Shellz India, a confectionery manufacturer known for its ‘Hugs’ and ‘Tosca’ brands, plans to raise ₹60 crore through an initial public offering (IPO) on the BSE SME platform. The company will issue 33.50 lakh equity shares priced between ₹170 and ₹179 each. The subscription for the IPO opens on October 15, according to thehindubusinessline.com.
The net proceeds from the IPO will be used to repay outstanding borrowings, fund incremental working capital requirements, cover general corporate expenses, and pay issue-related costs. Socradamus Capital is the book-running lead manager, Bigshare Services is the registrar, and Mansi Share and Stock Broking is the market maker for the issue. Shellz India manufactures over 300 SKUs across baked treats, choco delights, jellies, and sugar confectionery.
The company plans to use the funds to develop its Sonipat facility, aiming to more than double its installed capacity from about 17,100 metric tonnes per annum (MTPA) to approximately 34,500 MTPA. Chairman and Managing Director Kapil Garg said the IPO will strengthen financial resources to support the next phase of growth and expand operations. This move positions Shellz India to compete more effectively in the growing confectionery market.
The IPO subscription opens on October 15, with the company targeting ₹60 crore in fresh equity capital. This capital raise is a key step in Shellz India’s strategy to consolidate and expand its manufacturing capabilities at Sonipat, enhancing its market presence.