Divya Agarwal
Fresh issue of up to 33,50,400 equity shares to list on the SME Platform of BSE; anchor investor bidding on October 14, 2026
New Delhi [India], October 14: Shellz India Limited, a confectionery manufacturer under the brand names “Hugs” and “Tosca”, is set to open its Initial Public Offering (IPO) on October 15, 2026 aiming to raise ₹ 59.97 Crores with shares to be listed on the BSE SME platform.
- Total Issue Size – Up To 33,50,400 Equity Shares of ₹10 each
- IPO Size – ₹59.97 Crore (At Upper Price Band)
- Price Band – ₹170 – ₹179 Per Equity Share
- Lot Size – 1,600 Equity Shares and in multiples of 800 Equity Shares thereafter
The issue size is ₹59.97 Crore with fresh issue size of 33,50,400 equity shares with a face value of ₹10 each with a price band of ₹170 – ₹179 Per Share.
The issue size is ₹59.97 Crore with fresh issue size of 33,50,400 equity shares with a face value of ₹10 each with a price band of ₹170 – ₹179 Per Share.
Equity Share Allocation
- QIB (Including Anchor Portion) – Not more than 50% of the Net Issue
- Non-Institutional Bidders – Not less than 15% of the Net Issue
- Individual Bidders – Not less than 35% of the Net Issue
The net proceeds from the IPO will be utilized for Repayment or prepayment, in full or in part, of certain outstanding borrowings, Funding our incremental working capital requirements, general corporate purposes and issue related expenses. The anchor bidding is on Wednesday, October 14, 2026. Issue will open on Thursday, October 15, 2026 and close on Monday, October 19, 2026.
The Book Running Lead Manager to the Issue is Socradamus Capital Private Limited, and the Registrar to the issue is Bigshare Services Private Limited. Mansi Share and Stock Broking Private Limited is the Marker Maker to the issue.
About the business
Shellz manufactures confectionery products in India through a portfolio of over 300 SKUs across baked treats, choco delights, jellies, and panned and sugar confectionery. It also manufactures food and bakery ingredients, undertakes private label manufacturing for third parties and exports to markets including the Middle East, South Asia and Europe. The flagship “Hugs” brand is positioned at mass-market price points, with a majority of products priced at ₹10 or below. “Tosca” is positioned in the mass-premium segment and is being developed with a focus on e-commerce and quick commerce channels, including products such as Tosca Oat Choco. All products are manufactured in-house at facilities in Delhi and Sonipat, Haryana.
Production Expansion
The Sonipat facility is being developed as part of the consolidation and expansion of the Company’s existing operations. The installed capacity is expected to rise from approximately 17,100 MTPA to approximately 34,500 MTPA, roughly double.
During FY26, The Company achieved Revenue from Operations of ₹19,261.52 Lakhs, EBITDA of ₹3,014.81 Lakhs & PAT of ₹1,337.05 Lakhs. For the three-month period ended June 2026, the Company achieved a Revenue from Operations of ₹ 4,724.10 Lakhs, EBITDA of ₹ 852.32 Lakhs & PAT of ₹ 407.88 Lakhs.
Mr. Kapil Garg, Promoter, Chairman & Managing Director of Shellz India Limited expressed, “At Shellz India, our ambition is to bring quality, innovative and affordable products to more consumers. Our upcoming IPO will help fuel the next phase of our growth journey by strengthening our financial resources and supporting our expanding operations. As we scale manufacturing at our Sonipat facility, broaden our product portfolio and deepen our distribution reach, we aim to build a stronger presence for Hugs and Tosca. We remain focused on responding to evolving consumer preferences and creating long-term value through disciplined growth and operational efficiency.”
“Shellz has built a wide distribution network in everyday, affordable confectionery while improving its profitability, and Tosca gives it a second, higher-value avenue. The new Sonipat facility strengthens its base to scale. This listing should help the Company fund its next phase of growth,” said Neeraj Gupta, pre-IPO investor in Shellz India Limited and Founder of Meru Cabs.
Mr. Priyesh Jain, Director of Socradamus Capital Private Limited, expressed, “Shellz India has built its confectionery business around a diverse product portfolio, in-house manufacturing capabilities and an established distribution network. Its focus on scaling operations at Sonipat, introducing new product formats and expanding market reach provides a foundation for its next phase of growth. The upcoming IPO is expected to strengthen the Company’s financial resources and support the execution of these plans as it responds to evolving consumer preferences.”
Industry context
As cited in the company’s RHP, India’s Confectionery Market was valued at ₹93.1 thousand crore in FY2025 and is projected to reach ₹125.8 thousand crore by FY2030, a CAGR of 6.3%. In FY’25, Baked confectionery is projected to grow from INR 56.2 thousand crore to INR 74.6 thousand crore by FY’30F, at a CAGR of 5.8%. This growth is supported by rising urban demand for packaged bakery products, increasing on-the-go snacking, and wider availability through modern retail channels. Continued innovation in biscuit-based and wafer-based confectionery, along with the introduction of health-oriented options such as whole grain and high-fiber products, is driving consumer interest and segment expansion.
Disclaimer: Certain statements in this document that are not historical facts are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
