Published: 29 April 2026 | 5.45 AM
Last Updated: 29 April 2026 | 4.00 PM
IPO Overview
Recode Studios IPO is an SME book-built issue of Rs. 44.59 crore. The issue comprises a fresh issue of 0.25 crore shares aggregating to Rs. 39.55 crore and an offer for sale of 0.03 crore shares aggregating to Rs. 5.04 crore. The IPO opens for subscription on 5 May 2026 and closes on 7 May 2026. The company is proposed to be listed on BSE SME platform on 12 May 2026. Recode Studios operates in the beauty and personal care segment under the “Recode” brand and is positioned as an emerging omnichannel cosmetics play in India.
Recode Studios IPO GMP – Latest Update
| Particulars |
Details |
| IPO GMP Today |
To be updated |
| Kostak |
NA |
| Subject to Sauda |
NA |
| GMP Trend |
Awaited |
Note: GMP is an unofficial market indicator and should not be the sole basis for investment decisions.
Recode Studios IPO Subscription Status – Live Update
| Investor Category |
Subscription Status |
| QIB |
Opens Soon |
| NII |
Opens Soon |
| Retail |
Opens Soon |
| Total |
Opens Soon |
👉 | GMP | Reviews | Subscription | Allotment
IPO Details at a Glance
| Particulars |
Details |
| IPO Date |
5 May to 7 May 2026 |
| Listing Date |
12 May 2026 |
| Face Value |
Rs. 10 per share |
| Price Band |
Rs. 150 to Rs. 158 |
| Lot Size |
800 Shares |
| Issue Type |
Bookbuilding IPO |
| Sale Type |
Fresh Issue + OFS |
| Listing At |
BSE SME |
| Total Issue Size |
28,22,400 Shares |
| Fresh Issue |
25,04,000 Shares |
| Offer for Sale |
3,19,200 Shares |
| Market Maker Portion |
1,44,800 Shares |
| Net Offer to Public |
26,77,600 Shares |
| Shareholding Pre Issue |
81,41,144 Shares |
| Shareholding Post Issue |
1,06,44,344 Shares |
IPO Timetable
| Event |
Date |
| IPO Open |
Tuesday, 5 May 2026 |
| IPO Close |
Thursday, 7 May 2026 |
| Allotment Finalisation |
Friday, 8 May 2026 |
| Refund Initiation |
Monday, 11 May 2026 |
| Credit of Shares |
Monday, 11 May 2026 |
| Listing Date |
Tuesday, 12 May 2026 |
Reservation
| Investor Category |
Shares Offered |
% of Net Issue |
| QIB |
13,36,800 |
49.93% |
| NII |
4,03,200 |
15.06% |
| Retail |
9,37,600 |
35.02% |
| Market Maker |
1,44,800 |
— |
Lot Size
| Application |
Lots |
Shares |
Amount |
| Retail (Min) |
2 |
1,600 |
Rs. 2,52,800 |
| Retail (Max) |
2 |
1,600 |
Rs. 2,52,800 |
| S-HNI (Min) |
3 |
2,400 |
Rs. 3,79,200 |
| S-HNI (Max) |
7 |
5,600 |
Rs. 8,84,800 |
| B-HNI (Min) |
8 |
6,400 |
Rs. 10,11,200 |
Company Details
Recode Studios Limited was incorporated in 2021 and is an Indian beauty and personal care company operating under the “Recode” brand. The company focuses on branding, sourcing and selling cosmetics, skincare, body care and accessories across India.
The business follows an omnichannel model through company-owned stores, franchise stores, website, mobile app and leading marketplaces such as Amazon, Nykaa, Myntra and Flipkart. As of September 2025, the company operated 24 stores across 14 states.
Its asset-light sourcing model, growing digital presence and expanding retail footprint provide scalability if execution remains strong.
| Particulars |
Details |
| Registered Office |
R-89, Phase V, Focal Point, Ludhiana, Punjab – 141010 |
| Phone |
0161-4752672 |
| Email |
info@recodestudios.com |
| Particulars |
Details |
| Lead Manager |
Seren Capital Pvt. Ltd. |
| Registrar |
Mudra RTA Ventures Private Limited |
| Market Maker |
Asnani Stock Broker Pvt. Ltd. |
Financials
| Particulars (Rs. Cr.) |
FY26 |
FY25 |
FY24 |
FY23 |
| Assets |
28.33 |
23.18 |
16.73 |
12.53 |
| Total Income |
57.45 |
47.94 |
36.93 |
22.44 |
| Profit After Tax |
9.06 |
3.30 |
0.27 |
0.69 |
| EBITDA |
13.34 |
6.13 |
1.67 |
1.44 |
| Net Worth |
17.84 |
8.77 |
5.47 |
5.20 |
| Reserves & Surplus |
9.70 |
8.76 |
5.46 |
5.19 |
Valuation
| Objects of the Issue |
Estimated Amount (Rs. Cr.) |
| Warehouse facility at Ludhiana |
5.74 |
| Marketing & Advertisement |
5.41 |
| Working Capital Requirements |
19.50 |
| General Corporate Purposes |
Balance Amount |
| KPI |
Dec 2025 |
Mar 2025 |
| ROE |
68.11% |
46.37% |
| ROCE |
59.85% |
34.47% |
| Debt / Equity |
0.19 |
0.86 |
| RoNW |
50.80% |
37.64% |
| PAT Margin |
15.79% |
6.91% |
| EBITDA Margin |
23.24% |
12.82% |
| Particulars |
Pre IPO |
Post IPO |
| Promoter Holding |
88.93% |
65.01% |
Chanakya View
Recode Studios IPO comes from the fast-growing beauty and cosmetics segment where branded demand, online penetration and influencer-led marketing are creating strong opportunities. The company has shown sharp improvement in profitability and margins, which is a positive sign.
The asset-light model, omnichannel presence and improving financial profile make the story interesting. However, investors should note that the company is relatively young, operates in a highly competitive segment and depends on sustained branding spends.
| Parameter |
Chanakya View |
| Business Model |
Scalable Asset-Light |
| Financial Trend |
Strong Improvement |
| Margin Profile |
Healthy |
| Valuation |
Reasonably Priced |
| Risk Level |
Moderate |
| Listing Appeal |
Good |
| Long-Term Appeal |
Positive with Risk |
Chanakya View: Recode Studios IPO appears to be a Subscribe for Listing Gain + Selective Long Term type SME IPO for investors comfortable with higher risk.
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