Shellz India IPO: dates, price band, lot size and GMP
Shellz India IPO opens 15 – 19 Oct 2026 on the SME, price band ₹170 – ₹179, lot 800 shares, no GMP reported yet. Allotment 21 Oct, listing 23 Oct.
Listing date: Shellz India IPO is scheduled to list on 23 Oct on BSE SME.
Updated 12 Oct 2026, 11:11 IST. Dated dealer references.
BuyUnlistedShares tracks 210 IPOs on its calendar; the Shellz India IPO has a price band of ₹170 – ₹179, a lot of 800 shares and no grey-market premium reported yet as of 12 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 15 – 19 Oct 2026 |
| Price band | ₹170 – ₹179 |
| Lot size | 800 shares |
| Issue size | ₹59.97 Cr |
| Fresh issue | ₹54.07 Cr |
| Subscription | — |
| Registrar | Bigshare Services Pvt.Ltd. |
| Lead managers | Socradamus Capital Pvt.Ltd. |
| Status | Upcoming |
Timeline
- Issue opens: 15 Oct
- Issue closes: 19 Oct
- Allotment: 21 Oct
- Refunds: 22 Oct
- Demat credit: 22 Oct
- Listing: 23 Oct
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | BSE SME |
| Market cap at the upper band | ₹216 Cr |
| P/E (pre-issue) | 18.8x |
| P/E (post-issue) | 17.46x |
| Fresh issue (shares) | 30,20,800 |
| Total shares offered | 30,20,800 |
| Promoter holding pre-issue | 88.11% |
| Promoter holding post-issue | 63.64% |
| Promoters | Kapil Garg and Shalini Garg |
| Lead managers | Socradamus Capital Pvt.Ltd. |
| Registrar phone | 8657578989/8069219065/8069219060 |
| Registrar email | ipo@bigshareonline.com |
| Company website | shellz.in |
| Anchor bid date | 14 Oct 2026 |
| Anchor lock-in ends (50%) | 20 Nov 2026 |
| Anchor lock-in ends (remaining) | 19 Jan 2027 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 2 | 1,600 | ₹2,86,400 |
| Retail (maximum) | 2 | 1,600 | ₹2,86,400 |
| sNII (minimum) | 3 | 2,400 | ₹2,86,400 |
| bNII (minimum) | 3 | 2,400 | ₹10,02,400 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| QIB | — | — | Not more than 50% of the Net Issue |
| NII (HNI) | — | — | Not less than 15% of the Net Issue |
| Retail | — | — | Not less than 35% of the Net Issue |
| Market Maker | — | 3,29,600 |
Key ratios as of 31 Mar 2025
| EPS (pre-issue) | ₹9.52 |
|---|---|
| EPS (post-issue) | ₹10.25 |
| P/E (pre-issue) | 18.8x |
| P/E (post-issue) | 17.46x |
| RoNW | 20.46% |
| RoCE | 17.5% |
| RoE | 24.57% |
| PAT margin | 4.44% |
| EBITDA margin | 12.19% |
| Price / book | 3.82x |
| NAV per share | ₹46.87 |
| Debt / equity | 1.93 |
| Market cap (upper band) | ₹216 Cr |
Financials (₹ Cr)
| Metric | 30 Sep 2025 | FY25 | FY24 | FY23 | FY25 vs FY24 |
|---|---|---|---|---|---|
| Assets | 198.58 | 167.36 | 147.04 | 127.97 | +13.8% |
| Total Income | 92.1 | 187.39 | 162.81 | 158.77 | +15.1% |
| Profit After Tax | 6.19 | 8.3 | 5.25 | 3.19 | +58.1% |
| EBITDA | 13.67 | 22.79 | 18.94 | 15.31 | +20.3% |
| NET Worth | 51.77 | 40.58 | 26.99 | 21.74 | +50.4% |
| Reserves and Surplus | 51.04 | 39.89 | 26.35 | 21.1 | +51.4% |
| Total Borrowing | 91.16 | 96.9 | 70.93 | 66.58 | +36.6% |
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.
