Shellz India IPO (₹60 cr) opens Oct 15–19 at ₹170–179. Check lot size, financials, risks, allotment steps, listing date and FAQs in one place.
Last updated: Mon, Oct 12, 2026, 11:06 AM IST
- IPO dates: Thu, Oct 15, 2026 to Mon, Oct 19, 2026
- Price band: ₹170 to ₹179 per share
- Lot size: 800 shares (₹1,43,200 at the upper band)
- Issue size: ₹60 crore
Shellz India Ltd., a confectionery manufacturer producing baked treats, choco delights, and sugar candies, is raising ₹60 crore through its IPO, which opens on Thu, Oct 15, 2026 and closes on Mon, Oct 19, 2026 at a price band of ₹170 to ₹179 per share. The issue is set to list on the BSE. This IPO represents a significant milestone for the company as it seeks to expand its operational footprint. Here is everything you need to know about the Shellz India IPO, a company operating in the competitive consumer food sector.
Shellz India IPO Details
| Field | Value |
|---|---|
| IPO date | Thu, Oct 15, 2026 to Mon, Oct 19, 2026 |
| Listing date | To be announced |
| Face value | ₹10 per share |
| Price band | ₹170 to ₹179 per share |
| Lot size | 800 shares |
| Total issue size | ₹60 crore |
| Listing at | BSE |
| Lead managers | To be announced |
| Registrar | To be announced |
Shellz India IPO Timeline
| Event | Date |
|---|---|
| Anchor bidding | Wed, Oct 14, 2026 (tentative) |
| IPO opens | Thu, Oct 15, 2026 |
| IPO closes | Mon, Oct 19, 2026 |
| UPI mandate cut-off | Mon, Oct 19, 2026, 5 PM |
| Basis of allotment | Tue, Oct 20, 2026 (tentative) |
| Refunds initiated | Wed, Oct 21, 2026 (tentative) |
| Shares credited to demat | Wed, Oct 21, 2026 (tentative) |
| Listing date | Thu, Oct 22, 2026 (tentative) |
Dates other than IPO open, close and listing follow SEBI’s standard T+3 listing schedule (T = the close date) and can shift for exchange holidays.
About Shellz India
Shellz India Ltd. is a confectionery manufacturer incorporated on May 7, 2012, that produces items such as baked treats, choco delights, jellies, panned and sugar candies, and food ingredients. The company earns revenue primarily through the sale of these manufactured products, which are distributed through a super stockist-led model to kirana stores, general trade outlets, and institutional buyers. As per the DRHP, the company leverages this distribution model to service multiple markets in a scalable manner while relying on local channel relationships and downstream market knowledge. This approach allows the company to reach a wide consumer base efficiently.
Manufacturing operations are conducted in-house at facilities in Delhi and Sonipat, Haryana. The production process is supported by a team of over 10 food and packaging technologists who focus on developing new products, improving existing formulations, and working on packaging formats. The product portfolio is designed to cater to varied consumption occasions across different price points. By maintaining integrated in-house manufacturing capabilities, the company focuses on process control and scalability within its operations. The company’s product portfolio includes a range of formats such as baked treats, choco delights, jellies, panned and sugar candies, and food and bakery ingredients, enabling it to cater to varied consumption occasions. The company continues to invest in its technical team to ensure that its product offerings remain relevant in a rapidly evolving market, maintaining high standards of quality and consistency across its entire confectionery range.
Shellz India Financial Performance
| Metric | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|
| Revenue from operations (₹ crore) | 1,869.73 | 1,624.13 | 1,585.22 |
| Total income (₹ crore) | 1,873.92 | 1,628.07 | 1,587.72 |
| Profit after tax (₹ crore) | 83.02 | 52.55 | 31.93 |
| Net worth (₹ crore) | 405.82 | 269.94 | 217.40 |
| Total borrowings (₹ crore) | 504.27 | 384.68 | 337.60 |
| EPS (₹) | 124.20 | 82.10 | 49.89 |
- Revenue from operations grew 2.5% in FY 2023-24 to ₹1,624.13 crore and further increased by 15.1% in FY 2024-25 to ₹1,869.73 crore, indicating a consistent upward trajectory in sales volume over the last two years.
- Profit after tax grew 64.6% in FY 2023-24 to ₹52.55 crore and rose by 58% in FY 2024-25 to ₹83.02 crore, reflecting a strong expansion in bottom-line performance despite the competitive nature of the food industry.
- The PAT margin improved from 2.01% in FY 2022-23 to 3.24% in FY 2023-24 and reached 4.44% in FY 2024-25, showing enhanced operational efficiency as the company scales its manufacturing and distribution capabilities.
- Total borrowings increased from ₹384.68 crore to ₹504.27 crore in FY 2024-25, resulting in a debt-to-equity ratio of 1.24x, which highlights the company’s reliance on external financing to support its growth and working capital requirements.
Shellz India IPO Valuation and Key Ratios
| Metric | Value |
|---|---|
| Return on equity, FY 2024-25 (%) | 24.57 |
| Debt-to-equity, FY 2024-25 (x) | 1.24 |
| PAT margin, FY 2024-25 (%) | 4.44 |
The company reported a return on equity of 24.57% and a PAT margin of 4.44% for FY 2024-25. The debt-to-equity ratio stands at 1.24x based on total borrowings of ₹504.27 crore against a net worth of ₹405.82 crore. These figures provide a snapshot of the financial health of the company as it heads into the public market. For comparison, the DRHP identifies Annapurna Swadisht Limited as a peer, which reported a P/E ratio of 18.22 and an RoNW of 6.29%. Prospective investors can track the progress of this issue on ThePip IPO calendar to stay updated on the latest developments regarding the Shellz India IPO.
