Shellz India SME IPO – Price Band, Dates, Review & Full Analysis
Book Built Issue
Live GMP: ₹0
Shellz India Limited, a prominent manufacturer and marketer of confectionery and bakery ingredients, has officially filed its RHP for a ₹59.97 Crore BSE SME IPO. The public issue opens for bidding on October 15, 2026, and closes on October 19, 2026.
Below is a comprehensive analysis of the Shellz India IPO including the issue timetable, market lot details, quota allocations, financial health, business background, valuation, and live Grey Market Premium (GMP) updates.
Shellz India IPO Key Overview
| Parameter | Details |
|---|---|
| Company Name | Shellz India Limited |
| Brand Portfolio | Hugs & Tosca |
| Issue Type | Book Built Issue SME IPO |
| Listing Platform | BSE SME |
| Total Issue Size | 33,50,400 Equity Shares (Aggregating up to ₹59.97 Crore) |
| Fresh Issue Component | 33,50,400 Shares (100% Fresh Capital) |
| Offer for Sale (OFS) | Nil (0 Shares) |
| Price Band | ₹170 to ₹179 per Equity Share |
| Face Value | ₹10 per Share |
| Market Capitalization (Post-Issue) | ₹216.00 Crore (at upper price band) |
| Market Maker Portion | 3,29,600 Shares (Mansi Share & Stock Broking) |
2. Important Dates & IPO Schedule
Bidders should keep track of the official issue timeline for application and allotment updates:
| Event Schedule | Tentative Date |
|---|---|
| IPO Opening Date | Thursday, October 15, 2026 |
| IPO Closing Date | Monday, October 19, 2026 |
| Basis of Allotment Finalization | Wednesday, October 21, 2026 |
| Initiation of Refunds to Bidders | Thursday, October 22, 2026 |
| Credit of Shares to Demat Accounts | Thursday, October 22, 2026 |
| Tentative Listing Date (BSE SME) | Friday, October 23, 2026 |
3. Application Lot Size & Investment Requirements
The standard lot size for application is fixed at 800 shares. Under BSE SME guidelines, retail individual investors (RII) must apply for a minimum of 2 lots (1,600 shares).
| Investor Category | Lots | Shares | Minimum Investment (Upper Band ₹179) |
|---|---|---|---|
| Retail Individual Investor (RII) (Min) | 2 Lots | 1,600 Shares | ₹2,86,400 |
| Retail Individual Investor (RII) (Max) | 2 Lots | 1,600 Shares | ₹2,86,400 |
| Small HNI (sNII < ₹10L) (Min) | 3 Lots | 2,400 Shares | ₹4,29,600 |
| Small HNI (sNII < ₹10L) (Max) | 6 Lots | 4,800 Shares | ₹8,59,200 |
| Big HNI (bNII > ₹10L) (Min) | 7 Lots | 5,600 Shares | ₹10,02,400 |
4. Net Offer Allocation & Quotas
| Category | Quota Allocation % | Shares Reserved |
|---|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50.00% of Net Issue | Up to 15,10,400 Shares |
| Non-Institutional Investors (NII / HNI) | Not less than 15.00% of Net Issue | At least 4,53,120 Shares |
| Retail Individual Investors (RII) | Not less than 35.00% of Net Issue | At least 10,57,280 Shares |
| Market Maker Portion | Approx 9.84% of Total Issue | 3,29,600 Shares |
5. About Shellz India Limited
Incorporated in May 2012, Shellz India Limited manufactures and markets confectionery products, bakery ingredients, and food solutions. The company operates a portfolio of over 300 Stock Keeping Units (SKUs) catering to mass-market as well as mass-premium consumer brackets across urban and rural markets.
The company markets its products primarily under two flagship brands:
- Hugs: Mass-market portfolio offering baked treats, choco delights, jellies, panned chocolates, and sugar confectionery. A majority of these products are priced at accessible price points (₹10 or below). Hugs accounts for nearly 90% of revenue from operations.
- Tosca: Mass-premium segment targeting modern retail, e-commerce, and quick-commerce channels. Products under this banner include cereal bars like Tosca Oat Choco.
Shellz India operates through a super stockist network consisting of over 300 super stockists supplying retail kirana outlets across 24 states in India. North India serves as its primary revenue base. The company also undertakes private-label contract manufacturing for third-party clients and exports to international regions in South Asia, the Middle East, and Europe.
