Recode Studios IPO Details

SME BSE

Recode Studios IPO Summary

Recode Studios IPO opens for subscription on 05 May 2026 and closes on 07 May 2026.The IPO will be listed on BSE with the tentative listing date set for 12 May 2026.

Recode Studios IPO price band has been fixed at ₹150 – ₹158 per share. The face value is ₹10 per share with a lot size of 800.

Recode Studios IPO total issue size comprises 28,22,400 shares (aggregating up to ₹44.59 Cr). This includes a fresh issue of 25,03,200 shares (aggregating up to ₹39.55 Cr). Offer for Sale consists of 3,19,200 shares (aggregating up to ₹5.04 Cr). Pre-issue shareholding stands at 81,41,144, which will increase to 1,06,44,344 post-issue.

Recode Studios IPO carries a ₹42 (26.58%) GMP, reflecting investor sentiment.

Recode Studios IPO Lot Size :Individual Minimum is 2 lots (1,600 shares) amounting to ₹252,800. Individual Maximum is 2 lots (1,600 shares) amounting to ₹252,800. SHNI Minimum is 3 lots (2,400 shares) amounting to ₹379,200. SHNI Maximum is 7 lots (5,600 shares) amounting to ₹884,800. BHNI Minimum is 8 lots (6,400 shares) amounting to ₹1,011,200.

The Lead Managers for Recode Studios IPO are crucial for the offering's success. They are responsible for a wide range of tasks, including preparing the company for the public market, managing the regulatory filings, and marketing the IPO to potential investors. The lead manager for this offering is Seren Capital Pvt Ltd . To assess their past performance and success in previous IPOs, you can view the Lead Manager Performance Summary report.

For SME (Small and Medium-sized Enterprise) IPOs, a Market Maker is appointed to ensure liquidity and stability for the stock once it is listed. They do this by continuously quoting bid and ask prices, ensuring there is a market for the shares. The appointed market maker for this IPO is Asnani Stock Broker Pvt Ltd. You can analyze their track record by checking the Market Maker Performance Summary report.

For detailed information, Refer to the Recode Studios Limited RHP.

Recode Studios IPO Details

Open Date

05 May 2026

Close Date

07 May 2026

Listing Date

12 May 2026

Issue Price

₹150 - ₹158

Face Value

₹10 per share

Lot Size

800 Shares

GMP

₹42(26.58%)

Issue Type

IPO

Listing On

BSE

Type

Book Built Issue

Pre-issue Shareholding

81,41,144 shares

Post-issue Shareholding

1,06,44,344 shares

Total Issue Size

28,22,400 shares(aggregating up to ₹44.59 Cr)

Fresh Issue

25,03,200 shares(aggregating up to ₹39.55 Cr)

Offer for Sale

3,19,200 shares(aggregating up to ₹5.04 Cr)

Recode Studios IPO Subscription

Recode Studios IPO Application Wise Breakup

Recode Studios IPO Dates

05 May 2026
Opening dateOpen
07 May 2026
Closing dateClose
08 May 2026
Allotment Date Allotment
11 May 2026
Initiation of RefundsRefund
11 May 2026
Credit of SharesCredit
12 May 2026
Listing dateListing

Recode Studios IPO Lot Size

Application	Lots	Shares	Amount
Individual Minimum	2	1600	₹252,800
Individual Maximum	2	1600	₹252,800
SHNI Minimum	3	2400	₹379,200
SHNI Maximum	7	5600	₹884,800
BHNI Minimum	8	6400	₹1,011,200

Recode Studios IPO Reservation

Promoter Holding

Pre Issue:

88.93%

Post Issue:

65.01%

Promoter Names:

The company promoters are Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan, , Karan Bansal

Documents

DRHP

Recode Studios IPO DRHP

RHP

Recode Studios IPO RHP

Anchor List

Anchor Investors

Recode Studios IPO Valuations

ROE46.37%

ROCE34.47%

Debt/Equity0.86

RoNW37.64%

PAT Margin6.91%

EBITDA Margin12.82%

Recode Studios Financial Information

Period Ended	31 Mar 2026	31 Mar 2025	31 Mar 2024	31 Mar 2023
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 and Surplus	9.70	8.76	5.46	5.19
Total Borrowing		7.56	7.85	3.79
Amount in ₹ Crore

About Recode Studios IPO

Recode Studio, incorporated in 2021, is an Indian beauty and personal care company operating under the brand “Recode”. The company focuses on branding, sourcing, and marketing a wide range of beauty and personal care products across India.

The company follows an omnichannel distribution model, offering its products through company-owned company-operated (COCO) stores, franchisee-owned franchisee-operated (FOFO) stores, third-party e-commerce platforms, as well as its own website and mobile application.