Objects of the Issue
The company intends to use the net proceeds from the fresh issue of up to 40,00,000 equity shares for three primary purposes. It has allocated ₹2,200.00 lakhs for the repayment or prepayment of certain outstanding borrowings to reduce interest costs. Additionally, ₹2,300.00 lakhs will be utilized to fund incremental working capital requirements to support daily business operations. The remaining balance will be used for general corporate purposes, capped at 15% of the gross proceeds or ₹1,000.00 lakhs, whichever is lower. This allocation is designed to strengthen the company’s balance sheet and support its ongoing expansion efforts.
Strengths and Risks
Strengths
- The company maintains integrated in-house manufacturing capabilities across facilities in Delhi and Sonipat, focusing on scalability and process control.
- It employs a team of over 10 food and packaging technologists dedicated to product development and formulation improvements.
- The business utilizes a super stockist-led distribution model to reach kirana stores and institutional buyers in a cost-efficient manner.
- The product portfolio includes a diverse range of formats such as baked treats and jellies, catering to varied consumption occasions.
- The company demonstrates an ability to develop differentiated products across various formats and price points to capture mass-market demand.
Risks
- The company faces significant customer concentration, as the top 10 customers contribute a large portion of total revenue.
- There is a lack of long-term agreements with customers and suppliers, as the company relies on individual purchase orders for its business.
- The company and its promoters are involved in various legal proceedings, including criminal complaints under the Negotiable Instruments Act, 1881.
- Operations are subject to regulatory scrutiny, including a notice from the FSSAI dated 13.05.2025 regarding alleged misbranding of products.
- The company is exposed to risks related to raw material supply disruptions and cost volatility which could impact its profitability.
Things Investors Should Know
- The minimum investment required is ₹1,43,200 for a single lot of 800 shares at the upper price band of ₹179.
- The IPO opens on Thu, Oct 15, 2026 and closes on Mon, Oct 19, 2026.
- Investors must complete their UPI mandate by 5 PM on the closing date of Mon, Oct 19, 2026.
- The issue consists entirely of a fresh issue of up to 40,00,000 equity shares; no money goes to existing shareholders.
- The tentative date for the basis of allotment is Tue, Oct 20, 2026, with shares expected to be credited to demat accounts by Wed, Oct 21, 2026.
- The company and its promoters face ongoing litigation, including criminal complaints and tax disputes, which investors should review in the DRHP.
Shellz India IPO Listing Details
| Field | Value |
|---|---|
| Exchanges | BSE |
Shellz India IPO FAQs
What is the Shellz India IPO price band?
The Shellz India IPO price band is set between ₹170 and ₹179 per share. Retail investors typically bid at the upper end of the band to increase their chances of allotment. The face value of each equity share is ₹10 per share.
When does the Shellz India IPO open and close?
The Shellz India IPO is scheduled to open for subscription on Thu, Oct 15, 2026. The issue will remain open for investors until the closing date on Mon, Oct 19, 2026. All applications must be submitted within these dates to be considered.
What is the Shellz India IPO lot size and minimum investment?
The lot size for the Shellz India IPO is 800 shares. At the upper price band of ₹179 per share, the minimum investment required for a single retail application is ₹1,43,200. Investors must apply in multiples of this lot size for their bids.
How will Shellz India use the IPO money?
Shellz India plans to use the net proceeds from the fresh issue to repay or prepay certain outstanding borrowings, amounting to ₹2,200.00 lakhs. Additionally, ₹2,300.00 lakhs will be utilized to fund incremental working capital requirements, with the remainder allocated for general corporate purposes as per the DRHP.
Is the Shellz India IPO a fresh issue or an offer for sale?
The Shellz India IPO consists of a fresh issue of up to 40,00,000 equity shares. In a fresh issue, the capital raised goes directly to the company to fund its business objectives, rather than to existing shareholders as would be the case in an offer for sale.
What are the key risks of the Shellz India IPO?
Key risks include a high concentration of revenue from the top 10 customers and the absence of long-term supply agreements. The company also faces legal challenges, including criminal complaints under the Negotiable Instruments Act, 1881, and regulatory notices from the FSSAI regarding product branding.
Are there any legal proceedings against the company?
Yes, the company and its promoters are involved in various legal proceedings. The company faces criminal complaints under the Negotiable Instruments Act, 1881, tax proceedings, and FSSAI notices regarding misbranding. Promoters Kapil Garg and Shalini Garg are also involved in criminal complaints under the Negotiable Instruments Act.
What is the tentative listing date for Shellz India?
The tentative listing date for the Shellz India IPO is Thu, Oct 22, 2026. This date is subject to change based on the completion of the allotment process and the final approval from the stock exchange where the shares will be listed.
This article is for information only and is not investment advice. Business, risk and litigation details are as per the company’s DRHP; issue, financial and exchange data are from ThePip’s IPO database as of Mon, Oct 12, 2026, 11:06 AM IST. IPO investments are subject to market risks; read the offer document carefully before investing.
