Shellz India IPO
- Issue price
- ₹179
- Listing price
- ₹179
- 0.00%
- Current price
- ₹167
- -6.70%
- Subscribed
- 50.79x
- Issue size
- ₹59.97 Cr
- Listed on
- 23 Oct 2026
IPO timeline
- Opens15 OctThu
- Closes19 OctMon
- Allotment21 OctWed
- Refunds22 OctThu
- Demat credit22 OctThu
- Listing23 OctFri
Issue details
- Price band
- ₹170 – ₹179 per share
- Issue size
- ₹59.97 Cr
- Fresh issue
- ₹59.97 Cr · 0.34 Cr shares
- Offer for sale
- None
- Issue type
- Fresh capital only
- Face value
- ₹10 per share
- Lot size
- 800 shares
- Minimum investment
- ₹1,43,200
- Listing on
- BSE SME
- Exchange code
- SHELLZ.BO · 8045
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 800 | ₹1,43,200 |
| Retail (Max) | 1 | 800 | ₹1,43,200 |
| HNI (Min) | 2 | 1,600 | ₹2,86,400 |
Reservation
- QIB
- 15,09,600 shares (49.97% of the Offer)
- NII
- 4,53,600 shares (15.02% of the Offer)
- Retail
- 10,57,600 shares (35.01% of the Offer)
Allotment status
The allotment for this IPO is final. Check whether you received shares on the registrar's website using your PAN, application number or demat account (DP / Client ID).
Check allotment on Bigshare Services- 1Open the registrar's allotment page and select this IPO from the list.
- 2Enter your PAN, application number or DP / Client ID.
- 3Submit to see the number of shares allotted, if any.
- Basis of allotment
- 21 Oct 2026
- Refunds initiated
- 22 Oct 2026
- Shares credited to demat
- 22 Oct 2026
- Listing
- 23 Oct 2026
Grey market premium (GMP)
- Current GMP
- ₹7
- +3.91%
- Estimated listing price
- ₹186
- Issue price ₹179
- Highest
- ₹46
- 19 Oct
- Lowest
- ₹0
- 12 Oct
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 23 Oct 2026 | ₹7 | +3.91% | ₹186 |
| 22 Oct 2026 | ₹7 | +3.91% | ₹186 |
| 21 Oct 2026 | ₹25 | +13.97% | ₹204 |
| 20 Oct 2026 | ₹35 | +19.55% | ₹214 |
| 19 Oct 2026 | ₹46 | +25.70% | ₹225 |
| 18 Oct 2026 | ₹35 | +19.55% | ₹214 |
| 17 Oct 2026 | ₹25 | +13.97% | ₹204 |
| 16 Oct 2026 | ₹0 | 0.00% | ₹179 |
| 15 Oct 2026 | ₹0 | 0.00% | ₹179 |
| 14 Oct 2026 | ₹0 | 0.00% | ₹179 |
| 13 Oct 2026 | ₹0 | 0.00% | ₹179 |
| 12 Oct 2026 | ₹0 | 0.00% | ₹179 |
- Subject to sauda
- ₹3,000
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
- QIB41.92x
- NII (HNI)50.47x
- Retail56.09x
| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 6,04,800 | 2,53,52,000 | 41.92x |
| Non-Institutional Investors (NII) | 7,83,200 | 3,95,27,200 | 50.47x |
| bNII — bids above ₹10 Lakh | 3,02,400 | 3,00,91,200 | 99.51x |
| sNII — bids ₹2 Lakh to ₹10 Lakh | 1,51,200 | 94,36,000 | 62.41x |
| Retail Individual Investors (RII) | 10,57,600 | 5,93,23,200 | 56.09x |
| Total | 24,45,600 | 12,42,02,400 | 50.79x |
Financials
- P/E (pre-issue)
- 9.56
- P/E (post-issue)
- 13.23
- EPS (₹)
- 13.52
- RoE
- 6.69%
- RoCE
- 4.69%
- RoNW
- 6.47%
- PAT Margin
- 8.63%
- EBITDA Margin
- 18.04%
- Debt / Equity
- 1.72
- NAV (₹)
- 72.31
Pre-issue P/E uses the shares outstanding before the IPO; post-issue P/E includes the new shares. Calculated by Be IPO Ready at the issue price on profit for the period ended 30 Jun 2026, annualised.
| Period ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 229.36 | 213.72 | 167.36 | 147.04 |
| Total Income | 47.43 | 193.18 | 187.39 | 162.81 |
| Profit After Tax | 4.08 | 13.37 | 8.30 | 5.25 |
| EBITDA | 8.52 | 30.15 | 22.79 | 18.94 |
| NET Worth | 63.03 | 58.95 | 40.58 | 26.99 |
| Reserves and Surplus | 54.31 | 50.24 | 39.89 | 26.35 |
| Total Borrowing | 108.56 | 100.83 | 78.18 | 70.93 |
Peer comparison
| Company | Issue size | P/E | RoNW | PAT margin | Subscribed | Listing gain |
|---|---|---|---|---|---|---|
| Shellz India This IPO | ₹59.97 Cr | 13.24 | 6.47% | 8.63% | 50.79x | 0.00% |
| Green Asia Impex SME · listed 7 Oct 2026 | ₹60.1 Cr | 12.31 | 50.16 % | 3.07% | 0x | 0.00% |
| Peshwa Wheat SME · listed 1 Oct 2026 | ₹53.52 Cr | 12.15 | 36.71% | 7.32% | 2.68x | -0.94% |
| Adon Agro Commodities SME · listed 6 Jul 2026 | ₹44.03 Cr | 6.42 | 84.36% | 7.01% | 1.34x | +11.79% |
| Yashhtej Industries SME · listed 25 Feb 2026 | ₹89 Cr | 17.51 | 58.96% | 3.56% | 1.42x | -20.00% |
| Farm Peace SME · listed 8 Sep 2026 | ₹32 Cr | 16.12 | 17.32% | 8.41% | 1.15x | +90.00% |
| Crazy Snacks SME · listed 3 Jul 2026 | ₹31.47 Cr | 12.57 | 17.20% | — | 1.2x | +4.76% |
Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.
