Shellz India
LIVEIPO Date: 15 Oct - 19 Oct 2026
Listing Date: 23 Oct 2026
Price Range
₹170 to ₹179
Issue Size
60 Cr
Min Investment
₹2,72,000
2 lots minimum (SEBI rule for SME)
Min Application
1600 Shares
800 per lot × 2
Schedule of Shellz India
Issue open date
15 Oct 2026
Issue close date
19 Oct 2026
UPI mandate deadline
19 Oct 2026 (5 PM)
Allotment finalization
21 Oct 2026
Share credit
22 Oct 2026
Listing date
23 Oct 2026
Mandate end date
3 Nov 2026
Issue size
| Funds Raised in the IPO | Amount |
|---|---|
| Overall | 60 Cr |
| Fresh Issue | 33.5 Cr |
| Offer for Sale | 0 Cr |
Allotment DetailsNew
| Allotment Timeline | Details |
|---|---|
| Allotment Date | 21 Oct 2026 |
| Allotment Link | {Link} |
Grey Market Premium
NewGrey Market Premium (GMP) is the premium at which the shares are traded in the grey market. It gives a fair idea about the listing price of the IPO shares. The GMP can be positive or negative based on the demand and supply of the shares in the grey market.
| Date | IPO Price | GMP | Est. Listing Price |
|---|---|---|---|
| 16 Oct 2026Latest | ₹179 | ₹0 | ₹179(0%) |
| 15 Oct 2026 | ₹179 | ₹0 | ₹179(0%) |
| 14 Oct 2026 | ₹179 | ₹0 | ₹179(0%) |
| 13 Oct 2026 | ₹179 | ₹0 | ₹179(0%) |
| 12 Oct 2026 | ₹179 | ₹0 | ₹179(0%) |
| 11 Oct 2026 | ₹179 | ₹0 | ₹179(0%) |
Performance Shellz India
| Issue Price | Listing Gain | Current Market Price | P/L |
|---|---|---|---|
| ₹170 to ₹179 | .... | .... | .... |
About Shellz India
Shellz India Limited is an Indian confectionery manufacturer established in 2012. The company produces affordable sweets and snacks, including baked treats, chocolates, jellies, panned candies, and sugar candies, along with food and bakery ingredients. Its consumer products are marketed under the brands Hugs and Tosca, targeting mass-market and mass-premium consumers. The company primarily serves price-sensitive customers through a distribution network of super stockists, distributors, wholesalers, and retail outlets, with a strong presence in North India. It manufactures products in Delhi and is working to consolidate manufacturing operations at its facility in Sonipat, Haryana.
| Founded in | 2012 |
| Managing director | Kapil Garg |
| Parent organization |
Financial Overview
Strengths
5- 1
Affordable product positioning. Many products are priced at ₹10 or below, making them accessible to price-sensitive consumers and supporting impulse purchases.
- 2
Established consumer brands. Hugs and Tosca provide an established platform for reaching consumers across different confectionery price segments.
- 3
Diversified product portfolio. The company manufactures baked treats, chocolates, jellies, and candies, as well as food and bakery ingredients, reducing dependence on a single product category.
- 4
Established distribution network. Its super-stockist-led model helps distribute products through wholesalers, local distributors, and retail outlets, particularly in North India.
- 5
In-house packaging capabilities. Manufacturing packaging materials for its own consumption may improve control over packaging availability, production planning, and costs.
Risks
5- 1
Geographic concentration. North India contributed approximately 75.34% of revenue in FY2026, with Delhi NCR alone accounting for approximately 39.68%. This concentration exposes the company to regional demand fluctuations.
- 2
Dependence on super stockists. Super stockists contributed approximately 95.91% of revenue in FY2026. The lack of long-term contracts and the non-exclusive nature of these relationships could affect sales if key distributors stop purchasing the company's products.
- 3
High debt and repayment concerns. Outstanding borrowings were approximately ₹109.49 crore as of 30 June 2026, with a debt-to-equity ratio of around 1.72 times. The offer documents also disclose certain past repayment delays, making debt management an important concern.
- 4
Manufacturing relocation risk. Consolidating production from Delhi to Sonipat could cause temporary disruptions, additional costs, or delays while the new facility becomes fully operational.
- 5
Raw-material price volatility. Ingredients such as cocoa, sugar, milk solids, and fats expose the company to fluctuating input costs. If it cannot pass these increases on to customers, profit margins could come under pressure.
Subscription Figures
| Category | Subscription (No. of times) |
|---|---|
| Qualified Institutional Buyers (QIBs) | N/A |
| Non-Institutional Investors (NIIs) | 2.03 |
| Retail Individual Investors (RIIs) | 0.65 |
| Employee | N/A |
| Total | 0.76 |