- Summary
- The Shellz India IPO is a book-building SME issue that opens on 15 October 2026 and closes on 19 October 2026.
- The issue is a fresh issue of 33,50,400 shares worth about ₹59.97 crore, with no offer for sale.
- The price band is ₹170 to ₹179 per share, the lot size is 800 shares and listing on BSE SME is tentatively set for 23 October 2026.
The Shellz India IPO is a book-built SME issue on BSE SME, with a face value of ₹10 per share. Bidding opens on 15 October 2026 and closes on 19 October 2026, within a price band of ₹170 to ₹179. The company is raising about ₹59.97 crore through a fresh issue of 33,50,400 equity shares, and there is no offer for sale. Of these, 3,29,600 shares are set aside for the market maker.
Bids are made in lots of 800 shares, so the minimum retail investment is 2 lots, or 1,600 shares worth ₹2,86,400 at the upper band. Small HNIs must bid for 3 lots (2,400 shares, ₹4,29,600) and can go up to 6 lots (4,800 shares, ₹8,59,200). Big HNIs start at 7 lots (5,600 shares, ₹10,02,400). Allotment is expected on 21 October 2026, and the shares are scheduled to list on BSE SME on 23 October 2026.
Shellz India IPO Key Details
These are the main details to review before you apply for the Shellz India IPO.
| IPO Open Date | 15 October 2026 |
| Close Date | 19 October 2026 |
| Face value | ₹10 per share |
| Price Band | ₹170 to ₹179 |
| IPO Lot Size | 800 Shares |
| Fresh issue | ₹59.97 crore approx (33,50,400 shares) |
| Offer for Sale | — |
| Type of issue | Book-building |
| Listing at | BSE SME |
| Total Issue Size (₹ Crore) | ₹59.97 cr approx |
| Minimum Investment | ₹2,86,400 (1,600 shares) |
Shellz India IPO Timeline
The key dates and stages of the Shellz India IPO are listed below.
| Anchor Investor Bidding | 14 October 2026 |
| Bid Opening | 15 October 2026 |
| Bid Closing | 19 October 2026 |
| Tentative Allotment | 21 October 2026 |
| Initiation of Refunds | 22 October 2026 |
| Credit of Shares to Demat | 22 October 2026 |
| Tentative Listing Date | 23 October 2026 |
| UPI mandate closing date | 19 October 2026 |
Key Performance Indicators of Shellz India IPO
The following ratios illustrate Shellz India Limited’s profitability, returns, and capital structure over the last three financial years.
| FY 2025–2026 | FY 2024–2025 | FY 2023–2024 | |
| ROE(%) | 26.87 | 20.46 | 19.47 |
| ROCE (%) | 19.11 | 34.06 | 30.30 |
| Debt Equity (in times) | 1.71 | 1.93 | 2.63 |
| PAT Margin (% before exceptional item) | 6.94 | 4.44 | 3.24 |
| EBITDA margin (%) | 15.65 | 13.35 | 12.53 |
Shellz India Ltd Financial Details
The table below summarises the company’s total income, assets and profit after tax over the last three financial years.
| FY 2025–2026 | FY 2024–2025 | FY 2023–2024 | |
| Total income | 19,318.13 | 18,739.24 | 16,280.74 |
| Total assets | 21,372.45 | 16,736.20 | 14,703.61 |
| Profit after tax (PAT) | 1,337.05 | 830.20 | 525.45 |
Shellz India IPO Subscription Status
Subscription figures are not available yet, because the issue opens on 15 October 2026.
The issue will accept bids between 10:00 AM and 5:00 PM on the public issue days.
