Confectionery maker Shellz India plans Rs.60-Cr IPO on BSE SME platform

New Delhi-based confectionery manufacturer Shellz India plans to raise INR 60-Cr through an initial public offering (IPO) on the BSE SME platform. The company will issue 33.50 lakh equity shares in a price band of INR 170 to INR 179 per share. Socradamus Capital is acting as the book-running lead manager for the transaction.Shellz India operates under the brand names ‘Hugs’ and ‘Tosca’ and maintains a portfolio of over 300 products, including baked treats, choco delights, jellies, and panned and sugar confectionery.The company plans to use the net proceeds from the IPO to repay outstanding borrowings and fund incremental working capital requirements. It also intends to expand its manufacturing operations at its Sonipat facility.