Delhi-based chocolates and treats maker Shellz India is set to open its initial public offering for subscription on October 15, 2026, with a price band of ₹170-179 per share. According to reports from The Economic Times, the public issue comprises a fresh issue of 33.5 lakh shares, fetching the company nearly ₹59.97 crore. The one-day anchor book will be launched for institutional investors on October 14, while the public can participate in the offer till October 19, 2026. The IPO is structured as a book-built issue priced at ₹170-179 per share with a lot size of 800 shares, requiring a minimum investment of ₹2,86,400 for 1,600 shares for retail investors. For high-net-worth individual (HNI) investors, the minimum application size is three lots or 2,400 shares, amounting to ₹4,29,600 at the upper price band. As per ET Now, the IPO comprises 33.50 lakh equity shares of face value ₹10 each for cash at a price of ₹170-179 per share.
As reported by The Economic Times, the company is expected to finalise IPO share allotment by October 21, 2026, and make its shares debut on the BSE SME platform on October 23, 2026. Socradamus Capital has been appointed as the book-running lead manager for managing the Shellz India IPO, with Bigshare Services Pvt. Ltd. serving as the registrar. Mansi Share and Stock Broking has been appointed as the marker maker for the issue. The company intends to utilise ₹22 crore of net fresh issue proceeds for repaying debt, ₹23 crore for incremental working capital requirements, and the remaining funds for general corporate purposes and issue related expenses.
According to reports from Moneycontrol, on the financial front, Shellz India has recorded consolidated profit of ₹4.1 crore on revenue of ₹47.2 crore for the April-June 2026 quarter. The company has also reported profit of ₹13.37 crore on topline of ₹192.6 crore for the financial year ended March 2026. As per the latest financial data, the company's Return on Net Worth (RoNW) has declined from 20.46% in March 2025 to 11.95% in September 2025, while Basic EPS decreased from ₹9.59 to ₹7.12 over the same period. The company's total assets grew from ₹167.36 crore to ₹198.58 crore between March 2025 and September 2025, with total income increasing from ₹187.39 crore to ₹192.6 crore during the same period.
As per The Economic Times, Shellz India operates through a distribution network of more than 300 super stockists as of March 31, 2026, with products available through kirana stores across approximately 24 states in India. The company also undertakes private-label manufacturing for third-party customers and exports products to markets in the Middle East, South Asia and Europe. As of August 31, 2026, the company had 258 full-time employees supporting its operations. The company operates under the brand names 'Hugs' and 'Tosca', manufacturing confectionery products through a portfolio of over 300 SKUs across baked treats, choco delights, jellies, and panned and sugar confectionery. The IPO is entirely a fresh issue aggregating up to ₹59.97 crore, with no offer for sale component.
As reported by The Hindu BusinessLine, Shellz India plans to use the IPO proceeds to repay certain outstanding borrowings, fund incremental working capital requirements, and develop its Sonipat facility. The company's installed capacity is expected to more than double from about 17,100 MTPA to about 34,500 MTPA as part of the consolidation and expansion of existing operations. Kapil Garg, Chairman & Managing Director, stated that the upcoming IPO will help fuel the next phase of growth by strengthening financial resources and supporting expanding operations. Pre-IPO investor Neeraj Gupta highlighted that the new Sonipat facility strengthens the company's base to scale, while the listing should help fund its next phase of growth. The Grey Market Premium (GMP) for the IPO is currently ₹0 (0%) as per the latest reports, with the company's shares expected to list on the BSE SME platform on October 23, 2026.
