Shellz India IPO Day 3: Subscribed 50.79x; Retail Demand at 56.09x
Key Highlights
Shellz India IPO (₹44 crore SME IPO) was subscribed 50.79x on Day 3 of 3, with Retail at 56.09x. See category-wise subscription and day-wise bids.
Last updated: Mon, Oct 19, 2026, 10:30 PM IST · SME · · Day 3 of 3
- Shellz India IPO subscribed 50.79x overall on Day 3, up from 0.91x on Day 2
- Total bids: 12,42,02,400 shares against 24,45,600 shares on offer
- Category-wise: 41.92x, 50.47x, 56.09x
- Price band: ₹170 to ₹179 per share
- The issue closes on Mon, Oct 19, 2026
The Shellz India IPO concludes today, October 19, 2026, on its third and final day of bidding. The issue records an overall subscription multiple of 50.79x as of 10:30 PM IST. Retail investors lead the subscription at 56.09x. This marks a significant increase from the 0.91x subscription multiple recorded at the end of the second day.
Shellz India IPO Status: Day 3
Day-wise subscription
| Day | Date | Total bids (shares) | Bid value at upper band (₹ crore) | Subscribed (x) |
|---|---|---|---|---|
| Day 1 | Thu, Oct 15, 2026 | 16,10,400 | 28.83 | 0.66x |
| Day 2 | Fri, Oct 16, 2026 | 22,19,200 | 39.72 | 0.91x |
| Day 3 | Mon, Oct 19, 2026 | 12,42,02,400 | 2,223.22 | 50.79x |
Category-wise subscription
| Category | Shares offered | Day 2 bids | Day 2 (x) | Day 3 bids | Day 3 (x) |
|---|---|---|---|---|---|
| QIB | 6,04,800 | — | — | 2,53,52,000 | 41.92x |
| NII | 7,83,200 | 13,16,800 | 1.68x | 3,95,27,200 | 50.47x |
| of which individual NII | — | 9,19,200 | — | 3,77,72,000 | — |
| of which corporate NII | — | 3,79,200 | — | 11,04,800 | — |
| of which other NII | — | 18,400 | — | 6,50,400 | — |
| Retail | 10,57,600 | 9,02,400 | 0.85x | 5,93,23,200 | 56.09x |
| Total | 24,45,600 | 22,19,200 | 0.91x | 12,42,02,400 | 50.79x |
All investor categories subscribed to their allotted quotas by the end of the third day. Retail investors bid for 5,93,23,200 shares, while NIIs—non-institutional investors bidding above ₹2 lakh—subscribed 50.47x. QIBs—qualified institutional buyers—accounted for 41.92x of their reserved portion. The surge in total bids to 12,42,02,400 shares reflects participation across all segments on the final day.
Intraday subscription
| As of | Total bids (shares) | Total (x) | QIB (x) | NII (x) | Retail (x) |
|---|---|---|---|---|---|
| 12:00 PM | 50,95,200 | 2.08x | — | 2.95x | 2.64x |
| 10:30 PM | 12,42,02,400 | 50.79x | 41.92x | 50.47x | 56.09x |
Shellz India IPO Offer 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 | 1,600 shares |
| Total issue size | 24,45,600 shares (₹44 crore) |
| Listing at | BSE |
| Lead managers | Socradamus Capital Pvt Ltd. |
| Bigshare Services Pvt Ltd |
About Shellz India
Shellz India Ltd. manufactures and markets confectionery products including choco delights, jellies, and baked treats. As per the DRHP, the company operates manufacturing facilities in Delhi and Sonipat, Haryana, to manage production quality. It offers over 250+ SKUs and supplies food and bakery ingredients to super stockists, institutional buyers, and the HoReCa sector. The company focuses on distributing products across urban, semi-urban, and rural markets. Incorporated in 2012, it maintains in-house production capabilities to serve its diverse customer base through the sale of manufactured goods and services.
Shellz India Financial Highlights
| Metric | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|
| 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 |
| (₹) | 124.20 | 82.10 | 49.89 |
Revenue from operations rose from ₹1,624.13 crore in FY 2023-24 to ₹1,869.73 crore in FY 2024-25. Profit after tax increased from ₹52.55 crore in FY 2023-24 to ₹83.02 crore in FY 2024-25. The margin reached 4.44% in FY 2024-25, compared to 3.24% in the previous fiscal year.
Objects of the Issue
| Purpose | Amount (₹ crore) |
|---|---|
| Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by | 22.00 |
| Funding our incremental working capital requirements; and | 23.00 |
Risk Factors as per the DRHP
- The company faces significant customer concentration risk, as the top 10 customers contribute a large portion of the total revenue.
- Operations are subject to risks from the lack of long-term agreements with most customers and suppliers, which could impact business stability.
- The company is involved in ongoing litigation involving vendors, suppliers, and regulatory authorities, with total borrowings reaching ₹504.27 crore in FY 2024-25.
How to Check Shellz India IPO Subscription Status
Live bidding figures are published by BSE while the issue is open. Once it closes, allotment status is published by the registrar, Bigshare Services Pvt Ltd.
This article is for information only and is not investment advice. Subscription figures are based on exchange data as of Mon, Oct 19, 2026, 10:30 PM IST and can change. IPO investments are subject to market risks; read the offer document carefully before investing.