumers with differentiated formats and packaging. In addition to the branded consumer business, the business also undertake private label manufacturing for third-party customers. Furthermore, the company export its products to international markets, including regions in the Middle East, Southeast Asia, and Europe (including Spain). These additional channels complement its core operations, enabling diversification across customers, product categories, and distribution channels. Competitive strengths Ability to develop differentiated products across formats and price points Presence at mass-market price-points supported by a diversified product portfolio Super stockist-led distribution model enabling scalable market reach Integrated in-house manufacturing capabilities In-house product development capabilities Experienced Promoters and Management Team