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₹179 - 179 Amounts at the upper price band.
Shellz India Ltd
FMCGIPOSME
₹179 - 179
Founded in 2012, Shellz India Limited manufactures packaged economy confectionery spanning baked wafer treats, chocolates, and jellies, holding a regional mass-market presence across North India. The business relies on low-ticket coin pricing and a regional super-stockist distribution network under its flagship Hugs brand to drive high-volume impulse sales through neighbourhood grocery stores.
Lot800Min Invest₹2,86,400Face Value₹10Issue Size₹60 CrFresh Issue₹60 Cr
Timeline
15 Oct
Bidding opens
19 Oct
Bidding closes
21 Oct
Allotment
22 Oct
Refund & demat credit
23 Oct
Listing
Subscription · As of 7:22 PM, 19 Oct
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB41.9x14.34 L6.01 Cr1,076.32NII50.5x4.30 L2.17 Cr388.76Retail56.1x10.04 L5.63 Cr1,008.19Total50.8x33.50 L17.02 Cr2,893.00
Reports
Offer Details
Terms
Issue Size₹60 Cr0.34 Cr shares
Fresh Issue₹60 Cr
Face Value₹10
Lot Size800 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹2,86,4001-1 lots
sNII₹2,86,400from 2 lots
bNII₹10,02,400from 7 lots
Managers & Registrar
Lead ManagerSocradamus Capital Private Limited
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group88.11%63.64%Public11.89%36.36%
Objects of the Issue
- Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by its Company
- Funding our incremental working capital requirements
- General corporate purposes
Anchor Book
Bid Date14-Oct-2026Bid Price₹179Shares9,04,800Amount₹16 Cr30-day lock-in19-Nov-202690-day lock-in18-Jan-2027
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 159 | 162 | 187 | 193 |
| Operating ProfitCr | 17 | 20 | 25 | 32 |
| OPM% | 10.5 | 12.3 | 13.1 | 16.4 |
| PBTCr | 5 | 8 | 13 | 19 |
| PATCr | 3 | 5 | 8 | 13 |
| EPS | 4 | 6 | 10 | 15 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 1 | 1 | 1 | 9 |
| ReservesCr | 21 | 26 | 40 | 50 |
| BorrowingsCr | 67 | 71 | 78 | 101 |
| Total AssetsCr | 128 | 147 | 167 | 214 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | 2 | 9 | 26 | -11 |
| Investing Cash FlowCr | -4 | -4 | -34 | -7 |
| Financing Cash FlowCr | 0 | -3 | 7 | 19 |
| Net Cash FlowCr | -2 | 2 | -2 | 1 |
Strengths & Risks
Strengths · as stated in the DRHP
- Ability to develop differentiated products across formats and price points.
- Our 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 with focus on scalability and process control.
- In-house product development capabilities supported by technical expertise.
- Experienced Promoters and Management Team.
Strategies · as stated in the DRHP
- Expand product portfolio to enhance product mix and improve margin profile.
- Scale manufacturing capabilities and improve operational efficiency through our Sonipat facility.
- Build and scale the "Tosca" brand in higher-value product segments to enhance brand presence and improve product mix and margin profile.
- Expand geographic presence and deepen market penetration of our "Hugs" brand across India to drive volume growth.
- Expand presence across export markets through a segmented and margin-conscious approach.
Risks · as stated in the DRHP
- The company's inability to anticipate, respond to and meet the tastes, preferences or consistent quality requirements of its consumers or the company's inability to accurately predict and successfully adapt to changes in market demand or consumer preference could reduce demand for its products, affect the company's brand loyalty and impact its sales.
- The company has incurred significant indebtedness which exposes it to various risks which may have an adverse effect on the company's business, results of operations and financial conditions. Conditions and restrictions imposed on it by the agreements governing the company's indebtedness could adversely affect its ability to operates the company's business. Further, there have been certain instances of delay in repayment of borrowings which have been reported in the company's credit history records, including in reports issued by credit information companies.
- There are outstanding legal proceedings involving the Company, Subsidiaries, Group Companies, Promoters, Directors, Key Managerial Personnel and Senior Managerial Personnel. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
- The company had been in past subject to legal proceedings under Insolvency and Bankruptcy Code, 2016 and Section 138 of the Negotiable Instruments Act, 1881. Any such legal proceedings against the Company would lead to an adverse impact on the results of operations, cash flows and financial condition.
- The company proposed shifting of manufacturing operations from Delhi to Sonipat, Haryana may involve operational risks and uncertainties which could adversely affect the company's business, operations and financial condition.
- The company's Delhi Manufacturing Unit did not hold a valid factory licence for a certain period, which may expose it and the company's officers to regulatory action.