ListedSMEConsumer Food
Shellz India IPO Date, GMP, Review, Price, Allotment Details
Updated
Shellz India listed on BSE SME on 23 Oct 2026. Its issue price was ₹179. The IPO was subscribed 58.01 times overall. Bidding ran from 15 Oct to 19 Oct 2026 with a lot size of 800 shares.
- Price band
- ₹170–179
- Lot size
- 800 shares
- Minimum investment
- ₹2,86,400 (2 lots)
- Bidding
- 15 Oct – 19 Oct 2026
- Listing
- 23 Oct 2026
- Issue size
- ₹60 crore
- Exchange
- BSE SME
- Registrar
- Bigshare Services Private Limited
Shellz India IPO GMP today
| Last GMP before listing | ₹7 per share |
|---|---|
| Price band (upper) | ₹179 |
| Implied listing price | ₹186 (+3.9%) |
| Last updated | 23 Oct 2026, 7:37 am IST |
What GMP means: the grey market premium is an unofficial price that some traders quote before listing. It is not regulated and not published by the exchanges.
GMP often changes sharply and is not a prediction of the listing price. For official demand, check the subscription figures on this page.
About Shellz India
Shellz India makes and sells confectionery, the small sweet snacks and treats sold in local shops across the country. It also makes food and bakery ingredients that other businesses use, and it produces goods under other companies' brand names. Most of its products are cheap impulse buys, many priced at ₹10 or less.
The company was set up in May 2012 as Tifosi Foods Private Limited and took the name Shellz India in 2020. Its promoters are Kapil Garg, who is Chairman and Managing Director, and Shalini Garg. Before the issue, the promoters held about 88.11% of the company. After the fresh issue, their holding falls to about 63.64%.
The range has more than 300 products in four main groups: baked treats, chocolate-based products, jellies, and panned and sugar confectionery. The main brand is Hugs, aimed at the mass market. It brought in about 89.9% of revenue in FY26. A newer brand, Tosca, sells at higher prices mainly through online and quick-commerce platforms and includes an oat and cereal bar.
Tosca is still small at about 1.4% of sales, and bakery ingredients made up about 8.6%.
Nearly all sales, about 95.9% in FY26, go through more than 300 super stockists. They supply wholesalers and kirana shops across roughly 24 states. Sales are concentrated in North India, which gave about 75% of FY26 revenue. A small share comes from online platforms, modern retail, private-label work and exports to the Middle East, South Asia and Europe.
Manufacturing is in Samaipur, Delhi, with an installed capacity of 17,100 tonnes a year that ran at about 66% use in FY26. A new plant at Sonipat, Haryana is meant to take total capacity to about 34,500 tonnes. The company had 258 full-time employees as of 31 August 2026.
Total income was about ₹162.81 crore in FY24, ₹187.39 crore in FY25 and ₹193.18 crore in FY26. Net profit over the same years was about ₹5.25 crore, ₹8.30 crore and ₹13.37 crore. Growth in sales slowed to about 3% in FY26, while profit rose about 61%. Net worth was ₹58.95 crore in March 2026, against borrowings of ₹100.83 crore.
The issue is a fresh issue of 33,50,400 shares worth about ₹59.97 crore. Of the money raised, ₹22 crore is set aside to repay or prepay loans and ₹23 crore is for working capital. The rest will go to general corporate purposes and issue expenses. At the upper price of ₹179, the post-issue market value is about ₹216 crore. That is about 11.7 times FY26 earnings per share, or about 13.2 times on post-issue shares.
There are several points to watch. Debt is high, with debt to equity at about 1.7 times, and a lot of cash is tied up in stock and receivables. The business depends heavily on one brand, one region and the super stockist channel. Sugar, cocoa and packaging costs can swing, and low-price products make cost increases hard to pass on.
Disclosed legal and tax claims are also large compared with yearly profit. The shares will list on an SME platform, where trading can be thin.