6. Restated Financial Summary (₹ in Crores)
The table below summarizes the company’s financial growth (FY26 figures represent Consolidated financials, while FY25 and FY24 represent Standalone numbers):
| Financial Indicator | Q1 FY27 (30 Jun 2026) | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|---|
| Total Income / Revenue | ₹47.43 Cr | ₹193.18 Cr | ₹187.39 Cr | ₹162.81 Cr |
| EBITDA | ₹8.52 Cr | ₹30.15 Cr | ₹22.79 Cr | ₹18.94 Cr |
| Profit After Tax (PAT) | ₹4.08 Cr | ₹13.37 Cr | ₹8.30 Cr | ₹5.25 Cr |
| Total Assets | ₹229.36 Cr | ₹213.72 Cr | ₹167.36 Cr | ₹147.04 Cr |
| Net Worth | ₹63.03 Cr | ₹58.95 Cr | ₹40.58 Cr | ₹26.99 Cr |
| Total Borrowings | ₹108.56 Cr | ₹100.83 Cr | ₹78.18 Cr | ₹70.93 Cr |
7. Key Performance Indicators (KPIs) & Valuation
| Valuation Metric / Ratio | Pre-IPO Value | Post-IPO / Latest Value |
|---|---|---|
| Basic EPS (₹) | ₹15.34 | ₹13.52 |
| Price-to-Earnings (P/E) Ratio | 11.67x | 13.24x (at upper band ₹179) |
| Return on Equity (ROE) | — | 26.87% (FY26) / 6.69% (Q1 FY27) |
| Return on Capital Employed (ROCE) | — | 19.11% (FY26) / 4.69% (Q1 FY27) |
| Debt-to-Equity Ratio | — | 1.71x |
| Net Asset Value (NAV) per Share | — | ₹67.63 (FY26) / ₹72.31 (Q1 FY27) |
| PAT Margin (%) | — | 6.94% (FY26) / 8.63% (Q1 FY27) |
| EBITDA Margin (%) | — | 15.65% (FY26) / 18.04% (Q1 FY27) |
8. Objects of the Fresh Issue
The company intends to deploy the net proceeds from the fresh issue (totaling ₹45.00 Crore after issue expenses) towards the following objectives:
- Repayment / Prepayment of Debt: Allocation of ₹22.00 Crore for partial or full repayment of outstanding bank borrowings.
- Working Capital Requirements: Allocation of ₹23.00 Crore to fund incremental working capital demand.
- General Corporate Purposes: Funding operational expansion and general corporate requirements.
9. Promoter Shareholding Structure
The company is promoted by Kapil Garg and Shalini Garg.
| Shareholding Category | Pre-Issue Equity % | Post-Issue Equity % |
|---|---|---|
| Promoter & Promoter Group | 88.11% | 63.64% |
| Public Shareholding | 11.89% | 36.36% |
| Total | 100.00% | 100.00% |
10. Shellz India IPO GMP Today & Trend
Grey Market Premium (GMP) Status
As of October 13, 2026, grey market trading for Shellz India SME IPO has started with initial activity. The current Grey Market Premium (GMP) stands at ₹0 per share.
- Upper Issue Price: ₹179
- Current Live GMP: ₹0 (0.00%)
- Estimated Listing Price: ₹179 per share
- Expected Listing Profit per Lot: ₹0
11. Lead Manager, Registrar & Contact Information
| Role | Details |
|---|---|
| Book Running Lead Manager (BRLM) | Socradamus Capital Pvt. Ltd. |
| Registrar to the Issue | Bigshare Services Pvt. Ltd. Phone: 022-62638200 / 8069219060 Email: ipo@bigshareonline.com |
| Market Maker | Mansi Share & Stock Broking Pvt. Ltd. |
| Company Address | Shellz India Ltd., 39/35, 2nd Floor, Main Rohtak Road, Near Shivaji Park Metro Station, West Punjabi Bagh, West Delhi, New Delhi – 110026. Phone: 011 4850 4850 | Email: investor@shellz.in |
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Grey Market Premium (GMP) Notice: Figures regarding Grey Market Premium (GMP), Kostak rates, and subject-to-sauda deals reflect unofficial, unregulated over-the-counter market sentiment. These figures do not guarantee exchange listing prices or actual trading outcomes. Always evaluate official Draft Red Herring Prospectus (DRHP / RHP) documents filed with BSE/NSE and consult a certified financial advisor prior to executing financial bidding decisions.