Shellz India IPO Opens October 15 to Raise Nearly ₹60 Crore at ₹170 to ₹179 per Share

Mumbai | October 14, 2026 

Shellz India will open its IPO for public subscription on Thursday, October 15, 2026, at a price band of ₹170 to ₹179 per share. The issue is entirely a fresh issue of 33.5 lakh shares, which means the company sells new shares and keeps the money raised. 

The one-day anchor book for institutional investors opens on October 14. 

What Are the Key Details of the Shellz India IPO? 

The Shellz India IPO is a book-building issue, which means the final price is set within the price band based on investor bids. The tables below show the structure of the issue and the bid sizes for each investor category. All amounts are calculated at the upper price of ₹179. 

A market maker buys and sells the shares after listing to keep trading active. 

The net issue is split as follows: 

• Qualified institutional buyers (QIBs): not more than 50% 

• Retail investors: not less than 35% 

• Non-institutional investors (NIIs): not less than 15% 

What Does Shellz India Do? 

Shellz India, incorporated in May 2012, makes and markets confectionery products. It also makes and supplies food and bakery ingredients. Its range covers more than 300 stock keeping units (SKUs), meaning individual products, across categories including choco delights, jellies and baked treats. Kapil Garg and his wife, Shalini Garg, are the promoters. 

• Hugs: baked treats, choco delights, jellies, and panned and sugar confectionery for the mass market, with most products priced at ₹10 or below. 

• Tosca: products for the mass-premium segment, with an emphasis on e-commerce and quick-commerce channels. The range includes Tosca Oat Choco, an oat and cereal-based bar. 

• Reach: over 300 super stockists, with products sold through kirana outlets across approximately 24 states as of March 31, 2026. 

• Other business: private-label manufacturing for third-party customers, and exports to the Middle East, South Asia and Europe. 

How Will Shellz India Use the IPO Money? 

The company plans to use ₹22 crore of the net fresh issue proceeds to repay debt. It will put ₹23 crore towards incremental working capital, which is the money a business needs to run its daily operations. The remaining funds will go towards general corporate purposes. 

How Has Shellz India Performed Financially? 

Shellz India reported a consolidated profit of ₹4.1 crore on revenue of ₹47.2 crore for the April to June 2026 quarter. For the financial year ended March 2026, it reported a profit of ₹13.37 crore on revenue of ₹192.6 crore. 

Outlook: What Happens After the Shellz India IPO Closes? 

The tentative timetable below covers each step from the close of bidding to listing. Allotment decides how many shares each bidder receives. Refunds return money for bids that receive no shares. Credit of shares moves allotted shares into demat accounts, which are the electronic accounts that hold shares. 

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