Shellz India IPO: Price Band, Lot Size, Financials & Review
Shellz India IPO opens on Thu, 15 Oct 2026 and closes on Mon, 19 Oct 2026. The price band is ₹170 – ₹179 with a lot of 800 shares, so one retail lot costs ₹2,86,400 at the upper band.
Last updated
- Price band
- ₹170 – ₹179
- Lot size
- 800 shares
- Min. investment
- ₹2,86,400
- Issue size
- ₹59.97 Cr
Shellz India IPO details
Shellz India IPO is a ₹59.97 Cr book-building IPO on the SME segment, listing on BSE. It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
The issue opens on Thu, 15 Oct 2026 and closes on Mon, 19 Oct 2026. Allotment is expected on Wed, 21 Oct 2026 and listing on Fri, 23 Oct 2026.
The price band is ₹170 to ₹179 per share and the lot size is 800 shares, so the minimum retail application is ₹2,86,400. Retail investors can apply for up to 2 lots (1,600 shares, ₹2,86,400).
Bigshare Services Pvt Ltd is the registrar, and Socradamus Capital Private Limited is the book running lead manager.
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not More Than 50% of the Net Issue |
| Retail Investors | Not Less Than 35% of the Net Issue |
| Non-Institutional | Not Less Than 15% of the Net Issue |
Shellz India IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,600 | ₹2,86,400 |
| Retail (Max) | 2 | 1,600 | ₹2,86,400 |
| S-HNI (Min) | 3 | 2,400 | ₹4,29,600 |
| S-HNI (Max) | 6 | 4,800 | ₹8,59,200 |
| B-HNI (Min) | 7 | 5,600 | ₹10,02,400 |
Amounts at the upper end of the price band.
Issue structure and valuation
It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
At the upper price band of ₹179, the issue is priced at 18.80x pre-issue earnings and 17.46x post-issue earnings per share.
Listed peers with positive earnings trade at a median P/E of 18.22x (1 company).
Promoter holding falls from 88.11% before the issue to 63.64% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹9.52 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 18.80x |
| EPS (post-issue) EPS on the enlarged share capital | ₹10.25 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 17.46x |
| Promoter holding (pre-issue) | 88.11% |
| Promoter holding (post-issue) | 63.64% |
Shellz India Limited financials
Between 31 Mar 2023 and 30 Sep 2025, Income fell from ₹158.77 Cr to ₹92.1 Cr, and profit after tax rose from ₹3.19 Cr to ₹6.19 Cr. The PAT margin for 30 Sep 2025 was 6.72%.
| Period ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 198.58 | 167.36 | 147.04 | 127.97 |
| Total Income | 92.10 | 187.39 | 162.81 | 158.77 |
| Profit After Tax | 6.19 | 8.30 | 5.25 | 3.19 |
| Net Worth | 51.77 | 40.58 | 26.99 | 21.74 |
| Reserve & Surplus | 51.04 | 39.89 | 26.35 | 21.10 |
| Total Borrowings | 91.16 | 96.90 | 70.93 | 66.58 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|
| ROE % | 26.79 | 24.57 | 21.56 | 15.78 |
| ROCE % | 18.23 | 17.50 | 15.89 | 13.11 |
| Debt / Equity | 1.76 | 1.93 | 2.63 | 3.06 |
| RoNW % | 11.95 | 20.46 | 19.47 | 14.69 |
| Pat Margin % | 6.73 | 4.44 | 3.24 | 2.01 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Shellz India Ltd | 10 | — | 9.59 | 9.59 | 20.46% | 46.87 |
| Annapurna Swadisht Ltd | 10 | 18.22 | 9.46 | 9.46 | 6.29% | 136.68 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by our Company | 22.00 |
| 2 | Funding our incremental working capital requirements | 23.00 |
| 3 | General corporate purposes | — |
| Total | 45 |
About Shellz India Limited
Shellz India Ltd. is engaged in the manufacturing and marketing of a diverse range of confectionery products in India, supported by a portfolio of over 250 SKUs across categories such as chocolate-based confectionery, jellies, baked treats, and other confectionery products.
In addition to its consumer confectionery business, the company manufactures and supplies food and bakery ingredients, catering to customers across urban and semi-urban markets, as well as smaller towns and rural areas through an extensive distribution network.
The company markets its consumer products under two key brands, Hugs and Tosca. Hugs, its flagship brand, is positioned in the mass-market segment and offers products across four major categories: baked treats, chocolate-based confectionery, jellies, and panned and sugar confectionery. As of September 30, 2025, the company’s distribution network comprised over 200 super stockists, with its products available through kirana outlets across approximately 24 states. Tosca, on the other hand, caters to the mass-premium segment, offering products at relatively higher price points and targeting urban consumers through differentiated product formats and packaging.
Beyond its branded consumer business, Shellz India Ltd. undertakes private-label manufacturing for third-party customers, enabling it to serve a broader customer base. The company also exports its products to international markets, including the Middle East, Southeast Asia, and Europe, including Spain. These complementary business channels support diversification across customer segments, product categories, and geographical markets, while strengthening the company’s overall distribution and market reach.
Promoters
- Kapil Garg
- Shalini Garg
Contact details
Shellz India Ltd.
39/35, 2nd Floor, Main Rohtak Road,
Near Shivaji Park Metro Station,
West Punjabi BaghShivaji Park
West Delhi, New Delhi, 110026
Telephone: 011 – 4850 4850
Email: investor@shellz.in
Website: https://www.shellz.in/
Shellz India IPO FAQs
- What is the Shellz India IPO price band?
- The Shellz India IPO price band is ₹170 to ₹179 per share.
- What is the Shellz India IPO lot size and minimum investment?
- The Shellz India IPO lot size is 800 shares. The minimum retail investment is ₹2,86,400 for one lot at the upper price band. Retail investors can apply for up to 2 lots (1,600 shares), costing ₹2,86,400.
- When does Shellz India IPO open and close?
- Shellz India IPO opens on Thu, 15 Oct 2026 and closes on Mon, 19 Oct 2026.
- What is the Shellz India IPO allotment date?
- The Shellz India IPO basis of allotment is expected on Wed, 21 Oct 2026. You can check your allotment status on the Bigshare Services Pvt Ltd website.
- What is the Shellz India IPO listing date?
- Shellz India IPO is expected to list on BSE on Fri, 23 Oct 2026.
- Is the Shellz India IPO a fresh issue or an offer for sale?
- It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
- Who are the registrar and lead managers of the Shellz India IPO?
- The registrar for the Shellz India IPO is Bigshare Services Pvt Ltd, and the book running lead manager is Socradamus Capital Private Limited.
- How to apply for the Shellz India IPO?
- Apply through your broker app or net banking using UPI or ASBA. Select the IPO, enter the number of lots and your bid (retail investors can bid at the cut-off price), and approve the UPI mandate before the issue closes on Mon, 19 Oct 2026.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.