Recode Studios IPO
GMP, Subscription, Price, Dates & Financial Details
Advertising & Media
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…
Open Date
Tue, 05 May 2026
Close Date
Thu, 07 May 2026
Price Band
₹ 150 – 158
Lot Size
800
Issue Size
₹ 44.59 Cr
Minimum Investment
₹ 252,800 (1600 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Recode Studios IPO has successfully completed its IPO process and is now listed on BSE SME Platform. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹44.59 Crore, comprising a fresh issue of 25.03 Lakh equity shares aggregating to ₹39.55 Crore and an offer for sale (OFS) of 3.19 Lakh equity shares aggregating to ₹5.04 Crore by the existing shareholders.
The Recode Studios IPO remained open for subscription from May 05, 2026, to May 07, 2026. The basis of allotment was finalized on May 08, 2026, and the company's shares were listed on BSE SME Platform on May 12, 2026.
The company had fixed the price band at ₹150 to ₹158 per share, with a lot size of 800 shares. Retail investors were required to make a minimum investment of ₹252,800 (based on the upper price band) to apply for one lot.
Mudra RTA Ventures Private Limited served as the registrar to the issue. Seren Capital Private Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Recode Studios Limited is now a publicly listed company on BSE SME Platform. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Recode Studios IPO Timeline (Tentative)
- IPO Open Date
- Tue, 05 May 26
- IPO Close Date
- Thu, 07 May 26
- Basis of Allotment
- Fri, 08 May 26
- Initiation of Refunds
- Mon, 11 May 26
- Credit of Shares to Demat
- Mon, 11 May 26
- Listing Date
- Tue, 12 May 26 — NSE & BSE
Open Date
05 May 2026
Close Date
07 May 2026
Basis Of Allotment
08 May 2026
Listing Date
12 May 2026
IPO Subscription
Check Live Subscription →The Recode Studios IPO has received bids for 44,03,20,800 shares against 20,20,800 shares offered, resulting in an overall subscription of 217.89x. the NII category is subscribed 298.07x, Retail Investors 216.65x, and QIBs 137.99x. Within the NII category, BNII is subscribed 486.06x, while SNII is subscribed 243.23x.
QIB
137.99x
NII
298.07x
BNII
486.06x
SNII
243.23x
RII
216.65x
Total
217.89x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 9,37,600 shares, representing 49.98% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 5,35,200 shares (28.53%), while Non-Institutional Investors (NIIs) receive 5,48,000 shares (21.49%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 535,200 | 28.53% |
| Non-Institutional | 548,000 | 21.49% |
| BNII | 268,800 | 14.33% |
| SNII | 134,400 | 7.16% |
| Retail Investors | 937,600 | 49.98% |
| Total | 2,020,800 | 100% |
Financials Details(₹ 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 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Recode Studios Limited KPI Information
| 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 |
| Pat Margin % | 15.79 | 6.91 | 0.75 | 3.1 |
Peers Comparison
| 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 |
About Recode Studios Limited
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.
Recode Studios IPO 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%
Recode Studios IPO Objective
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
Recode Studios Limited Address / Contact Details
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
Recode Studios IPO Lot Size
The Recode Studios IPO has a lot size of 800 shares. Retail investors require a minimum investment of ₹2,52,800 by applying for 2 lot (1,600 shares). The maximum application allowed for the retail category is 2 lots (1,600 shares), requiring an investment of ₹2,52,800.
| 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 |
Issue Reservation
- QIB — 28.53%
- NII — 21.49%
- RII — 49.98%
Book Running Lead Managers
- Seren Capital Private Limited
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Recode Studios IPO?
Recode Studios IPO is a Book-building IPO with a total issue size of ₹44.59 crore. The Recode Studios IPO price band is ₹150 to 158 per share. The Recode Studios IPO subscription opens on Tue, May 5, 2026, and closes on Thu, May 7, 2026. The Recode Studios IPO will be listed on the BSE. Mudra RTA Ventures Private Limited is the registrar for the Recode Studios IPO.
When will the Recode Studios IPO open for subscription?
The Recode Studios IPO opens on Tue, May 5, 2026 and closes on Thu, May 7, 2026
What is Recode Studios IPO Price Band?
Recode Studios IPO Price Band is ₹150 to 158 per share.
What is Recode Studios IPO Lot Size?
Recode Studios IPO lot size is 800 shares, Retail investors need a minimum investment of ₹252800 based on the upper price band
What is the minimum investment for Recode Studios IPO?
The minimum investment for Recode Studios IPO is ₹252800, based on one lot of 800 shares at the upper price band of ₹158 per share.
How to apply for Recode Studios IPO?
Investors can apply for the Recode Studios IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Thu, May 7, 2026. The application amount remains blocked until the Recode Studios IPO allotment is finalized.
What is Recode Studios IPO Issue Size?
Recode Studios IPO issue size is ₹44.59 crores.
What is the Recode Studios IPO Allotment Date?
Recode Studios IPO allotment date is Fri, May 8, 2026.
Who is the Recode Studios IPO Registrar?
The registrar for Recode Studios IPO is Mudra RTA Ventures Private Limited . Investors can go to Mudra RTA Ventures Private Limited website to check Recode Studios IPO allotment status, refund processing, and other IPO-related information.
What is the Recode Studios IPO GMP?
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 27.22% over the issue price.
Who is the Recode Studios IPO Lead Manager?
The book-running lead managers (BRLMs) for the Recode Studios IPO are Seren Capital Private Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Recode Studios IPO Red Herring Prospectus (RHP).