SHELLZ INDIA IPO
SHELLZ INDIA is a SME IPO with a current status of UPCOMING. The price band is 170 - 179. The issue opens on 15 OCT and closes on 19 OCT. The listing date is 23 OCT.
Price Band
170 - 179
Unofficial GMP
₹0
Lot Size
800 shares
Minimum Investment
₹2,86,400
SHELLZ INDIA IPO GMP
The latest available GMP is ₹0. Grey Market Premium is unofficial, may change frequently and does not guarantee the listing price, listing gains or investment returns.
Estimated Listing Price
₹179.00
Estimated Gain
0.0%
SHELLZ INDIA IPO GMP History
0
14 OCT
SHELLZ INDIA IPO Details
- IPO Type
- SME
- Status
- UPCOMING
- Price Band
- 170 - 179
- Issue Size
- ₹59.97 Cr
- Issue Type
- Book Build Issue
- Fresh Issue
- ₹54.07 Cr
- Face Value
- 10 Per Equity Share
- Lot Size
- 800
- Minimum Investment
- 2,86,400
- Exchange
- BSE SME
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead Managers
- Socradamus Capital Pvt.Ltd.
- Market Maker
- ₹5.90 Cr
SHELLZ INDIA IPO Dates
- Open Date
- 15 OCT
- Close Date
- 19 OCT
- Allotment Date
- 21 OCT
- Refund Date
- 22 OCT
- Demat Credit Date
- 22 OCT
- Listing Date
- 23 OCT
SHELLZ INDIA IPO Subscription
- QIB
- --
- NII / HNI
- --
- Retail
- --
- Employee
- --
- Total Subscription
- --
SHELLZ INDIA IPO Financials
Revenue
FY2026
₹193.00 Cr
+3.21% vs FY2025
PAT
FY2026
₹13.37 Cr
+61.08% vs FY2025
Total Assets
FY2026
₹214.00 Cr
+28.14% vs FY2025
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 162 | 187 | 193 |
| Net Profit | 5.25 | 8.30 | 13.37 |
| Total Assets | 147 | 167 | 214 |
SHELLZ INDIA IPO Valuation
- Market Cap (Post IPO)
- ₹216.00 Cr.
- EPS
- 15.34
- P/E Ratio
- 11.67
- Price to Book Value
- 2.48
- ROE
- 6.69%
- ROCE
- 4.69%
- RONW
- 6.47%
- Debt / Equity
- 1.72%
- PAT Margin
- 8.63%
- EBITDA Margin
- 18.04%
SHELLZ INDIA Peer Comparison
| Peer | Revenue | PAT | EPS | P/E | ROE | RONW | Debt / Equity |
|---|---|---|---|---|---|---|---|
| ANNAPURNA SWADISHT | 520.08 | 31.38 | 14.38 | 8.66x | -- | 9.50% | 0.69x |
SHELLZ INDIA IPO Market Lot
| Category | Lots | Shares | Investment |
|---|---|---|---|
| Retail Minimum | 2 | 1,600 | ₹2,86,400 |
| Retail Maximum | 2 | 1,600 | ₹2,86,400 |
| Small HNI | 3 | 2,400 | ₹4,29,600 |
| Big HNI | 7 | 5,600 | ₹10,02,400 |
SHELLZ INDIA IPO Reservation
- QIB
- 50%
- NII / HNI
- 15%
- Retail
- 35%
SHELLZ INDIA Promoter Holding and Anchor Allocation
- Pre-IPO Promoter Holding
- 88.11%
- Post-IPO Promoter Holding
- 63.64%
SHELLZ INDIA Company Overview
1. **Company Background:** Shellz India Limited is an Indian confectionery manufacturer established in 2012, specialising in affordable chocolates, candies, jellies and baked treats. 2. **Promoters:** The company is promoted by Kapil Garg and Shalini Garg. 3. **Brand Portfolio:** Its key brands include **Hugs** and **Tosca**, which offer products across different confectionery and snack categories. 4. **Product Range:** Its portfolio includes centre-filled chocolates, chocolate cones, truffles, dip sticks, cereal bars, jellies, candies, biscuits and other sweet treats. 5. **Affordable Pricing:** The company focuses on mass-market consumers, with many products designed for accessible price points such as ₹1, ₹2, ₹5 and ₹10. 6. **Product Innovation:** Shellz develops different product formats, flavours and packaging options to meet changing consumer preferences. 7. **Manufacturing Facilities:** It operates manufacturing units in Samaypur, Delhi, and Barhi, Sonipat, Haryana. 8. **Distribution Network:** Its super-stockist-led distribution model helps supply products to distributors and retailers across different markets. 9. **Market Reach:** The company's business targets urban, semi-urban and rural consumers through its distribution network. 10. **Retail and Consumer Markets:** Its products are aimed at everyday consumption, impulse purchases, sharing and small celebrations. 11. **Revenue Growth:** Consolidated revenue from operations increased from ₹162.41 crore in FY2024 to ₹186.97 crore in FY2025 and ₹192.62 crore in FY2026. 12. **Profitability:** Reported consolidated profit after tax increased from ₹5.25 crore in FY2024 to ₹8.30 crore in FY2025 and ₹13.37 crore in FY2026. 13. **Business Strategy:** The company aims to build recognisable consumer brands by combining affordable pricing, differentiated product formats and wider distribution. 14. **IPO Classification:** Shellz India is launching an SME IPO on the BSE SME platform, according to the published offer schedule. 15. **IPO Structure:** The announced issue is a fresh issue of approximately 33.50 lakh shares, with no Offer for Sale by existing shareholders in the stated issue structure.