Shellz India IPO Grey Market Premium (GMP)
The GMP is ₹0 as of 12 October 2026 (12:31 pm). Against the ₹179 upper band, that gives an estimated listing price of ₹179, so the grey market is pricing in neither a gain nor a loss. Only one reading has been logged so far, so no trend has formed yet.
| GMP Date | GMP | Est. Listing Price on upper price-₹179.00 | Est. Profit* | Trend |
|---|---|---|---|---|
| 13-Oct 12:04 | ₹0 (0.00%) ─ | ₹179 | ₹0 | Initial |
**The grey market gives an unofficial indication of the premium or discount being quoted for IPO shares before listing.
Shellz India IPO Reservation
The table below shows how the net issue is divided among QIBs, NIIs and retail investors, along with the market maker’s share.
| Investor Category | Offered No. of Shares |
| QIBs | Not more than 50% of the Net Issue |
| NIIs | Not less than 15% of the Net Issue |
| Retails | Not less than 35% of the Net Issue |
| Total | 33,50,400 shares |
Shellz India IPO Prospectus
The documents below carry the full disclosures for the Shellz India IPO.
About Shellz India Ltd.
Shellz India Limited was incorporated as a private limited company in 2012 (as Tifosi Foods Private Limited) and operates in the confectionery and food products sector. Headquartered in Delhi, the company manufactures items such as biscuit balls, hard-boiled confectioneries, and truffle-style chocolates.
Promoters:
- Kapil Garg
- Shalini Garg
| Book Runner | Socradamus Capital Private Limited |
| Issue Registrar | Bigshare Services Private Limited |
Purpose of Shellz India IPO
The company plans to use the net proceeds for the purposes below.
| Particulars | Estimated Amount in ₹ Crores |
| Repayment or prepayment of certain outstanding borrowings | 22.00 |
| Incremental working capital requirements | 23.00 |
| General corporate purposes | — |
| Total | 45.00 |
Shellz India Ltd. – Strengths and benefits
- Strong revenue and profit growth: Restated profit after tax grew significantly from ₹525.45 lakhs in FY24 to ₹1,337.05 lakhs in FY26.
- Expanding manufacturing capacity: The company is setting up a new manufacturing facility at Sonipat to scale production capacity.
- Established distribution and product portfolio: Diversified confectionery offerings spanning baked biscuit products, hard-boiled sweets, and chocolates distributed across multiple channels.
- Experienced leadership: Promoters bring extensive industry experience managing confectionery operations and business growth.
Shellz India Ltd. – Risks and limitations
- Raw material price volatility: Total cost of materials consumed constituted over 73% to 91% of total expenses across recent periods, making margins sensitive to ingredient price fluctuations (sugar, cocoa, milk solids).
- Working capital intensity: The business requires substantial working capital for inventory and receivables, and experienced negative cash flows from operating activities in FY26 due to supplier advances.
- Absence of long-term contracts: The company does not maintain long-term supply agreements with the majority of its customers and relies on recurring purchase orders.
Shellz India IPO Review
Shellz India reported profit growth from ₹525.45 lakh in FY24 to ₹1,337.05 lakh in FY26, with improving margins and lower debt. However, customer concentration, raw material volatility and working capital needs remain key risks. Investors should review the company’s financials, risk factors and IPO valuation before making a decision.
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Shellz India IPO FAQs
It is a book-building SME issue worth about ₹59.97 crore on BSE SME. The whole amount is a fresh issue of 33,50,400 shares, with 3,29,600 shares reserved for the market maker. The company will use the proceeds to repay borrowings and fund working capital.
Apply through a stockbroker or an IPO-enabled trading platform linked to your demat account. Most investors authorise the payment through UPI, which blocks the bid amount in the bank account until allotment. Retail investors must bid for at least 2 lots, or 1,600 shares.
The IPO has both positive factors and risks. Revenue and profit have grown, profit margins have improved, and the company plans to expand its manufacturing capacity. However, dependence on a small group of customers, raw material price volatility and working capital requirements are important concerns.
Bidding opens on 15 October 2026 and closes on 19 October 2026.
One lot is 800 shares, which works out to ₹1,43,200 at the upper band. The minimum retail bid is 2 lots, or ₹2,86,400.
Allotment is expected on 21 October 2026, with refunds and demat credit scheduled for 22 October 2026.
The shares are tentatively set to list on BSE SME on 23 October 2026, once allotment and refunds are complete.
