SME NSE • BSE Financial Services

Shellz India Ltd IPO

Tech-led NBFC delivering AI/ML driven retail credit across Tier-2 & Tier-3 India.

IPO Closed
Price Band ₹179 per share per share
Lot Size 1600 Shares
Min. Investment ₹286400
Issue Size ₹59.97 Cr
Face Value ₹10
IPO Open 15 October 2026
IPO Close 19 October 2026
Allotment 21 Oct 2026
Listing 23 Oct 2026
Live demand

Subscription status for Shellz India Ltd IPO

As of 22 Oct 26, 11:11 PM. Will get Updated in every 30 minutes

QIB -

Qualified Institutional Buyers

NII -

Non-Institutional Investors

Retail -

Retail Individual Investors

Total -

Across all investor categories

Key dates

IPO schedule for Shellz India Ltd

From the day bidding opens to listing — every milestone you need to track.

IPO Open 15 Oct 2026
IPO Close 19 Oct 2026
Allotment 21 Oct 2026
Refund / Unblock 22 Oct 2026
Listing 23 Oct 2026
About the company

Who is Shellz India Ltd ?

Shellz India Limited was incorporated as a Private limited company under the name 'Tifosi Foods Private Limited' dated May 07, 2012, with the Registrar of Companies, National Capital Territory of Delhi and Haryana. Further, the name of the Company was changed from 'Tifosi Foods Private Limited' to 'Shellz India Private Limited' dated September 21, 2020 issued by the Registrar of Companies, Delhi. Thereafter, the Company was converted from a private limited company to a Public Limited Company and the name was changed to 'Shellz India Limited' with a fresh certificate of incorporation dated February 04, 2025.

The Company currently manufacture its products located at the manufacturing facility at Samaipur, Delhi, which supports production

across four key product categories such as baked treats, choco delights, jellies and panned & sugar candies. In addition, it manufacture and supply food and bakery ingredients.

The Company market its consumer products under the two brands, 'Hugs' and 'Tosca'. Under the 'Hugs' brand, it offer products across four categories, including baked treats, choco delights, jellies, and panned and sugar confectionery. Under the 'Tosca' brand, it offer products with a relatively higher unit selling price, positioned towards mass-premium segments. The manufacturing operations are supported by production facilities located in Delhi and Sonipat, Haryana. In addition to general trade distribution, the Company service modern trade through direct store or designated delivery point supplies, through central fulfilment centres.

The Company has commenced the Sonipat facility to support the rising domestic and global demand and has launched an in-house packaging manufacturing operations during the year 2025.

Company has filed a Draft Prospectus with SEBI and is planning the fresh issue of 40,00,000 Equity Shares of Rs 10 each.

Financial track record

Financials at a glance

Three-year trajectory of revenue, profit and assets — restated as per the RHP.

Revenue PAT Total Assets
FY 2026
FY 2025
FY 2024
Metric (₹ Cr)FY 2026FY 2025FY 2024
Total Income193.26187.39162.81
EBITDA32.1024.7520.36
PAT13.118.885.25
AUM211.25167.53147.04

Strengths & Risks

A balanced look at what works in the company's favour and what investors should watch.

Strengths

  • Ability to develop differentiated products across formats and price points.
  • Our presence at mass-market price-points supported by a diversified product portfolio.
  • Super stockist-led distribution model enabling scalable market reach.
  • Integrated in-house manufacturing capabilities with focus on scalability and process control.
  • In-house product development capabilities supported by technical expertise.
  • Experienced Promoters and Management Team.

Risks

  • The company's inability to anticipate, respond to and meet the tastes, preferences or consistent quality requirements of its consumers or the company's inability to accurately predict and successfully adapt to changes in market demand or consumer preference could reduce demand for its products, affect the company's brand loyalty and impact its sales.
  • The company has incurred significant indebtedness which exposes it to various risks which may have an adverse effect on the company's business, results of operations and financial conditions. Conditions and restrictions imposed on it by the agreements governing the company's indebtedness could adversely affect its ability to operates the company's business. Further, there have been certain instances of delay in repayment of borrowings which have been reported in the company's credit history records, including in reports issued by credit information companies.
  • There are outstanding legal proceedings involving the Company, Subsidiaries, Group Companies, Promoters, Directors, Key Managerial Personnel and Senior Managerial Personnel. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
  • The company had been in past subject to legal proceedings under Insolvency and Bankruptcy Code, 2016 and Section 138 of the Negotiable Instruments Act, 1881. Any such legal proceedings against the Company would lead to an adverse impact on the results of operations, cash flows and financial condition.
  • The company proposed shifting of manufacturing operations from Delhi to Sonipat, Haryana may involve operational risks and uncertainties which could adversely affect the company's business, operations and financial condition.
  • The company's Delhi Manufacturing Unit did not hold a valid factory licence for a certain period, which may expose it and the company's officers to regulatory action.
  • The company has been involved in disputes and litigation with certain vendors and suppliers in the past and may continue to faces such disputes in the future. Further, the company does not have long-term agreements with most of its suppliers for the supply of raw materials. Any disruption in procurement of raw materials or deterioration of supplier relationships could adversely affect the company's business, financial condition and results of operations.
  • The company has experienced negative cash flows in previous Fiscals and may continue to have negative cash flows in the future.
  • The company does not have long-term agreements with majority of its customers. Any changes or cancellations to the company's orders or its inability to forecast demand for the company's products may adversely affect its business, results of operations and financial condition.
  • The company has received complaints in relation to certain aspects on its Draft Red Herring Prospectus post the filing of the company's Draft Red Herring Prospectus which have been responded to.

Shellz India Ltd IPO — frequently asked questions

The Shellz India Ltd IPO opens on 15 October 2026 and closes on 19 October 2026. Bidding is accepted from 10:00 AM on the open date until 5:00 PM on the close date. The IPO is available to all eligible investors including retail individual investors, non-institutional investors, and qualified institutional buyers.
The price band for Shellz India Ltd IPO is Rs 179 to Rs 179 per share. The lot size is 1600 shares per lot, requiring a minimum investment of Rs 286400 at the upper price band. Investors must apply for a minimum of one lot and can apply for up to 1600 lots as per SEBI guidelines.
You can apply for the Shellz India Ltd IPO through the Chola Securities app or web platform using UPI or ASBA. Log in to your account, navigate to the IPO section, select Shellz India Ltd from the open IPOs list, enter your bid quantity and price within the price band, and submit your application. You need an active demat account, a linked bank account, and a valid PAN to apply. Bidding closes on 19 October 2026 at 5:00 PM.
Allotment for Shellz India Ltd IPO is scheduled on 21 Oct 2026. Refunds or unblocking of funds for unsuccessful applicants will be processed on 22 Oct 2026. The shares are expected to list on 23 Oct 2026. You can check your allotment status on the Chola Securities IPO page or through the registrar's website using your PAN.
Chola Securities' research team has reviewed the Shellz India Ltd IPO based on the company's financials, business model, valuation, and sector outlook. The recommendation is available on this page. Investors are advised to read the full IPO note along with the company's Red Herring Prospectus before making an investment decision.
Yes, you can revise or withdraw your Shellz India Ltd IPO bid before the subscription window closes on 19 October 2026 at 5:00 PM. Revisions can include changing the quantity or price within the allowed price band. To withdraw, cancel your application through the platform before the closing time. Once the subscription period ends, no further changes are permitted.
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