Objects of the issue
- Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by our Company — ₹22 Cr
- Funding our incremental working capital requirements and — ₹23 Cr
- General corporate purposes
Net proceeds: ₹45 Cr
Peer comparison
| Company | EPS (Basic) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|
| Shellz India Ltd. (issuer) | 15.37 | 67.63 | — | 22.68% | — | — |
| Annapurna Swadisht Ltd. | 14.38 | 151.33 | 8.66x | 9.5% | 0.82 | Consolidated |
Notes: The figures for the listed industry peers are based on the Audited Consolidated Financial Statements filed for the financial year ended March 31, 2026. P/E Ratio has been computed based on their respective closing market price on October 9, 2026, as divided by the Basic EPS as on March 31, 2026. CMP is the closing prices or the last traded price of respective scripts as on October 9, 2026.
Strengths (per the offer document)
- Ability to develop differentiated products across formats and price points — We focus on developing differentiated confectionery products across formats, categories and price points, supported by our understanding of consumer preferences across target markets.
- Our presence at mass-market price-points supported by a diversified product portfolio — A significant portion of our product portfolio is positioned at mass-market price points, with a majority of our SKUs priced at ₹10 or below.
- Super stockist-led distribution model enabling scalable market reach — Our products are distributed through a network of over 200 super stockists, enabling us to achieve a wide geographic presence across multiple states in India.
- Integrated in-house manufacturing capabilities with focus on scalability and process control — We manufacture our consumer products in-house at our production facilities, which enables us to maintain control over product quality, manufacturing processes and production timelines.
- In-house product development capabilities supported by technical expertise — Our product development efforts are supported by an in-house team of food and packaging technologists involved in multiple stages of the product development process, including formulation…
- Experienced Promoters and Management Team — We believe that the experience and leadership of our Promoter, Kapil Garg, is a key factor in our growth and development.
Risk factors (as disclosed by the company)
- Our inability to anticipate, respond to and meet the tastes — Our success depends on our ability to understand, anticipate, and adapt to changing consumer preferences, particularly in the confectionery segment, which is characterized by rapidly evolving…
- We have incurred significant indebtedness which exposes us to various risks which may have an adverse effect on our business — As of September 30, 2025, our total sanctioned and outstanding indebtedness (fund based and non-fund based) was ₹10,181.88 lakhs and ₹9,201.24 lakhs, respectively.
- There are outstanding legal proceedings involving our Company, Subsidiaries, Group Companies, Promoters, Directors — We are involved in certain legal proceedings which are pending at different levels.
- We had been in past subject to legal proceedings under Insolvency and Bankruptcy Code, 2016 and Section 138 of the Negotiable Instruments Act, 1881 — Our business exposes us to the risk of disputes with customers, suppliers and other counterparties, which may result in legal proceedings against us under various laws, including the Insolvency and…
- We have been involved in disputes and litigation with certain vendors and suppliers in the past and may continue to face such disputes in the future — In the ordinary course of our business, we engage with multiple vendors and suppliers for the procurement of raw materials, packaging materials and other operational requirements required in the…
- We do not have long-term agreements with majority of our customers — We do not have firm commitments or long-term supply agreements with our customers and instead rely on purchase orders.
- During the period ended September 30, 2025, Fiscals 2025, 2024 and 2023, we derived 74.69%, 72.66% — We derived a significant portion of our revenue from our customers in Northern India during period ended September 30, 2025, Fiscals 2025, 2024 and 2023 as set out below: Region September 30, 2025…
- Our inability to manage our inventory and foresee accurate demand for our products for a future period may adversely affect our reputation, business — Our business operations depend on accurately forecasting consumer demand to plan production, manage procurement of raw materials, and maintain optimal inventory levels across our distribution network.
From the DRHP (strengths pages 192–196, risk factors pages 31–36). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF)
Track this issue
- Shellz India IPO GMP today and trend
- Shellz India IPO subscription status, day by day
- Shellz India IPO allotment status and how to check
Frequently asked questions
When does the Shellz India IPO open and close?
The issue is scheduled for 15 – 19 Oct 2026.
What is the Shellz India IPO price band?
The price band is ₹170 – ₹179 per share with a lot size of 800 shares.
How big is the Shellz India IPO?
The total issue size is ₹59.97 Cr.
When will Shellz India list?
The tentative listing date is 23 Oct on the SME platform.
How do I apply for the Shellz India IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Shellz India · as filed with SEBI · bsesme.com
- Registrar allotment page, Bigshare Services Pvt.Ltd. · allotment 21 Oct · ipo.bigshareonline.com
- BSE SME issues page · listing 23 Oct · bsesme.com
- Shellz India company website · shellz.in
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 12 Oct, 04:25 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Shellz India IPO”, https://buyunlistedshares.com/ipo/shellz-india-ipo, as of 12 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 12 Oct 2026.
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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