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Shellz India IPO
58.01xsubscribed

Shellz India IPO

Consumer Food
listed
₹2.72LMin. investment

Shellz India Limited IPO Details

SectorConsumer Food
Price range₹170 – ₹179
IPO type
SME
Lot size800 shares
Issue size₹60Cr
Red Herring Prospectus
Read
Market cap
₹216CrLower than sector avg
RevenueApr 0 - Mar 1
₹192.62CrLower than sector avg
Growth rate3Y CAGR
8.90%

Shellz India IPO Subscription Status

Date
QIB
NII
Retail
Total
15-Oct-26
0.0 times (X)
1.31 times (X)
0.65 times (X)
0.61 times (X)
16-Oct-26
0.0X
2.9X
0.85X
1.05X
19-Oct-26
41.92X
87.05X
54.76X
58.01X

As on 15-Oct-26, 5:00 PM

Shellz India IPO Timeline

  1. Pre-apply
    14 Oct 2026
  2. Bid start
    15 Oct 2026
  3. Bid end
    19 Oct 2026
  4. Allotment
    21 Oct 2026
  5. Release of funds
    22 Oct 2026
  6. Demat transfer
    22 Oct 2026
  7. Listing
    23 Oct 2026

About Shellz India Limited

Shellz India was incorporated in 2012 as Tifosi Foods Private Limited, renamed Shellz India Private Limited in 2020. The company manufactures and markets confectionery products in India through a portfolio of more than 300 SKUs across baked treats, choco delights, jellies, and panned and sugar confectionery. It also manufactures food and bakery ingredients, and undertakes private-label manufacturing for third-party customers.
The company markets consumer products under the Hugs and Tosca brands. Hugs serves mass-market price points, with most products priced at ₹10 or below, while Tosca targets relatively higher unit selling prices and is being developed through e-commerce and quick-commerce channels. In FY26, revenue from operations has been divided as follows: Hugs 89.9%, food and bakery ingredients 8.6% and Tosca 1.4%. Hugs contribution dropped to 94.4% in FY24, while ingredients rose to 4.6% and Tosca to 0.9%.
The distribution model is fuelled by super stockists, online platforms, modern trade, private labels and exports. Super stockists contributed 95.9% of the revenue in FY26, online platforms contributed 1.8%, private labelling contributed 1.05%, modern trade contributed 0.6% and exports contributed 0.5%. As of 31 March 2026, the network consisted of over 300 super stockists spread across approximately 24 states. Food and bakery ingredients are supplied to institutional and HoReCa customers.
North India contributed 75.3% of FY26 revenue, followed by East India at 11.7%, South India at 9.3% and West India at 3.1%; exports were 0.5%. Export markets include the Middle East, South Asia and Europe, and the export share declined from 1.7% in FY24. The company presently procures all raw materials from the local market. Its manufacturing machinery includes equipment sourced from Turkey, China and Indonesia, alongside ancillary equipment from domestic suppliers.
The company currently manufactures at Samaipur, Delhi and is consolidating and expanding operations at Sonipat, Haryana. Delhi installed capacity rose from 15,150 MT in FY24 to 17,100 MT in FY25 and remained at 17,100 MT in FY26. Production was 9,547 MT, 11,482 MT and 11,375 MT, respectively, while aggregate utilisation was 63.02%, 67.1% and 66.5%. The proposed Sonipat configuration has a total installed capacity of 34,500 MT across existing product categories and new equipment phases.

Checklist

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Objectives of Shellz India Limited IPO

Working capital
38.30%
The company will utilise ₹23 crore to fund incremental working capital requirements.
Repayment of borrowings
36.60%
The company will utilise ₹22 crore to repay certain outstanding borrowings.
General corporate purposes
24.90%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹192.62Cr8.90%₹13.37Cr₹216Cr11.651.71
This sector (avg.)₹1,087.57Cr0%₹78.55Cr₹7,146.66Cr43.500.91
₹20,201.56Cr---₹3,207.59Cr₹2,56,928.6Cr78.770.29
₹20,481.33Cr---₹2,634.29Cr₹1,59,376.2Cr53.620.17
₹17,942.67Cr---₹2,177.86Cr₹1,41,160.9Cr60.930.29

*Revenue for financial year 0-1. Lower P/E and D/E ratios are generally preferred.

Shellz India IPO Contact Details

Company NameShellz India Limited

How to apply for Shellz India IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Shellz India Limited IPO FAQs