Products and services
- Hugs brand confectionery (mass market, mostly ₹10 or below)
- Baked treats
- Choco delights (chocolate-based confectionery)
- Jellies
- Panned and sugar confectionery
- Tosca brand mass-premium products incl. Tosca Oat Choco (oat and cereal bar)
- Food and bakery ingredients
- Private-label (third-party) manufacturing
- Exports to Middle East, South Asia and Europe
Key strengths
- Super stockist-led distribution reaching about 24 states through 300+ super stockists
- Wide portfolio of 300+ SKUs across formats and price points
- In-house manufacturing, product development and quality control
- Strong presence in the mass-market ₹10-and-below segment via Hugs
- Second brand Tosca for e-commerce and quick-commerce
- Multiple revenue streams: branded, ingredients, private label and exports
- PAT rose from ₹5.25 crore (FY24) to ₹13.37 crore (FY26); FY26 RoNW 22.68%
SWOT analysis
Strengths
- Established mass-market brand Hugs with 300+ SKUs
- Wide super stockist network across about 24 states
- In-house manufacturing and product development
- Improving profitability: FY26 PAT up about 61%, EBITDA margin 15.65%
Weaknesses
- High leverage: borrowings ₹100.83 crore, debt-to-equity about 1.71
- Heavy dependence on Hugs brand (about 90% of FY26 revenue)
- About 75% of revenue from North India
- Nearly 96% of sales through super stockists
- Large working capital tied up in inventory and receivables
- Revenue growth slowed to about 3% in FY26
Opportunities
- Sonipat facility to roughly double capacity to about 34,500 MTPA
- Growth of Tosca via e-commerce and quick-commerce
- Expansion beyond North India and into more exports
- Indian confectionery market projected to grow at about 6.3% CAGR to FY2030 (company-commissioned industry report)
- Lower interest cost after debt repayment from issue proceeds
Threats
- Competition from large multinational, national and unorganised players
- Volatility in sugar, cocoa, dairy and packaging costs
- Price-sensitive segment limits ability to pass on cost increases
- Shift in consumer preference toward healthier snacks
- Food safety and regulatory risks
- Thin trading and liquidity risk on SME platform
SWOT is a neutral summary of public information and the offer document. It is not a recommendation.
Shellz India IPO review: an honest look at the numbers
Here is an honest look at what the numbers say about the Shellz India IPO. We don't tell you to apply or to stay away. We lay out the facts so you can decide.
- Issue size: At ₹60 crore, this is a small issue.
- Price: The price band is ₹170–179 per share. The smallest application costs ₹2,86,400 at the top of the band.
- Demand: Bids so far cover the shares on offer 58.01 times, which is very strong demand. Institutions (QIBs) bid 41.92 times their quota; many investors watch this number closely.
- Promoters: Promoter holding falls from 88.11% to 63.64% after the issue.
- Risks: The company lists 8 key risks in its offer document. We summarise them in our notes below.
- SME platform: SME shares usually trade less often than mainboard shares, and the minimum application is larger. That can make it harder to sell quickly.
Before you decide
Read the "Risk factors" and "Objects of the issue" chapters of the RHP for the Shellz India IPO. They explain what could go wrong and how the money will be used.
Ask yourself whether you would hold the shares if they listed below the issue price. Invest only money you will not need soon.
This review summarises public data. It is not a rating or a recommendation to apply.
Shellz India IPO subscription status
Updated · final figures
| Category | Times subscribed |
|---|---|
| Qualified institutional buyers (QIB) | 41.92× |
| Non-institutional investors (NII) | 86.41× |
| Retail investors | 56.09× |
| Total | 58.01× |
A figure of 3× means investors bid for three times the shares on offer in that category.
Shellz India IPO lot size and minimum investment
One lot of the Shellz India IPO is 800 shares. At the upper price band of ₹179, one lot costs ₹1,43,200.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Minimum application | 2 | 1,600 | ₹2,86,400 |
| Next size up (HNI) | 3 | 2,400 | ₹4,29,600 |
SME IPOs have a larger minimum application than mainboard issues. Bids above the minimum are made in whole lots.
Shellz India IPO employee quota, anchor investors and bids
Employee quota
No. The Shellz India IPO has no separate quota for employees.
