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Shellz IPO

SME

Open Date

15 Oct 2026

Close Date

19 Oct 2026

Min Investment

₹ 2,72,000

Lot Size

800

Issue Size

₹ 59.97 Cr

Price Range

₹ 170 - ₹ 179

Subscribed

0.02 x
Apply Now
status

IPO Open Now.

IPO Timeline
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IPO Offer Start
15 Oct 2026
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IPO Offer Ends
19 Oct 2026
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Allotment Finalisation
21 Oct 2026
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Refund Initialisation
22 Oct 2026
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Non-Institutional Buyers (sHNI)
22 Oct 2026
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Listing of Shares
23 Oct 2026
IPO Subscription Details as on 15 Oct 2026, 10:42 AM
Qualified Instituational Buyers (QiB)
0 x
Retail
0.02 x
Total
0.02 x
Non-Institutional Buyer (bHNI)
0.06 x
Non-Institutional Buyer (sHNI)
0 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
Shellz India Limited is engaged in the manufacturing and marketing of confectionery products in India, offering a diversified portfolio of 300+ SKUs across baked treats, choco delights, jellies, and panned & sugar candies under its flagship 'Hugs' brand (mass-market, ₹10 and below) and premium 'Tosca' brand (e-commerce/modern trade focused). The company also manufactures food and bakery ingredients and undertakes private label manufacturing and exports to the Middle East, South Asia, and Europe. Products are distributed through 300+ super stockists across 24 states, with manufacturing facilities in Delhi and Sonipat, Haryana (proposed capacity: ~34,500 MTPA). For FY2026, the company reported revenue from operations of ₹19,261.52 lakhs, EBITDA of ₹3,014.81 lakhs, and net profit of ₹1,337.05 lakhs, reflecting a net profit CAGR of 59.52% from FY2024 to FY2026.
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Founded In

2012

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CEO

-

Financials of Shellz India IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2024Mar 2025Mar 2026
Operating Revenue162.41186.97192.61
Other Income0.390.410.56
Total Income
162.80187.39193.18
Total Expenses
154.83174.77173.88
Profit Before Tax7.9712.6219.29
Total Profit
5.258.3013.37

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company proposes to utilize a portion of the Net Proceeds towards repayment and/or pre-payment of certain existing borrowings availed from banks and financial institutions, with aggregate outstanding borrowings intended to be repaid not exceeding the allocated amount in Lakhs.22
The company intends to utilize a portion of the Net Proceeds to fund its incremental working capital requirements in Fiscal 2027, supporting expansion of manufacturing and distribution operations, procurement of raw materials, and scaling of its confectionery product portfolio.23
The company proposes to deploy the balance Net Proceeds towards general corporate purposes including acquisition of fixed assets, funding growth opportunities, strategic initiatives, brand building, administration, marketing, repairs, maintenance, and other ordinary course business expenses, subject to applicable regulatory limits.-
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  • Ability to Develop Differentiated Products Across Formats and Price Points: The company develops differentiated confectionery products across formats including baked treats, choco delights, jellies, and panned & sugar candies, supported by an in-house team of food and packaging technologists, with offerings ranging from mass-market ₹1 products to premium 'Tosca' items like 'Oat Choco' at ₹100–₹400.
  • Presence at Mass-Market Price Points Supported by a Diversified Product Portfolio: A majority of the company's SKUs are priced at ₹10 or below, aligning with Indian confectionery consumption patterns where 68% of non-adult consumers opt for confectionery at ₹10 or below, enabling participation across urban, semi-urban, and rural markets.
  • Super Stockist-Led Distribution Model Enabling Scalable Market Reach: The company distributes products through a network of over 300 super stockists across 24 states in India, with the super stockist channel contributing 94.38% of revenue (₹4,458.57 lakhs) for the period ended June 30, 2026, enabling wide geographic reach without a direct retail salesforce.
  • Integrated In-House Manufacturing Capabilities with Focus on Scalability and Process Control: The company manufactures all consumer products in-house at facilities in Delhi and Sonipat, Haryana, with current installed capacity of ~17,100 MTPA and planned expansion to ~34,500 MTPA, using machinery sourced from Turkey, China, Indonesia, and domestic suppliers.
  • In-House Product Development Capabilities Supported by Technical Expertise: The company's product development is supported by an in-house team of food and packaging technologists who handle formulation development, ingredient selection, product trials, and packaging design, enabling controlled introduction of new products across categories.
  • Experienced Promoters and Management Team: The company is led by Promoter Kapil Garg, who has over two decades of experience in the consumer-packaged food industry, supported by a senior management team with expertise in strategy, finance, engineering, and sales, including CFO Sangeeta Thakur with ~20 years of financial management experience.

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