SHELLZ INDIA Business Model
1. **Chocolate Manufacturing:** Produces chocolates in different shapes, flavours and formats for mass-market consumers. 2. **Centre-Filled Chocolates:** Manufactures chocolates with soft or flavoured centres, including products sold under its Hugs brand. 3. **Chocolate Cones:** Offers cone-shaped chocolate treats combining chocolate, wafer and other ingredients. 4. **Dip-Stick Products:** Produces snack formats that combine biscuit sticks with chocolate-based dips. 5. **Cereal and Chocolate Bars:** Offers bar-format products combining cereal ingredients and chocolate for convenient snacking. 6. **Jellies and Candies:** Manufactures sweet products in different shapes, flavours and formats aimed at children and other mass-market consumers. 7. **Baked Treats:** Offers baked and biscuit-based confectionery products within its broader product portfolio. 8. **Brand Development:** Builds consumer recognition through its Hugs and Tosca brands, product packaging and differentiated product formats. 9. **Affordable Consumer Products:** Focuses on products at accessible price points to encourage frequent purchases across income groups. 10. **Manufacturing Operations:** Uses its Delhi and Haryana manufacturing units to produce and supply confectionery products. 11. **Distribution Through Super Stockists:** Works with super stockists and distribution partners who help move products into local retail markets. 12. **Retail Distribution:** Serves retail outlets and other sales channels through its distribution network. 13. **Product Innovation:** Develops new flavours, packaging, product combinations and formats to respond to consumer preferences. 14. **Private-Label and Partnership Opportunities:** Its business contact channels also invite enquiries for private-label manufacturing, distribution partnerships and exports. 15. **Export Business:** The company has expressed an ambition to expand internationally, creating potential opportunities as its distribution and export relationships develop.
SHELLZ INDIA Objects of the Issue
1. **Type of Issue:** Initial Public Offering through a fresh issue of equity shares. 2. **Issue Size:** Approximately ₹59.97 crore. 3. **Fresh Issue:** The company proposes to issue approximately 33,50,400 equity shares with a face value of ₹10 each. 4. **Price Band:** ₹170–₹179 per share. 5. **Repayment or Prepayment of Borrowings:** Approximately ₹22 crore is proposed to be used to repay or prepay certain outstanding company borrowings. 6. **Incremental Working Capital:** Approximately ₹23 crore is proposed for funding additional working-capital requirements. 7. **General Corporate Purposes:** The remaining proceeds, subject to the final offer documents and applicable limits, are intended for general corporate purposes. 8. **Issue Expenses:** The issue proceeds also account for expenses associated with the public offering as specified in the offer documents. 9. **Debt Management:** The proposed repayment may reduce certain outstanding borrowings and related interest costs, depending on the actual repayment and loan terms. 10. **Working-Capital Support:** Additional funds may support inventory, raw-material purchases, production and the company's distribution operations. 11. **Fresh Capital for the Company:** Unlike an OFS-only IPO, the fresh issue is intended to provide capital to Shellz India for the disclosed purposes. 12. **Important Note:** These amounts are based on published IPO information and should be checked against the final RHP before publication.
