Shellz India IPO GMP today is Rs 25. Investors can use this GMP along with price band and subscription status for a better IPO review.
Closed
SME IPO
SHELLZ
Shellz India IPO GMP & Allotment
Shellz India is a manufacturer of confectionery products operating primarily in the mass-market segment with price points below ₹10. The company caters to price-sensitive consumers across Tier II and Tier III cities, maintaining a significant geographic focus on the North Indian market, which contributes the majority of its sales. Its core product portfolio comprises baked treats, choco delights, jellies, panned and sugar candies, alongside food and bakery ingredients. The business generates revenue mainly through the sale of these products under its primary brands, Hugs and Tosca. To reach consumers, the company relies on a distribution network of super stockists who supply local distributors, wholesalers, and retail outlets. Shellz India conducts manufacturing operations from its Delhi facility, while working to consolidate production capacity at a new facility in Sonipat, Haryana. Furthermore, it has undertaken backward integration by producing packaging materials in-house for captive consumption.
- IPO Price Band
- ₹170.00 - ₹179.00
- Lot Size
- 800 Shares
- Bidding Closes
- 19 Oct 2026
- Listing Date
- 23 Oct 2026
Current GMP Status
₹25
+13.97% vs upper band
Est. Listing Gain
+13.97%
Last Trend
22 Oct 2026
Listing Price
Est. ₹204
Retail Entry
₹2,86,400
IPO Details
Complete IPO information
| IPO Open Date | 15 Oct 2026 |
|---|---|
| IPO Close Date | 19 Oct 2026 |
| IPO Price Band | ₹170.00 - ₹179.00 |
| Lot Size | 800 Shares |
| Current GMP | ₹25 |
| Estimated Listing Gain | +13.97% |
| Issue Size | Approx ₹59.97 Cr |
| Fresh Issue | Approx ₹59.97 Cr |
| Issue Type | SME |
| IPO Listing | BSE SME |
| Retail Quota | TBA |
| Registrar | Bigshare Services Pvt. Ltd. |
| Overall Subscription | 50.79x |
| Minimum Investment | ₹2,86,400 |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 6.05 | 253.52 | 41.92x |
| NII | 7.83 | 395.27 | 50.47x |
| Retail | 10.58 | 593.23 | 56.09x |
| Overall Subscription | 24.46 | 1242.02 | 50.79x |
Day-wise demand
Shellz India IPO subscription status day-wise
| Day | QIB | NII | Retail | Total |
|---|---|---|---|---|
| Day 3 (19 Oct) | 0x | 1.68x | 0.85x | 0.91x |
Subscription in times (x) at the end of each bidding day. Today's row updates through the day.
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Shellz India is priced at ₹179 per share. With a minimum lot size of 800 shares, a retail investor applying for one lot would need approximately ₹2,86,400 to participate in this SME issue.
The latest recorded Grey Market Premium for Shellz India stands at ₹25, implying an estimated listing gain of around 13.97% over the issue price if it holds until listing. This is down ₹10 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Shellz India's IPO was subscribed 50.79x overall, with a category-wise breakdown of Retail 56.09x, QIB 41.92x, NII 50.47x.
SME IPOs list on the dedicated SME platform of BSE/NSE. They usually involve smaller issue sizes and a higher per-lot investment than Mainboard issues, with comparatively lower institutional participation.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
15 Oct 2026
✓
Bidding Closes
19 Oct 2026
03
Allotment Next
21 Oct 2026
04
Listing
23 Oct 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 22 Oct 2026 | ₹25.00 | -₹10.00 | 13.97% |
| 21 Oct 2026 | ₹35.00 | - | 19.55% |
| 20 Oct 2026 | ₹35.00 | - | 19.55% |
| 19 Oct 2026 | ₹35.00 | +₹35.00 | 19.55% |
| 16 Oct 2026 | ₹0.00 | - | TBA |
| 14 Oct 2026 | ₹0.00 | - | TBA |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lot | 1,600 | ₹2,86,400 |
| Retail Maximum | 2 Lot | 1,600 | ₹2,86,400 |
| S-HNI Minimum | 3 Lot | 2,400 | ₹4,29,600 |
| S-HNI Maximum | 6 Lot | 4,800 | ₹8,59,200 |
| B-HNI Minimum | 7 Lot | 5,600 | ₹10,02,400 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
Analysis
Shellz India IPO Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 15 Oct 2026 |
| IPO Close Date | 19 Oct 2026 |
| Basis of Allotment | 21 Oct 2026 |
| Refunds | 22 Oct 2026 |
| Credit to Demat Account | 22 Oct 2026 |
| IPO Listing Date | 23 Oct 2026 |
Note: The timeline for Shellz India IPO is tentative and subject to change.
