SME
IPO ·
BSE SME
Shellz India Ltd
Listed
Confectionery maker (Hugs, Tosca brands) that also supplies food and bakery ingredients.
Issue details
Price band
₹170 – ₹179
Face value
₹10
Lot size
800 shares
Minimum investment
₹2,86,400
Issue size
₹59.97 Cr
Fresh issue
₹59.97 Cr
Offer for sale
—
Issue type
Book Built
Exchange
BSE SME
Key dates
Opens
15 Oct 2026
Closes
19 Oct 2026
UPI mandate cut-off
5:00 PM on 19 Oct 2026
Allotment
21 Oct 2026
Refunds
22 Oct 2026
Shares in demat
22 Oct 2026
Listing
23 Oct 2026
Subscription and listing
Subscription
58.54x
Listing price
₹179
Registrar
Bigshare Services Pvt Ltd
Lead manager
Socradamus Capital Pvt Ltd
Subscription by category
QIB (Ex Anchor)
41.92x
NII *
86.41x
bNII (> ₹10L)
98.42x
sNII (< ₹10L)
62.41x
Individual Investor
56.09x
Total
58.54x
Total applications
46,423
Anchor investors
Amount raised
₹16.20 Cr
Bid date
14 Oct 2026
50% lock-in ends
19 Nov 2026
Rest lock-in ends
18 Jan 2027
Listing day
Issue price
₹179
Open
₹179.00
High
₹179.00
Low
₹170.05
Day close
₹170.05
Listing gain at open
0.00%
Issue structure
Shares reserved per category and share of the total issue
QIB
15,09,600
45.06%
Anchor Investor
9,04,800
27.01%
QIB (Ex. Anchor)
6,04,800
18.05%
NII
4,53,600
13.54%
bNII > ₹10L
3,02,400
9.03%
sNII < ₹10L
1,51,200
4.51%
Retail
10,57,600
31.57%
Market Maker
3,29,600
9.84%
Total
33,50,400
100.00%
Finaccle’s quick read
Avoid
Debt/equity is high at 1.71 and FY26 revenue grew just 3% while PAT rose 61%, despite a modest post-issue P/E of 13.24x.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Shellz India makes confectionery under the mass-market Hugs brand and the premium Tosca brand, and also produces food and bakery ingredients. It sells through more than 300 super stockists in about 24 states, does private-label work and exports to the Middle East, South Asia and Europe. It is a small business with 258 staff and FY26 income of about ₹193 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
26.87%
ROCE
19.11%
Debt / equity
1.71
PAT margin
6.94%
P/E post issue
13.24
Market cap
₹216.00 Cr
Use of IPO money
Repayment/prepayment of borrowings
₹22.00 Cr
Incremental working capital
₹23.00 Cr
General corporate purposes
₹6.10 Cr
Issue expenses
₹8.87 Cr
Strengths
✓
Two-brand portfolio across mass and premium price points
✓
Wide super-stockist network across about 24 states
✓
Entirely fresh issue with part used to cut debt
✓
Modest post-issue P/E of 13.24x
Risks to watch
!
Debt/equity of 1.71 with borrowings above ₹100 Cr
!
Revenue grew only 3% in FY26 while PAT jumped 61%
!
Thin PAT margin of 6.94%
!
Competitive, low-ticket confectionery market
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.