Shellz India IPO Opens 2026: SME Issue, Price Band & Dates
· 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
Shellz India Ltd. opens its ₹59.97 Cr BSE SME IPO on 15 Oct 2026. Examine the company's product portfolio, financial performance, issue objects, and key risk factors from its offer document.
Direct answer: The Shellz India IPO opens on 15 Oct 2026 and closes on 19 Oct 2026 with a price band of ₹170 to ₹179 per equity share on BSE SME. The ₹59.97 Cr SME issue features a fresh issue of ₹54.07 Cr. Learn more from BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Company Overview and Product Portfolio
Shellz India Ltd. is engaged in the manufacturing and marketing of packaged confectionery products in India. Per its Draft Red Herring Prospectus (DRHP), the company maintains a product portfolio of over 250 SKUs across categories including choco delights, jellies, baked treats, sugar candies, and food and bakery ingredients. The business caters to urban, semi-urban, and rural markets through an established distribution setup.
| Item | Value | As of |
|---|---|---|
| Price band | ₹170 – ₹179 | 13 Oct 2026 |
| Lot size | 800 shares | 13 Oct 2026 |
| Issue size | ₹59.97 Cr | 13 Oct 2026 |
| Fresh issue | ₹54.07 Cr | 13 Oct 2026 |
| Exchange | BSE SME | 13 Oct 2026 |
| Issue type | SME | 13 Oct 2026 |
| Face value | ₹10 | 13 Oct 2026 |
| Opens | 15 Oct 2026 | 13 Oct 2026 |
| Closes | 19 Oct 2026 | 13 Oct 2026 |
| Allotment | 21 Oct 2026 | 13 Oct 2026 |
| Listing | 23 Oct 2026 | 13 Oct 2026 |
| Registrar | Bigshare Services Pvt.Ltd. | 13 Oct 2026 |
The company markets its consumer offerings primarily under two proprietary brands:
- Hugs: Positioned for mass-market consumers with products priced predominantly at ₹10 or below. Key product lines include Golmaal Jelly, Havai Pudding, Relive Pudding, Crazy Duck Pudding, Whistler Candy, and Choco Colours Jumbo.
- Tosca: Positioned toward mass-premium consumers with higher price points and differentiated formats aimed at urban markets, such as Biscos and Oat Choco.
As of 30 Sep 2025, Shellz India distributes consumer products through a network of over 200 super stockists reaching kirana stores across approximately 24 states. In addition to branded retail products, the company engages in private label manufacturing for third-party institutional buyers and exports confectionery items to international markets, including the Middle East, Southeast Asia, and Europe (Spain). You can track market details for Shellz India on BuyUnlistedShares.
Shellz India IPO Structure, Lot Size, and Key Dates
The Shellz India IPO is a book-built BSE SME issue aggregating up to ₹59.97 Cr, comprising 30,20,800 equity shares of face value ₹10 each. The issue includes a fresh issue component of ₹54.07 Cr. Bidding opens on 15 Oct 2026 and closes on 19 Oct 2026.
The price band for the issue is set between ₹170 and ₹179 per equity share. The lot size is 800 shares. Based on the offer document parameters, the minimum retail order quantity is 1,600 shares (2 lots), requiring an investment of ₹2,86,400 at the upper price cap.
The issue reservation structure allocates not more than 50% of the net issue to Qualified Institutional Buyers (QIBs), not less than 15% to Non-Institutional Investors (NIIs / HNIs), and not less than 35% to Retail Individual Investors, with 3,29,600 shares reserved for the Market Maker.
- Issue Opening Date: 15 Oct 2026
- Issue Closing Date: 19 Oct 2026
- Basis of Allotment Finalisation: 21 Oct 2026
- Initiation of Refunds & Demat Credit: 22 Oct 2026
- Proposed Listing Date: 23 Oct 2026 on BSE SME
- Book Running Lead Manager: Socradamus Capital Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
- Promoter Shareholding: Kapil Garg and Shalini Garg hold 88.11% pre-issue equity, which will adjust to 63.64% post-issue.
Investors following primary market schedules across exchanges can refer to our IPO calendar for detailed allotment and listing timelines.
Objects of the Issue
According to the offer document, Shellz India proposes to utilise the net proceeds from the fresh issue (estimated total utilization of ₹45.00 Cr) towards the following corporate purposes:
- Borrowing Repayment: ₹22.00 Cr for repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company.
- Working Capital: ₹23.00 Cr for funding incremental working capital requirements.
- General Corporate Purposes: Balance funds towards general corporate needs and issue-related expenses.
Financial Performance & Key Ratios
The financial trend chart highlights total income moving from ₹158.77 Cr in FY23 to ₹162.81 Cr in FY24 and ₹187.39 Cr in FY25, while profit after tax stood at ₹8.30 Cr for FY25 and ₹6.19 Cr for the six-month period ended 30 Sep 2025.