Analysis
Shellz India Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Repayment or prepayment of certain outstanding borrowings | 22 (36.68%) |
| Funding incremental working capital requirements | 23 (38.35%) |
| General Corporate Purposes | 14.97 (24.97%) |
Note: Objectives are as specified in the DRHP/RHP documents of Shellz India.
Analysis
Shellz India Company Financials
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 162.81 Cr. | 154.84 Cr. | 5.25 Cr. | 147.04 Cr. |
| 2025 | 187.39 Cr. | 174.77 Cr. | 8.30 Cr. | 167.36 Cr. |
| 2026 | 193.18 Cr. | 173.89 Cr. | 13.37 Cr. | 213.72 Cr. |
| June 2026 | 47.43 Cr. | 41.60 Cr. | 4.08 Cr. | 229.36 Cr. |
Note: Financial numbers for Shellz India are in ₹ Crores unless stated otherwise.
Analysis
Shellz India Company Valuation – FY2026
| KPI | Values |
|---|---|
| ROE | 26.87% |
| ROCE | 19.11% |
| EBITDA Margin | 15.65% |
| PAT Margin | 6.94% |
| Debt to Equity Ratio | 1.71 |
| Earning Per Share (EPS) | 15.37 (Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 22.68% |
| Net Asset Value (NAV) | 67.63 |
Note: Valuation KPIs for Shellz India are computed for FY2026.
Analysis
Shellz India IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Annapurna Swadisht Limited | 14.38 | 8.66 | 9.50% | 151.33 | – Cr. |
Note: Peer group comparisons for Shellz India are sourced from DRHP filings.
Comparison
Compare Shellz India IPO with similar IPOs
FAQ
Shellz India IPO FAQs
Shellz India IPO price band is Rs 170.00 to Rs 179.00. Check the latest issue price, lot size and GMP together before applying.
Shellz India IPO open date is 15 Oct 2026, close date is 19 Oct 2026, and listing date is 23 Oct 2026.
Shellz India IPO lot size is 800 shares. The minimum retail investment is Rs 2,86,400.
Shellz India is classified as a SME IPO. This helps investors quickly understand the issue category and exchange segment.
Shellz India IPO subscription status currently shows Retail 56.09x, QIB 41.92x, NII 50.47x, Overall 50.79x.
Shellz India is a manufacturer of confectionery products operating primarily in the mass-market segment with price points below ₹10. The company caters to price-sensitive consumers across Tier II and Tier III cities, maintaining a significant geographic focus on the North Indian market, which contributes the majority of its sales. Its core product portfolio comprises baked treats, choco delights, jellies, panned and sugar candies, alongside food and bakery ingredients. The business generates revenue mainly through the sale of these products under its primary brands, Hugs and Tosca. To reach consumers, the company relies on a distribution network of super stockists who supply local distributors, wholesalers, and retail outlets. Shellz India conducts manufacturing operations from its Delhi facility, while working to consolidate production capacity at a new facility in Sonipat, Haryana. Furthermore, it has undertaken backward integration by producing packaging materials in-house for captive consumption.
Shellz India IPO issue size is TBA and the expected allotment date is 21 Oct 2026.
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