IPO objectives
How Shellz India plans to use the money raised, as stated in the offer document.
- 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
About Shellz India
Shellz India Limited was incorporated in May 2012. It makes and markets confectionery products and also makes and supplies food and bakery ingredients. Its range has over 300 SKUs sold to buyers in urban, semi-urban and rural areas. The company sells under two brands. Hugs covers baked treats, choco delights, jellies and sugar confectionery at mass-market prices, and most products cost Rs 10 or less. Tosca is a mass-premium brand sold mainly through e-commerce and quick-commerce channels, and includes Tosca Oat Choco, an oat and cereal bar. Products reach kirana outlets in about 24 states through over 300 super stockists, as on 31 March 2026. The company also makes private-label products for other brands and exports to the Middle East, South Asia and Europe. It runs its own manufacturing, product development and quality assurance, and had 258 full-time employees on 31 August 2026.
Strengths
- Total income rose from Rs 162.81 crore in FY2024 to Rs 187.39 crore in FY2025 and Rs 193.18 crore in FY2026.
- Profit after tax rose from Rs 5.25 crore in FY2024 to Rs 8.30 crore in FY2025 and Rs 13.37 crore in FY2026, a rise of 61% in the last year.
- EBITDA rose from Rs 18.94 crore in FY2024 to Rs 30.15 crore in FY2026, and net worth grew from Rs 26.99 crore to Rs 58.95 crore over the same years.
- Return on equity was 26.87% and return on net worth was 22.68% for FY2026.
- At the upper band of Rs 179 the issue is priced at 13.24 times post issue EPS of Rs 13.52, and at 11.67 times pre issue EPS of Rs 15.34.
- The whole Rs 59.97 crore issue is fresh capital, with no offer for sale. Rs 22.00 crore is to repay borrowings and Rs 23.00 crore is for working capital.
- Over 300 super stockists take the products to kirana outlets in about 24 states, and the company has two brands at different price points.
Risks
- The latest figures cover only the three months to 30 June 2026. The post issue EPS of Rs 13.52 is based on annualised earnings for that period, so it may not hold for a full year.
- The KPI table shows RoE of 6.69% and RoCE of 4.69% for the quarter to 30 June 2026, against 26.87% and 19.11% for FY2026, so the two periods are not comparable.
- The source notes that the financial statements for 2026 are consolidated, so the FY2026 and June 2026 figures may not be directly comparable with earlier standalone years.
- Total borrowing rose from Rs 70.93 crore in FY2024 to Rs 100.83 crore in FY2026 and Rs 108.56 crore on 30 June 2026. Debt to equity was 1.72 on 30 June 2026.
- Total income grew only 3% between FY2025 and FY2026, from Rs 187.39 crore to Rs 193.18 crore, while profit after tax grew 61%.
- Rs 22.00 crore of the proceeds goes to repay borrowings, and no amount is given for general corporate purposes.
- Promoters Kapil Garg and Shalini Garg hold 88.11% before the issue and will hold 63.64% after it.
- The company sells low-priced mass-market confectionery, mostly at Rs 10 or below, and depends on super stockists for distribution, so input costs and distributor terms can affect margins.
- This is an SME issue. One lot is 800 shares, which is about Rs 1.43 lakh at the upper band of Rs 179, and SME shares usually trade in low volume after listing.
Promoters and shareholding
Kapil Garg and Shalini Garg
- Promoter holding, pre-issue
- 88.11%
- Promoter holding, post-issue
- 63.64%
Registrar, lead managers and documents
Lead manager
Company contact
39/35, 2nd Floor, Main Rohtak Road, Near Shivaji Park Metro Station, West Punjabi Bagh, Shivaji Park, West Delhi, New Delhi, 110026
011 4850 4850
investor@shellz.inDocuments
Shellz India IPO: common questions
1.When does the Shellz India IPO open and close?
The Shellz India IPO opens on 15 Oct 2026 and closes on 19 Oct 2026.
2.What is the price band of the Shellz India IPO?
The price band is ₹170 – ₹179 per share, with a lot size of 800 shares and a minimum investment of ₹1,43,200.
3.What is the size of the Shellz India IPO?
The issue size is ₹59.97 Cr (Fresh capital only).
4.What is the GMP of the Shellz India IPO?
The last reported grey market premium is ₹7 per share as of 23 Oct 2026, 08:24 AM IST. GMP is unofficial and changes frequently.
5.When is the Shellz India IPO allotment?
The basis of allotment is expected on 21 Oct 2026. Allotment status can be checked with the registrar, Bigshare Services Private Limited.
6.When will the Shellz India IPO list?
The shares listed on 23 Oct 2026 on BSE SME.
7.Who is the lead manager of the Shellz India IPO?
The book running lead manager is Socradamus Capital Pvt. Ltd., and the registrar is Bigshare Services Private Limited.
8.What will the money raised in the Shellz India IPO be used for?
As stated in the offer document, the proceeds are for: Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by our Company; Funding our incremental working capital requirements and; General corporate purposes.
9.How can my company launch an IPO like Shellz India?
Start with an IPO readiness assessment: eligibility for the NSE Emerge or BSE SME platform, audited financials, governance, conversion to a public limited company and an indicative valuation. Be IPO Ready advises promoters through each step, from readiness to listing day.
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