Anchor investors
| Amount raised | ₹16.2 crore |
|---|---|
| Lock-in on 50% of anchor shares ends | Sat, 21 Nov 2026 30 days |
| Lock-in on remaining 50% ends | Wed, 20 Jan 2027 90 days |
Main anchor investors: Sanshi Fund-I, India Max Investment Fund Ltd., Vikasa India EIF I Fund (INCUBE Global Opportunities) and Resonance Opportunities Fund.
Lock-in dates are counted from the allotment date under SEBI rules. Shares coming out of lock-in can add selling pressure around those dates.
How much QIB, NII and retail investors bid
Updated
| Category | Shares on offer | Times subscribed | Amount bid |
|---|---|---|---|
| Anchor investors | ₹16.2 cr | 1× | ₹16 cr |
| Qualified institutional buyers (QIB, excluding anchors) | ₹13.8 cr | 41.92× | ≈ ₹578 cr |
| Non-institutional investors (NII) | ₹9 cr | 86.41× | ≈ ₹778 cr |
| Retail investors | ₹21 cr | 56.09× | ≈ ₹1,178 cr |
| Total (excluding anchors) | ₹43.8 cr | 58.01× | ≈ ₹2,534 cr |
≈ marks an estimate: times subscribed × the value of shares on offer at the upper price band. Amount bid is demand, not money invested; most bidders receive fewer shares and get the rest refunded.
Shellz India listed peers
| Company | P/E | RoNW |
|---|---|---|
| Annapurna Swadisht | 8.66× | 9.50% |
Listed peers named in the company's offer document. P/E and RoNW change with share prices and results; the IPO's P/E uses its market cap at the upper band and latest annual profit.
Shellz India IPO date and timeline
- Bidding opens
- Bidding closes
- Basis of allotment
- Refunds start
- Shares credited to demat
- Listing
Approve your UPI mandate before 5 pm on the closing day, or the bid is rejected.
What happens after bidding closes
Bidding closed on 19 Oct 2026. The registrar then works out who gets shares, and the basis of allotment was finalised on 22 Oct 2026.
If you don't get shares, the money blocked in your bank account is released from 22 Oct 2026. If you do, the shares reach your demat account the same day.
The Shellz India IPO listed on BSE SME on 23 Oct 2026, when trading in the shares begins.
Shellz India financials
What brokers say about the Shellz India IPO
Broker IPO notes usually arrive a day before bidding opens. We add each firm's rating and reason here, with a link to the original.
Marketasset notes on the Shellz India IPO
Use of proceeds
- Repayment/prepayment of certain borrowings: ₹22.00 crore
- Incremental working capital requirements: ₹23.00 crore
- General corporate purposes and issue expenses: balance (about ₹14.97 crore of the ₹59.97 crore issue)
Promoter holding
Before the issue: 88.11%. After the issue: 63.64%. Promoters: Kapil Garg, Shalini Garg.
Key risks the company lists
- High debt (₹100.83 crore at FY26; ₹108.56 crore at June 2026) and debt-to-equity of about 1.7
- Concentration on one brand (Hugs), one region (North India) and one channel (super stockists)
- Raw material and packaging cost volatility with limited pricing power in low-price products
- Significant working capital needs; cash tied up in inventory and receivables
- Modest revenue growth (about 3% in FY26)
- Disclosed statutory claims of about ₹20.77 crore, large relative to annual profit
- Execution risk on Sonipat capacity expansion
- SME listing: limited liquidity and higher price volatility
Other observations
The price band is ₹170 to ₹179 per share (face value ₹10) with a lot size of 800 shares; individual investors must apply for a minimum of 2 lots (1,600 shares), or ₹2,86,400 at the upper band, while small HNIs need at least 3 lots (₹4,29,600) and big HNIs at least 7 lots (₹10,02,400).
The total issue is 33,50,400 shares worth about ₹59.97 crore, entirely a fresh issue with no offer for sale; 3,29,600 shares (about ₹5.90 crore) are reserved for the market maker and the net offer is 30,20,800 shares (about ₹54 crore). Anchor bidding took place on 14 October 2026, raising about ₹16.20 crore through 9,04,800 shares at ₹179, with half locked in for 30 days and half for 90 days.
