Shellz India IPO

Shellz India Limited, incorporated in May 2012, manufactures and markets confectionery products and supplies food and bakery ingredients. Its portfolio includes over 300 stock-keeping units across multiple categories, marketed under the Hugs and Tosca brands. Hugs offers affordable baked treats, chocolates, jellies and sugar confectionery, while Tosca targets the mass-premium segment with differentiated products and packaging. The company operates a distribution network of over 300 super stockists, reaching kirana stores across approximately 24 Indian states as of March 31, 2026. It also undertakes private-label manufacturing and exports products to markets across the Middle East, South Asia and Europe. Its operations are supported by in-house manufacturing, product development, research and development, and quality assurance capabilities.

Shellz India Limited IPO Overview

Shellz India Limited is launching a bookbuilding IPO worth ₹59.97 crore, comprising a fresh issue of 33,50,400 shares without any offer for sale. The IPO opens on October 15, 2026, and closes on October 19, 2026, with a price band of ₹170 to ₹179 per share and a face value of ₹10. The allotment is expected to be finalised on October 21, followed by refunds and demat credit on October 22. The company is scheduled to list on the BSE SME platform on October 23, 2026. The issue includes 3,29,600 shares reserved for the market maker, valued at approximately ₹6 crore, while 30,20,800 shares constitute the net public issue. Individual investors must apply for a minimum of two lots, comprising 1,600 shares and requiring ₹2,86,400 at the upper price band. Socradamus Capital Pvt. Ltd. is the book-running lead manager, Bigshare Services Pvt. Ltd. is the registrar, and Mansi Share & Stock Broking Pvt. Ltd. is the market maker.

Shellz India Limited IPO Details

Particulars	Details
IPO Date	15 October 2026 to 19 October 2026
Listing Date	23 October 2026
Face Value	₹10 per share
Issue Price Band	₹170 to ₹179 per share
Lot Size	800 shares
Total Issue Size	33,50,400 shares (aggregating up to ₹59.97 crore)
Fresh Issue	33,50,400 shares (aggregating up to ₹59.97 crore)
Offer for Sale	Nil
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Shareholding Pre-Issue	87,16,704 shares
Shareholding Post-Issue	1,20,67,104 shares
Market Maker Portion	3,29,600 shares (approximately ₹6 crore)
Net Issue to Public	30,20,800 shares (approximately ₹54 crore)
Lead Manager	Socradamus Capital Pvt. Ltd.
Registrar	Bigshare Services Pvt. Ltd.
Market Maker	Mansi Share & Stock Broking Pvt. Ltd.

Shellz India Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII (HNI)	Not less than 15% of the Net Issue

Shellz India Limited IPO Lot Size

Application	Lots	Shares	Amount
Individual Investors (Minimum)	2	1,600	₹2,86,400
Individual Investors (Maximum)	2	1,600	₹2,86,400
S-HNI (Minimum)	3	2,400	₹4,29,600
S-HNI (Maximum)	6	4,800	₹8,59,200
B-HNI (Minimum)	7	5,600	₹10,02,400

Shellz India Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	88.11%
Post-Issue	63.64%

Shellz India Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹15.34 pre-issue; ₹13.52 post-issue
Price/Earnings (P/E) Ratio	11.67x pre-issue; 13.24x post-issue
Return on Net Worth (RoNW)	22.68%
Net Asset Value (NAV)	₹67.63 per share
Return on Equity (ROE)	26.87%
Return on Capital Employed (ROCE)	19.11%
EBITDA Margin	15.65%
PAT Margin	6.94%
Debt-to-Equity Ratio	1.71x

Objectives of the Proceeds

I. ₹22 crore will be used to repay or prepay outstanding borrowings, helping reduce debt obligations and associated interest costs.

II. ₹23 crore will support inventory, operating expenses and additional working capital requirements arising from business operations.

III. A portion of the proceeds will support general corporate requirements, subject to the final issue documents and applicable regulatory limits.

Key Financials (in ₹ crore)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	213.72	167.36	147.04
Revenue	193.18	187.39	162.81
Profit After Tax	13.37	8.30	5.25
Reserves and Surplus	50.24	39.89	26.35
Total Borrowings	100.83	78.18	70.93

IPO Strengths

I. Super stockist-led distribution model enabling scalable market reach.

II. Ability to develop differentiated products across formats and price points.

III. In-house product development capabilities supported by technical expertise.

IV. Presence in the mass-market segment supported by a diversified product portfolio.

V. Integrated in-house manufacturing capabilities with a focus on scalability and process control.

Peer Group Comparison

Company Name	EPS (Basic)	NAV (₹ per share)	P/E Ratio (x)	RoNW (%)	P/BV Ratio
Shellz India Limited	₹15.37	₹67.63	—	22.68%	—
Peer Group
Annapurna Swadisht Limited	₹14.38	₹151.33	8.66x	9.50%	0.82x