Shellz India IPO Subscribed 0.76 Times on Day 1 Driven by High Non-Institutional Bidding

The initial public offering (IPO) of packaged confectionery maker Shellz India Limited witnessed an overall subscription of 0.76 times on its first day of bidding on October 15, 2026, according to exchange data reported by HDFC Sky.

By the close of bidding hours on Day 1, the public issue had accumulated bids for 16,10,400 equity shares against the 21,16,000 shares on offer across the reported investor categories, excluding anchor allotments. The exchange recorded a total of 569 applications during the session.

Category-Wise Subscription Breakdown

Investor response remained polarized across various investor buckets on the opening day:

• Non-Institutional Investors (NII): The segment led demand by a wide margin, clocking an overall subscription of 2.03 times. Within this segment, big non-institutional investors (bNII), bidding for amounts exceeding ₹10 lakh, subscribed 2.64 times their reserved portion.
• Retail Individual Investors (RII): Retail participation got off to a measured start, with the portion booked 0.65 times by the close of trade.
• Qualified Institutional Buyers (QIB): Institutional investors, excluding anchor allocations, did not place any bids on Day 1. Institutional bidding in SME issues typically gathers pace on the final day of the subscription window.

Issue Structure and Key Dates

The ₹59.97-crore book-built issue is entirely a fresh issue consisting of 33,50,400 equity shares with a face value of ₹10 each. No offer-for-sale (OFS) component is included in the offering.

The price band has been established at ₹170 to ₹179 per share. The minimum lot size for the issue is 800 equity shares, requiring a retail commitment of ₹1,43,200 per lot at the upper price band.

Important timelines for the offering:

• Subscription Period: October 15 to October 19, 2026
• Basis of Allotment: October 21, 2026
• Refunds and Demat Credit: October 22, 2026
• Tentative Listing Date: October 23, 2026, on the BSE SME platform

Socradamus Capital Private Limited is acting as the sole book-running lead manager for the issue, with Bigshare Services Private Limited appointed as the registrar. Mansi Share & Stock Broking Private Limited is serving as the market maker.

Objects of the Issue and Company Profile

Shellz India manufactures economy and mass-premium confectionery under brand names such as "Hugs" and "Tosca". Its portfolio includes more than 300 stock-keeping units (SKUs) across baked wafer treats, chocolates, jellies, and sugar confectionery, backed by in-house production facilities located in Delhi and Sonipat, Haryana.

Out of the net proceeds, the company plans to utilize ₹22 crore to repay or prepay existing borrowings, ₹23 crore to meet incremental working capital needs, and the remaining funds toward general corporate purposes.

Financially, Shellz India reported revenue from operations of ₹192.62 crore and a profit after tax (PAT) of ₹13.37 crore for FY26, compared to a profit of ₹8 crore in FY25.

Tags: Shellz India Limited BSE SME Primary Market FMCG SEBI