Bidding ran from 15 to 19 October 2026; allotment is expected on 21 October, refunds and demat credit on 22 October and listing on BSE SME on 23 October 2026 (tentative). The book-running lead manager is Socradamus Capital Pvt. Ltd., the registrar is Bigshare Services Pvt. Ltd. and the market maker is Mansi Share & Stock Broking Pvt. Ltd.
Post-issue shares are 1,20,67,104, giving a market cap of about ₹216 crore at the upper band, with P/E of about 11.67x on pre-issue FY26 EPS of ₹15.34 and about 13.24x on post-issue EPS of ₹13.52.
Data conflicts noted: FY26 EPS is quoted as ₹15.34 in some places and ₹15.37 in the peer table; FY26 revenue is ₹192.62 crore from operations versus ₹193.18 crore total income; one source puts allotment on 22 October rather than 21 October; some sources mention NSE as well as BSE, but the issue lists only on BSE SME; final-day subscription snapshots differ by time of capture (about 2.67x to 3.24x overall on the morning of 19 October), and day-2 figures also vary between trackers (0.89x to 1.05x).
These notes describe the offer document. They are not a rating or a recommendation.
How to apply for the Shellz India IPO
- Choose your bid. Pick the number of lots (minimum ₹2,86,400) and tick "cut-off price" so your bid counts at the final price.
- Apply through UPI or ASBA. Use your broker's app with your UPI ID, or your bank's net banking (ASBA). The money is blocked, not debited.
- Approve the UPI mandate in your UPI app before 5 pm on the closing day.
- Check allotment after the allotment date, as explained in the next section.
This is an SME IPO: the minimum application is larger than for mainboard issues, and shares trade on the SME platform.
How to check Shellz India IPO allotment status
The basis of allotment for the Shellz India IPO was finalised on 22 Oct 2026. After that, you can check your status in any of these places.
- Registrar's website: open Bigshare Services Private Limited's allotment page, choose Shellz India and enter your PAN or application number.
- BSE: BSE's allotment status page. Select the issue type and name, then enter your application number and PAN.
- NSE: NSE's IPO bid verification page. Log in with your PAN to see your bid and allotment.
- Your bank or broker: the UPI mandate is either debited (shares allotted) or released (not allotted), usually by SMS.
IPO rules, including how retail shares are allotted by lottery when an issue is oversubscribed, are set by SEBI.
Shellz India IPO listing performance
| Issue price | ₹179 |
|---|---|
| Current price 13 Nov 2026, 10:02 am IST | ₹176.8 |
| Change from issue price | −1.23% |
Shellz India IPO FAQs
When does the Shellz India IPO open and close?
The Shellz India IPO was open for bidding from 15 Oct 2026 to 19 Oct 2026.
What is the price band and lot size of the Shellz India IPO?
The price band is ₹170–179 per share and one lot is 800 shares.
What is the minimum investment in the Shellz India IPO?
The smallest application is 2 lots (1,600 shares), which costs ₹2,86,400 at the top of the price band.
When is the Shellz India IPO allotment date and how do I check my status?
The basis of allotment was finalised on 22 Oct 2026. You can check your allotment status on the website of the registrar, Bigshare Services Private Limited, using your PAN or application number, or on the BSE and NSE websites.
When will Shellz India shares list?
Shellz India listed on BSE SME on 23 Oct 2026.
Who are the lead managers and registrar of the Shellz India IPO?
The registrar is Bigshare Services Private Limited.
How many times has the Shellz India IPO been subscribed?
The Shellz India IPO was subscribed 58.01 times overall: 41.92 times by QIBs, 86.41 times by non-institutional investors and 56.09 times by retail investors. Figures as of 19 Oct 2026, 11:36 am IST.
Does the Shellz India IPO have an employee quota?
No. The Shellz India IPO has no separate quota for employees.
How much did the Shellz India IPO raise from anchor investors?
Shellz India raised ₹16.2 crore from anchor investors. Half of the anchor shares are locked in until 21 Nov 2026 and the rest until 20 Jan 2027.
Who are the listed peers of Shellz India?
Listed companies comparable to Shellz India include Annapurna Swadisht.