SHEL

Shellz India Limited

Listed SME BSE Fresh Issue
🔥🔥🔥🔥🔥

Shellz India is a manufacturer of confectionery products and food ingredients operating under the Hugs and Tosca brands. The company serves mass-market consumers primarily across North India through a super stockist-led distribution network of over 300 partners.

Price Band
₹170–₹179
Lot Size
800 shares
Issue Size
₹59.97 Cr
GMP
+₹7
Est. Listing
+3.9%
Subscription
58.54×
Open Date
15 Oct
Close Date
19 Oct
Allotment
21 Oct
Listing Date
23 Oct
Min Investment
₹1,43,200

Overview

About the Company

Incorporated in May 2012, Shellz India Limited manufactures and markets confectionery products and food and bakery ingredients. The company operates two primary brands: Hugs, focused on mass-market baked treats, choco delights, jellies, and sugar confectionery priced at ₹10 or below; and Tosca, targeting the mass-premium segment through differentiated formats with emphasis on e-commerce channels. Its product portfolio exceeds 300 SKUs distributed through over 300 super stockists across approximately 24 states. The company also engages in private-label manufacturing for third parties and exports to Middle Eastern, South Asian, and European markets. Manufacturing operations are based in Delhi with expansion underway at a new Sonipat, Haryana facility, supported by in-house packaging production and integrated R&D capabilities.

Company Details

Founded
2012
Headquarters
New Delhi, Delhi
Industry
Packaged Foods
Employees
258
Promoter
Kapil Garg and Shalini Garg
Issue Type
Fresh Issue

📋 Objects of Issue (Use of Proceeds)

  • › Repayment or prepayment of outstanding borrowings amounting to ₹22.00 crore
  • › Funding incremental working capital requirements of ₹23.00 crore
  • › General corporate purposes

✅ Strengths

  • ✓ Super stockist-led distribution model enabling scalable market reach across diverse geographies
  • ✓ Capability to develop differentiated products across multiple formats and price points
  • ✓ In-house product development and technical expertise supporting innovation
  • ✓ Strong presence in the mass-market segment with a diversified portfolio exceeding 300 SKUs
  • ✓ Integrated manufacturing infrastructure with captive packaging production and focus on scalability

⚠️ Risks

  • ! Significant revenue concentration in North Indian markets creating geographic risk
  • ! Intense competition in the mass-market confectionery segment with pressure on pricing margins
  • ! Exposure to volatility in raw material costs affecting production economics
  • ! Absence of long-term contractual arrangements with key customers and suppliers
  • ! Regulatory compliance and licensing requirements governing food manufacturing operations