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Shellz India IPO
Price Band
₹170.0–179.0
Issue Size
₹59.97 Cr
Lot Size
800 shares
Min Investment
₹286,400
2 LOTS MIN
GMP
+₹7.0 (3.91%)
Issue Price
₹179.0
Subject to Sauda
₹4300
Paid only if allotted
Shellz India IPO AI Summary
- Shellz India IPO is listed on BSE SME in the Packaged Foods sector.
- Price band: ₹170.0–₹179.0 per share, lot size 800 shares (min. investment ₹286,400, 2 lots minimum).
- Subscription window: 15 Oct–19 Oct 2026, listing on 23 Oct 2026.
- Current GMP is +₹7.0 (3.91%), an estimated listing price of ₹186 — unofficial and can change daily.
Shellz India Ltd. is set to enter the market with a diverse range of confectionery products and a robust distribution network. The IPO offers investors a chance to participate in a company with strong growth potential, although they should consider the inherent risks associated with IPO investments.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Overall Subscription
58.54x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
41.92x
|
42x ✓ |
| NII (HNI) |
86.41x
|
86x ✓ |
| ↳ bNII (>₹10L) |
98.42x
|
98x ✓ |
| ↳ sNII (<₹10L) |
62.41x
|
62x ✓ |
| Retail (RII) |
56.09x
|
56x ✓ |
| Total | 58.54x | 58.54x |
Auto-updated every 5 min · As of 19th Oct 2026 17:56
Shellz India IPO Grey Market Premium (GMP) Today
GMP
+₹7.0
GMP %
+3.91%
Est. Listing
₹186.0
Updated: 23 Oct 2026 06:00
GMP Trend (Last 10 Days)
About the Company
Shellz India Ltd. is engaged in the manufacturing and marketing of a wide range of confectionery products in India, supported by a diversified portfolio of over 250 SKUs. These offerings span across multiple categories, including chocolate-based products, jellies, baked treats, and other confectionery formats. In addition, the company manufacture and supply food and bakery ingredients, catering to urban and semi-urban markets, as well as smaller towns and rural areas, leveraging an extensive distribution network. It market its consumer products under two key brands: Hugs and Tosca. The flagship Hugs brand is positioned for the mass market and includes products across four primary categories: baked treats, chocolate-based confectionery, jellies, and panned and sugar confectionery. As of September 30, 2025, its products are distributed through a network of over 200 super stockists and are available across kirana outlets in approximately 24 states. The Tosca brand is positioned toward the mass-premium segment, offering products at relatively higher price points. This brand targets urban consumers with differentiated formats and packaging. In addition to the branded consumer business, the business also undertake private label manufacturing for third-party customers. Furthermore, the company export its products to international markets, including regions in the Middle East, Southeast Asia, and Europe (including Spain). These additional channels complement its core operations, enabling diversification across customers, product categories, and distribution channels. Competitive strengths Ability to develop differentiated products across formats and price points Presence at mass-market price-points supported by a diversified product portfolio Super stockist-led distribution model enabling scalable market reach Integrated in-house manufacturing capabilities In-house product development capabilities Experienced Promoters and Management Team
Company Financials (₹ Cr)
As of 2026-06-30
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 229.36 | 213.72 | 167.36 | 147.04 |
| Total Income | 47.43 | 193.18 | 187.39 | 162.81 |
| Profit After Tax | 4.08 | 13.37 | 8.30 | 5.25 |
| EBITDA | 8.52 | 30.15 | 22.79 | 18.94 |
| NET Worth | 63.03 | 58.95 | 40.58 | 26.99 |
| Reserves and Surplus | 54.31 | 50.24 | 39.89 | 26.35 |
| Total Borrowing | 108.56 | 100.83 | 78.18 | 70.93 |
Key Ratios
EPS
₹15.34
NAV
₹67.63
ROE
26.87%
ROCE
19.11%
RoNW
22.68%
P/B Value
2.65
P/E Ratio
11.67
Market Cap
₹216.00 Cr
PAT Margin
6.94%
Debt/Equity
1.71
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic |
|---|---|---|---|---|
| Annapurna Swadisht Ltd. | 151.33 | 9.5% | 8.66 | 14.38 |
| Shellz India Ltd. This IPO | 67.63 | 22.68% | — | 15.37 |
Promoters
Kapil Garg, Shalini Garg
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by our Company 22.00 2 Funding our incremental working capital requirements and 23.00 3 General corporate purposes | | Total 45.00
IPO Evaluation
Generated 24 Oct 2026Revenue Trend
Total income was ₹162.81 Cr for the period ending 31 Mar 2024, increasing to ₹193.18 Cr by 31 Mar 2026. However, for the most recent period ending 30 Jun 2026, total income was ₹47.43 Cr, which is not directly comparable as it reflects a 9-month figure.
Profit Trend
Profit after tax was ₹5.25 Cr for the period ending 31 Mar 2024, rising to ₹13.37 Cr by 31 Mar 2026. The latest reported profit after tax for the period ending 30 Jun 2026 was ₹4.08 Cr, but this figure is also not directly comparable due to it being a 9-month result.
Valuation
Shellz India Ltd. has a P/E ratio of 11.67 based on its earnings per share of ₹15.34. This is compared to peers like Annapurna Swadisht Ltd., which has a P/E of 8.66.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of the expected listing price of an IPO. It reflects the price at which shares are being traded in the grey market before they are officially listed on the stock exchange. A positive GMP suggests that demand for the shares is high, while a negative GMP indicates lower demand.
Subscription Demand
As of 19th Oct 2026, the overall subscription level was 58.54 times. The QIB category saw a subscription of 41.92 times, while the NII category was heavily oversubscribed at 86.41 times. Retail investors subscribed 56.09 times.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment strategy and market conditions. It is important to consider the company's fundamentals and growth potential.
Who May Want to Wait
Investors who prefer stable, low-risk investments may want to avoid IPOs like this, which can be subject to market fluctuations and uncertainties.
IPO Timeline, Explained
The IPO opens for subscription on 15th October 2026 and closes on 19th October 2026. Allotment of shares is expected by 21st October 2026, with the listing date set for 23rd October 2026.
Listing Gains — The Risk
Listing gains are not guaranteed and can vary significantly based on market conditions. Investors should be aware that while some IPOs may see a rise in share price on the listing day, others may not perform as expected, leading to potential losses.
This evaluation is generated from Shellz India's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Shellz India IPO GMP today?
Shellz India IPO GMP today is +₹7.0 (3.91%), indicating an estimated listing price of ₹186. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Shellz India IPO?
The price band of Shellz India IPO is ₹170.0–₹179.0 per share.
When does Shellz India IPO open and close?
Shellz India IPO opens on 15 October 2026 and closes on 19 October 2026.
When does Shellz India IPO list on the stock exchange?
Shellz India IPO listed on 23 October 2026 at ₹186.0.
What is the lot size for Shellz India IPO?
The lot size for Shellz India IPO is 800 shares, requiring a minimum investment of ₹286,400 (2 lots).
What is the lot size for this IPO?
The lot size for Shellz India IPO is 800 shares.
What is the minimum investment required?
The minimum investment required is ₹286,400.
What is the price band for the IPO?
The price band for the IPO is ₹170 to ₹179.
When is the listing date?
The listing date for Shellz India is 23rd October 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium or discount at which shares may trade on the grey market before listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
15 Oct 2026
Close
19 Oct 2026
Allotment
21 Oct 2026
Listing
23 Oct 2026
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