Shellz India SME shares to list today; GMP indicates 4% potential gain

Shares of Shellz India are set to list on the BSE SME platform on Friday, October 23. The company's shares are commanding a grey market premium (GMP) of around 4%, indicating a potential listing gain of about 4% over the issue price. However, the GMP is an unofficial indicator and does not guarantee the actual listing price or returns.

Shellz India's initial public offering (IPO) opened for subscription on October 15 and closed on October 19, 2026. The IPO received a strong response from investors, getting subscribed 58.54 times overall. The individual investors' category was subscribed 56.09 times, while the qualified institutional buyers (QIBs), excluding anchor investors, subscribed 41.92 times. The non-institutional investors (NII) category saw the highest subscription at 86.41 times.

The company aims to raise Rs 59.97 crore through the public issue, which comprises an entirely fresh issue of 33.50 lakh shares. The company fixed the IPO price band at Rs 170–179 per share, with a lot size of 800 shares. At the upper end of the price band, the minimum investment for a retail investor applying for two lots, or 1,600 shares, amounts to Rs 2,86,400.


For high-net-worth individual (HNI) investors, the minimum application size is three lots, or 2,400 shares, requiring an investment of Rs 4,29,600 at the upper price band.

Socradamus Capital Pvt. Ltd. is the book-running lead manager for the issue, while Bigshare Services Pvt. Ltd. is the registrar.

Objects of the IPO

Shellz India plans to utilise Rs 22 crore from the net proceeds to repay or prepay, in full or in part, certain outstanding borrowings. Another Rs 23 crore will be allocated towards meeting incremental working capital requirements, while the remaining proceeds will be used for general corporate purposes. The company has estimated the total utilisation for the stated objects at Rs 45 crore.

Financial performance

Shellz India reported a 3% increase in total income to Rs 193 crore in FY26, compared with Rs 187 crore in FY25. Its profit after tax (PAT) rose 61% to Rs 13 crore from Rs 8 crore over the same period.

About Shellz India

Incorporated in May 2012, Shellz India Ltd. manufactures and markets confectionery products and supplies food and bakery ingredients. Its portfolio comprises more than 300 stock-keeping units (SKUs) across multiple categories, marketed under the Hugs and Tosca brands. Hugs caters to the mass market with baked treats, chocolates, jellies and sugar confectionery, while Tosca targets the mass-premium segment through differentiated products and packaging, with a focus on e-commerce and quick-commerce channels. The company also offers Tosca Oat Choco, an oat- and cereal-based bar.

As of March 31, 2026, the company had a distribution network of more than 300 super stockists, with its products available through kirana stores across approximately 24 states in India. In addition to marketing its own brands, Shellz India undertakes private-label manufacturing for third-party customers and exports products to markets in the Middle East, South Asia and Europe. Its operations are supported by in-house manufacturing, product development, research and development, and quality assurance capabilities. As of August 31, 2026, the company had 258 full-time employees.

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