Shellz India IPO Closes 58.7x, Lists at Issue Price

Shellz India IPO at a glance

Shellz India raised up to ₹59.97 crore through a book-built SME public issue. The offer was a fresh issue of 33,50,400 equity shares. There was no offer for sale in the issue structure. Each equity share carried a face value of ₹10. The price band was set at ₹170 to ₹179 per share. At the upper end, the issue price represented a premium of ₹169 over face value. The issue accounted for 27.76% of the company’s post-issue paid-up equity share capital. The shares were proposed for listing on the BSE SME platform.

Key dates for the public issue

The Shellz India IPO opened for bidding on October 15, 2026. It closed on October 19, 2026. The basis of allotment was scheduled for October 21, 2026. Refunds for unsuccessful applicants were scheduled for October 22, 2026. The shares were tentatively scheduled to list on October 23, 2026. Social-media updates said the shares listed on that date. The IPO therefore completed its bidding and allotment cycle within the dates indicated in the issue updates. Investors tracking the offer focused on subscription data before the allotment date.

Shellz India IPO subscription reaches 58.7 times

The final subscription figure reported in the context was 58.7 times. This figure was cited for the issue when bidding closed on October 19. Qualified institutional buyers were reported to have subscribed 41.92 times. Individual investors were reported to have subscribed 56.09 times. Non-institutional investor demand was reported at 87.14 times in the detailed final update. Earlier social posts showed lower or different aggregate figures during the bidding period. Those updates included an overall 0.89 times subscription on October 16. Investors should distinguish intraday updates from the reported final subscription data.

Subscription data reported at close

The detailed update provided category-wise offered and applied shares for QIBs and the issue total. It also reported final demand across the principal investor groups. The figures below reflect the final subscription information cited in the supplied updates. The NII data was particularly closely watched because it showed demand above the overall level. Retail demand also exceeded 56 times in the reported final data. A separate post showed retail subscription at 55.43 times and total subscription at 50.49 times. Such differences can arise across updates and reporting timestamps. The 58.7-times figure was the final number specifically described as the subscription level at close.

Lot size and minimum investment

The issue documents described bids in a minimum of 1,600 equity shares. Applications could then be made in multiples of 800 equity shares. The stated lot size was 800 shares. At the upper price of ₹179, one 800-share lot worked out to ₹1,43,200. The stated minimum retail application was 1,600 shares, or ₹2,86,400. This was also described as two lot sizes for retail investors. The large minimum application value was a key feature of this SME issue. Individual-investor application information also referred to an application range of ₹2 lakh to ₹5 lakh.

Investor categories and application values

The updates listed different application thresholds for retail and HNI categories. Retail investors were shown with a ₹2,86,400 minimum and maximum application amount. The S-HNI minimum was listed at 2,400 shares, or ₹4,29,600. The S-HNI maximum was listed at 4,800 shares, or ₹8,59,200. The B-HNI minimum was listed at 5,600 shares, or ₹10,02,400. These values use the upper issue price of ₹179 per share. The category figures underline the capital required for an application. Applicants needed to assess the bid size rather than treating the 800-share lot as the minimum retail bid.

Fresh issue structure and market maker reservation

The Shellz India IPO consisted entirely of newly issued shares. It had a market maker reservation of 3,29,600 equity shares. That reservation was valued at ₹5.90 crore at the issue price. It represented 2.73% of the post-issue paid-up equity share capital. The net issue was stated to represent 25.03% of post-issue paid-up equity share capital. The full issue represented 27.76% of that capital. The context identified Socradamus Capital Private Limited as the book-running lead manager. Bigshare Services Private Limited was identified as the registrar.

Listing outcome on BSE SME

Shellz India reportedly listed on BSE SME on October 23, 2026. The reported listing price was ₹179 per share. This matched the upper end of the ₹170 to ₹179 issue-price range. The listing was therefore described as being in line with the issue price. Social discussion before the close had included a reference to a grey-market indication. That reference is not the same as an exchange-traded listing price. The reported BSE SME debut at ₹179 is the relevant outcome from the supplied listing update. Investors reviewing the IPO should rely on the reported issue terms, allotment process and exchange listing information rather than unverified market chatter.