SHELLZ INDIA Strengths
1. **Established Operating History:** The company has operated in the confectionery industry since 2012. 2. **Recognisable Brands:** Hugs and Tosca provide a platform for building consumer familiarity and expanding the product portfolio. 3. **Diversified Product Range:** Chocolates, jellies, candies, cereal bars and baked treats allow the company to serve different snacking preferences. 4. **Affordable Pricing Strategy:** Products at accessible price points can appeal to price-sensitive consumers and encourage repeat purchases. 5. **Mass-Market Focus:** Its product strategy targets a broad consumer base across different income groups and locations. 6. **Distribution-Led Business Model:** A super-stockist-led network can help the company reach retailers across multiple regions without relying entirely on a large direct-sales workforce. 7. **Manufacturing Infrastructure:** Existing manufacturing units in Delhi and Haryana support production and supply operations. 8. **Revenue Growth:** Consolidated revenue from operations rose from ₹162.41 crore in FY2024 to ₹192.62 crore in FY2026. 9. **Improving Reported Profit:** Consolidated PAT increased from ₹5.25 crore in FY2024 to ₹13.37 crore in FY2026. 10. **Product Innovation:** New flavours, formats and packaging can help the company differentiate its products in a competitive market. 11. **Everyday Consumption Category:** Confectionery products are often purchased as affordable, frequent-consumption items rather than infrequent high-value purchases. 12. **Expansion Opportunities:** Additional distribution reach, product launches and new retail partnerships could provide growth opportunities. 13. **Export Potential:** Overseas distribution and private-label opportunities could diversify sales if developed successfully. 14. **Fresh IPO Capital:** The proposed issue can provide funding for specified debt repayments and incremental working-capital needs. 15. **Potential Operating Efficiency:** Higher factory utilisation, better procurement and efficient distribution could support margins, provided sales growth is achieved without disproportionate cost increases.
SHELLZ INDIA Risks
1. **High Borrowings:** Reported borrowings were approximately ₹100.83 crore as of March 2026, making debt servicing and the planned repayment of loans important considerations. 2. **Working-Capital Pressure:** Confectionery manufacturing requires spending on ingredients, packaging, inventory and distribution before all sales proceeds are collected. 3. **Negative Operating Cash Flow:** The company reported negative operating cash flow of approximately ₹11.31 crore in FY2026, despite reporting a profit. Investors should examine the reasons and sustainability of cash generation. 4. **Consumer Preference Risk:** Demand depends on changing tastes, flavour preferences, product quality and consumer response to new products. 5. **Intense Competition:** The company competes with established national brands, regional manufacturers and smaller confectionery businesses. 6. **Price Sensitivity:** Its mass-market strategy relies on affordable pricing. Higher ingredient, packaging or distribution costs may be difficult to pass on to customers. 7. **Raw-Material Volatility:** Changes in the prices of cocoa, sugar, dairy ingredients, edible oils, packaging and other inputs may affect profit margins. 8. **Product Quality and Food Safety:** Manufacturing defects, contamination, labelling issues or failure to meet food-safety standards could lead to recalls, penalties and reputational damage. 9. **Distribution Dependence:** Reliance on intermediaries and super stockists may affect market coverage, product availability, collections and control over retail execution. 10. **Brand-Building Costs:** Maintaining consumer awareness and competing for shelf space may require advertising, promotions and trade incentives that affect profitability. 11. **Manufacturing Licence Compliance:** IPO-related reporting identifies a period during which the Delhi manufacturing unit did not hold a valid factory licence. Investors should review the disclosed dates, resolution and current compliance status in the RHP. 12. **Legal and Regulatory Proceedings:** Disclosed legal, tax and regulatory proceedings involving the company and related parties may result in financial costs or operational consequences depending on their outcomes. 13. **Debt Repayment Risk:** The proposed ₹22 crore repayment would reduce only part of the company's borrowings. Remaining debt, interest expenses and repayment obligations will continue to require monitoring. 14. **Expansion and Capacity Risk:** Investment in manufacturing capacity or consolidation of operations may lead to additional costs, execution challenges or underutilised facilities. 15. **Customer and Supplier Concentration:** Dependence on particular customers, distributors or suppliers could affect sales and production if relationships change. 16. **Profitability Sustainability:** Although reported PAT has increased, future profitability depends on maintaining margins amid competitive pricing and volatile input costs. 17. **IPO Valuation Risk:** Investors should compare the offer valuation with earnings, debt, cash flow, growth and listed consumer-food peers rather than relying solely on the company's brand story. 18. **SME Share Liquidity:** Shares listed on the SME platform may have lower trading liquidity and greater price volatility than shares of larger companies. 19. **Use-of-Proceeds Risk:** The expected benefits from debt reduction and working-capital funding depend on how effectively the company deploys the IPO proceeds. 20. **Execution Risk:** Growth depends on successful product launches, distribution expansion, quality control and the ability to convert revenue growth into sustainable cash flow.
SHELLZ INDIA Frequently Asked Questions
What is the SHELLZ INDIA IPO price band?
The SHELLZ INDIA IPO price band is 170 - 179.
What is the latest SHELLZ INDIA IPO GMP?
The latest available SHELLZ INDIA IPO GMP in the IPOWEB database is ₹0. GMP is unofficial and does not guarantee a listing gain.
When does the SHELLZ INDIA IPO open and close?
The SHELLZ INDIA IPO opens on 15 OCT and closes on 19 OCT.
When is the SHELLZ INDIA IPO allotment date?
The SHELLZ INDIA IPO allotment date is 21 OCT.
When is the SHELLZ INDIA IPO listing date?
The SHELLZ INDIA IPO listing date is 23 OCT.