Shellz India Limited's SME IPO opens for subscription on October 15, 2026 and closes on October 19, 2026, according to IPO trackers including IPO Watch and AngelOne's weekly IPO calendar dated 12 October 2026. The book-built issue aims to raise around ₹59.97 crore entirely through a fresh issue, and will list on BSE SME.
The price band is fixed at ₹170–179 per share (face value ₹10), with 50% reserved for QIBs, 15% for NIIs and 35% for retail. The minimum lot is 1,600 shares, translating to an application amount of ₹2,86,400 at the upper band. Socradamus Capital Pvt. Ltd. is the lead manager and Bigshare Services the registrar; allotment is expected on October 21, 2026 and listing on October 23, 2026.
Shellz India is a manufacturer, marketer and supplier of confectionery products, food and bakery ingredients in India, with a portfolio of about 250 product types spanning chocolate-based products, jellies, baked treats and other confectionery formats, alongside food and bakery ingredients serving urban, semi-urban and rural markets. It sells under two brands — Hugs (baked treats, chocolate-based confectionery, jellies, pan-and-sugar confectionery) and Tosca (premium products, mostly for urban consumers). The promoters are Kapil Garg and Shalini Garg.
On financials, the company reported FY26 revenue of ₹193.18 crore and PAT of ₹13.37 crore, up from FY25 revenue of ₹187.39 crore and PAT of ₹8.30 crore, with ROE of 26.87% and a PAT margin of 6.94%. The issue proceeds will fund repayment of borrowings of ₹22 crore, incremental working capital of ₹23 crore, and general corporate purposes.
Why it matters for founders
Consumer brands with deep distribution — 250 SKUs across urban and rural shelves — are finding public markets receptive. For D2C and FMCG founders, Shellz's SME route is a reminder that listing need not wait for mainboard scale.