Shellz India plans ₹60-crore fund-raise via IPO on BSE SME

Shellz India, a confectionery manufacturer known for brands 'Hugs' and 'Tosca', intends to raise ₹60 crore via an IPO on the BSE SME platform. The company will issue 33.50 lakh shares, priced between ₹170 and ₹179 each. Subscription for the IPO will begin on October 15. The funds raised will be utilized for repaying outstanding borrowings, meeting increased working capital needs, pursuing general corporate objectives, and covering IPO-related expenses.

Socradamus Capital will act as the book-running lead manager, with Bigshare Services as the registrar, and Mansi Share and Stock Broking as the marker maker. Shellz manufactures a wide range of confectionery items across 300+ SKUs, including baked treats, chocolates, jellies, and sugar confectionery. The company aims to expand its Sonipat facility, which is projected to more than double its installed capacity from 17,100 MTPA to 34,500 MTPA.

Kapil Garg, Chairman & Managing Director, Shellz India, stated that the IPO will bolster the company's growth plans by providing stronger financial resources and supporting its expansion. Neeraj Gupta, a pre-IPO investor and founder of Meru Cabs, noted that the Sonipat facility and the IPO will help Shellz deepen its distribution reach and broaden its product portfolio.