Recode Studios IPO
Open SmeCurrent GMP
₹43 (+27.22%)
Price Band
₹ 150 – 158
Lot Size
800
Issue Size
₹45 Cr
Minimum Investment
₹252800 (1600 Shares)
Listing Date
12 May 2026
Subscription
217.89x
About the Company
Incorporated in 2021, Recode Studio is an Indian beauty and personal care company operating under the brand “Recode.” The company focuses on branding, sourcing, and selling a wide range of beauty and personal care products across India.
Business Model
Recode Studio operates through an omnichannel distribution network that combines both offline and online sales channels:
- Offline channels include Company-Owned Company-Operated (COCO) stores and Franchisee-Owned Franchisee-Operated (FOFO) stores.
- Online channels include the company’s own website and mobile application, along with third-party e-commerce platforms such as Amazon, Nykaa, Myntra, and Flipkart.
Product Portfolio
The company offers a diverse portfolio of over 350 stock keeping units (SKUs) across multiple categories and price points. Its product range includes:
- Makeup (face, eye, and lip products)
- Skincare
- Body care
- Beauty accessories
Store Network
As of September 30, 2025, Recode Studio operates a total of 24 stores across 14 states in India:
- 3 COCO stores
- 21 FOFO stores
Manufacturing
All products are manufactured by third-party manufacturers located in India, while the company focuses on brand development, marketing, and distribution.
Promoters
- Dheeraj Bansal
- Rahul Sachdeva
- Shelly Bansal
- Shalini Trehan
- Preeti Trehan
- Karan Bansal
Promoters Holding
Holding Pre Issue
88.93%
Holding Post Issue
65.01%
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Funding of Capital expenditure towards setup of a new Warehouse at Ludhiana, Punjab
- Marketing and Advertisement expenses toward enhancing the awareness and visibility of our brand
- Utilization towards Working Capital Requirements
- General Corporate Purposes
Address / Contact Info
Recode Studios Ltd. Address
R-89, Phase V,
Focal Point,
Ludhiana, Punjab, 141010
E-mail:info@recodestudios.com
Tel No: 0161- 4752
Website:www.shop.recodestudios.com
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Tuesday, 05 May 2026
IPO Close Date
Thursday, 07 May 2026
Basis of Allotment
Friday, 08 May 2026
Initiation of Refunds
Monday, 11 May 2026
Credit of Shares to Demat
Monday, 11 May 2026
Listing Date
Tuesday, 12 May 2026 — NSE & BSE
Important Dates
Open Date
05 May 2026
Close Date
07 May 2026
Basis Of Allotment
08 May 2026
Listing Date
12 May 2026
Financial Performance (₹ in Crores)
| Particular | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 28.33 | 23.18 | 16.73 | 12.53 |
| Revenue | 57.45 | 47.94 | 36.93 | 22.44 |
| Profit After Tax | 9.06 | 3.3 | 0.27 | 0.69 |
| Net Worth | 17.84 | 8.77 | 5.47 | 5.2 |
| Reserve & Surplus | 9.7 | 8.76 | 5.46 | 5.19 |
| Total Borrowings | 0 | 7.56 | 7.85 | 3.79 |
EPS Pre
4.06%
EPS Post
11.35%
P/E Pre
38.94
P/E (Post Issue)
13.92x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|
| ROE % | 68.11 | 46.37 | 5.14 | 24.55 |
| ROCE % | 59.85 | 34.47 | 9.39 | 14.28 |
| Debt / Equity | 0.19 | 0.86 | 1.43 | 0.73 |
| RoNW % | 50.8 | 37.64 | 5.01 | 13.33 |
| PbW | 0 | 0 | 0 | 0 |
| Pat Margin % | 15.79 | 6.91 | 0.75 | 3.1 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 535200 | 28.53 | 0 |
| Non-Institutional | 548000 | 21.49 | 0 |
| BNII | 268800 | 14.33 | 0 |
| SNII | 134400 | 7.16 | 0 |
| Retail Investors | 937600 | 49.98 | 0 |
| Total | 2020800 | 100 | 0 |
Subscription Status ( Thu, 07 May 26 01:31 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 535200 | 73849600 | 137.99x |
| Non-Institutional | 548000 | 163343200 | 298.07x |
| BNII | 268800 | 130653600 | 486.06x |
| SNII | 134400 | 32689600 | 243.23x |
| Retail Investors | 937600 | 203128000 | 216.65x |
| Total | 2020800 | 440320800 | 217.89x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Recode Studios Ltd | 10 | 0.00 | 4.06 | 4.06 | 37.64 | 10.78 |
| Honasa Consumer Ltd | 10 | 349.37 | 2.23 | 2.23 | 6.16 | 36.28 |
| FSN E-Commerce Ventures Ltd | 1 | 1151.91 | 0.23 | 0.23 | 5.60 | 4.55 |
| Ravelcare Limited | 10 | 16.95 | 10.50 | 10.50 | 50.77 | 20.68 |
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 1,600 | 252,800.00 |
| Retail (Max) | 2 | 1,600 | 252,800.00 |
| S-HNI (Min) | 3 | 2,400 | 379,200.00 |
| S-HNI (Max) | 7 | 5,600 | 884,800.00 |
| B-HNI (Min) | 8 | 6,400 | 1,011,200.00 |
Registrar
Mudra RTA Ventures Private Limited
919870297591
ipo@mudrarta.com
https://mudrarta.com/
Book Running Lead Managers
- Seren Capital Private Limited
RHP Document
DRHP Document
Anchor Investors
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Recode Studios IPO is a Book-building IPO worth ₹45 crores. The price band is ₹150 to 158 per share. The IPO opens on Tue, May 5, 2026 and closes on Thu, May 7, 2026. It will be listed on BSE and NSE. Mudra RTA Ventures Private Limited is the registrar.
The Recode Studios IPO opens on Tue, May 5, 2026 and closes on Thu, May 7, 2026
Recode Studios IPO Price Band is ₹150 to 158.
Recode Studios IPO lot size is 800, and the minimum amount required for application is ₹252800.
The minimum investment for Recode Studios IPO is approximately ₹252800 based on the upper price band.
To apply for the Recode Studios IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Thu, May 7, 2026. After submission, funds are blocked until the basis of allotment of Recode Studios IPO is finalised.
Recode Studios IPO issue size is ₹45 crores.
Recode Studios IPO allotment date is Sat, Jun 27, 2026.
The registrar for Recode Studios IPO is Mudra RTA Ventures Private Limited . Investors can go to Mudra RTA Ventures Private Limited website for IPO allotment status, refund processing, and other queries related to Recode Studios IPO through their official website or helpline.
The Recode Studios IPO GMP (Grey Market Premium) is ₹43 as of Tue, May 12, 2026. Based on the upper price band of ₹158 per share, the estimated Recode Studios IPO listing price is ₹201, indicating a potential listing gain of approximately 31% over the issue price.