As of 31 Mar 2025, per the restated financial disclosures in the DRHP, key balance sheet and performance metrics include:
- Total Income: ₹187.39 Cr in FY25 compared to ₹162.81 Cr in FY24.
- Profit After Tax (PAT): ₹8.30 Cr in FY25 compared to ₹5.25 Cr in FY24.
- EBITDA Margin: 12.19% as of 31 Mar 2025.
- PAT Margin: 4.44% as of 31 Mar 2025.
- Return on Net Worth (RoNW): 20.46% for FY25 (weighted average of 19.17%).
- Return on Capital Employed (RoCE): 17.50% as of 31 Mar 2025.
- Total Borrowings: ₹96.90 Cr as of 31 Mar 2025, and ₹91.16 Cr as of 30 Sep 2025.
- Net Worth: ₹40.58 Cr as of 31 Mar 2025, rising to ₹51.77 Cr as of 30 Sep 2025.
- Valuation Ratios: At the upper price band of ₹179, the pre-issue P/E ratio is 18.80x (based on pre-issue EPS of ₹9.52), and the post-issue P/E ratio is 17.46x (based on post-issue EPS of ₹10.25). Net Asset Value (NAV) per share was ₹46.87 as of 31 Mar 2025.
For investors evaluating primary and secondary market listings, data compiled by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 provides structural context across capital market segments. You can explore unlisted opportunities using our Unlisted shares screener, or read DRHP analyses such as Tonbo Imaging India IPO Details, Dates & Prospectus Guide (2026) and Sahajanand Medical IPO Opens 2026: Mainboard Issue, Dates & Details.
Peer Comparison
The offer document notes that Shellz India operates exclusively in packaged confectionery and does not have a directly identical listed peer focused solely on confectionery. However, the company presents Annapurna Swadisht Ltd. as the closest comparable listed business.
| Company Name | Basic EPS (₹) | NAV (₹ per share) | P/E Ratio (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|
| Shellz India Ltd. | 15.37 | 67.63 | — | 22.68% | — |
| Annapurna Swadisht Ltd. | 14.38 | 151.33 | 8.66 | 9.50% | 0.82 |
Strengths & Key Risk Factors
Competitive Strengths
- Product Diversity: Over 250 SKUs covering choco delights, jellies, baked treats, and sugar candies across mass and mass-premium formats.
- Mass-Market Reach: High volume distribution focused on price points at or below ₹10 per pack.
- Distribution Network: Network of over 200 super stockists supplying retail points across 24 states as of 30 Sep 2025.
- In-House Manufacturing: Integrated production facilities maintaining process control, along with internal food and packaging development capabilities.
Key Risk Factors
- Consumer Tastes: Business depends heavily on adapting to evolving consumer taste preferences and regional demand trends in confectionery.
- Indebtedness Risk: Total borrowings stood at ₹91.16 Cr as of 30 Sep 2025. Total sanctioned fund-based and non-fund-based credit facilities were ₹101.82 Cr and ₹92.01 Cr respectively.
- Geographic Concentration: Northern India accounted for 74.69% of revenue for the period ended 30 Sep 2025 and 72.66% in FY25.
- No Long-Term Contracts: The company relies on individual purchase orders rather than long-term supply commitments with buyers.
- Legal Proceedings: Outstanding legal and tax proceedings exist involving the company, directors, and promoters, including past litigation under the Insolvency and Bankruptcy Code (IBC) and Section 138 of the Negotiable Instruments Act.
To submit documentation queries or connect with our dealing desk, visit BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Frequently Asked Questions
When does the Shellz India IPO open and close?
The Shellz India IPO opens for subscription on 15 Oct 2026 and closes on 19 Oct 2026 on the BSE SME platform.
What is the price band and issue size of Shellz India IPO?
The price band is fixed at ₹170 to ₹179 per equity share. The total issue size is ₹59.97 Cr, comprising 30,20,800 shares, with a fresh issue component of ₹54.07 Cr.
What is the minimum application size for retail investors?
Retail investors must apply for a minimum of 2 lots (1,600 shares), which amounts to ₹2,86,400 at the upper price band of ₹179.
What are the main objects of the Shellz India IPO?
The net proceeds will be used primarily for repayment or prepayment of outstanding borrowings (₹22.00 Cr), funding incremental working capital requirements (₹23.00 Cr), and general corporate purposes.
Should investors apply for or buy Shellz India shares?
We do not make that call. BuyUnlistedShares acts purely as an information desk and dealing service and does not provide investment advice or issue buy/sell verdicts. Investors should review the official offer document and consult a SEBI-registered financial advisor.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