Its product portfolio includes makeup, skincare, body care, and beauty accessories. As of the date of its DRHP, the company offers over 350 SKUs across multiple categories and price points, including face, eye, and lip makeup products, along with face and body care solutions.

Customers can purchase Recode products through both offline and online channels. Offline sales are driven through its COCO and FOFO store network, while online sales are conducted via its website, mobile app, and major e-commerce platforms such as Amazon, Nykaa, Myntra, and Flipkart.

As of September 30, 2025, the company operates a total of 24 retail stores across 14 states in India, comprising 3 COCO stores and 21 FOFO stores, supporting its expanding retail footprint.

The company follows an asset-light manufacturing model, with its products being manufactured by third-party manufacturers based in India.

Strength Of Recode Studios IPO

Omnichannel presence integrating offline and online platforms.
COCO and FOFO retail network.
Diverse product range beauty and personal care categories.
Digital reach and online customer engagement.
Led by experienced promoters and management team.

Risk Of Recode Studios IPO

The company outsource the manufacturing of all its products to third-party manufacturers and do not own any manufacturing facilities. The company's reliance on such third-party manufacturers exposes it to several operational, regulatory and business risks that may adversely affect its operations, financial condition and results of operations.
The company's business is dependent on the recognition, perception and acceptance of the "Recode" brand, and any damage to its brand reputation could adversely affect the company's business, results of operations and financial condition.
The company operates in the beauty, cosmetics and personal care segment in India, which is subject to rapidly changing consumer preferences, and any failure to respond effectively to such changes could adversely affect its business, results of operations and financial condition.
The company's reliance on online retail channels and third-party e-commerce platforms exposes us to risks relating to platform policies, pricing pressures, customer reviews and rapid amplification of adverse publicity, which could adversely affect its business, results of operations and financial condition.
The company's limited control over franchise-operated stores may result in inconsistent service quality, regulatory non-compliance and adverse impact on its brand and business.
The company's dependence on a limited number of third-party manufacturers, and adverse changes in commercial terms, regulatory compliance or operational continuity at such manufacturers, may adversely affect its business, financial condition and results of operations.
The company does not have long-term agreements with its customers, and our revenues are significantly dependent on recurring orders from the company's B2B and online customers. Any loss or reduction of business from such customers could adversely affect its results of operations and financial condition.
The company's business is significantly dependent on sales from the Face Make-Up category, and any decline in demand for products in this category could adversely affect its business, financial condition and cash flows.
Certain trademarks used by the Company, including trademarks under Class 3 that are central to its cosmetics and personal care business, are subject to objections, oppositions or pending ownership record updates, and any adverse outcome may restrict the company's ability to use such trademarks and adversely affect its business.
The company operates in a highly competitive beauty and personal care industry, and increased competition may lead to a reduction inthe company's revenues, reduced profit margins or a loss of market share.

Objectives Recode Studios IPO

1. Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab

2. Marketing and Advertisement expenses toward enhancing the awareness and visibility of our brand

3. Utilization towards Working Capital Requirements

4. General Corporate Purposes

Company Contact Details

R-89, Phase V, Focal Point,
Ludhiana, Punjab , 141010
Phone: 0161- 4752672
Email: info@recodestudios.com
Website: https://www.shop.recodestudios.com/

Registrar Contact Details

Name:

Mudra RTA Ventures Pvt Ltd

Phone:

+919870297591

Email:

ipo@mudrarta.com

Website:

https://mudrarta.com/ipo.php

Lead Mangers

Market Maker

Recode Studios FAQs

The Recode Studios IPO is a SME public issue comprising 2822400 equity shares with a face value of ₹10 each, aggregating to a total issue size of ₹44.59 Cr. The issue price has been fixed at ₹158 per equity share, and the minimum application size is 800 shares.

The IPO opens for subscription on 05 May 2026, and closes on 07 May 2026.

Mudra RTA Ventures Pvt Ltd has been appointed as the registrar to the issue. The equity shares are proposed to be listed on the BSE

The Recode Studios IPO opens on 05 May 2026.

Recode Studios IPO lot size is 800, and the minimum amount required for application is ₹126400.

You may apply for the Recode Studios IPO online by using either the UPI or ASBA payment method. The ASBA facility is available through the net banking platform of your respective bank. The UPI-based IPO application option is typically provided by brokers that do not offer banking services. For detailed guidance on the online IPO application process, please refer to the procedures outlined by Zerodha, Groww, Upstox, 5Paisa, Paytm Money, Fyers, Alice Blue, Nuvama, HDFC Bank, ICICI Direct, Kotak Securities, Axis Direct, and SBI Bank.

The Basis of Allotment for the Recode Studios IPO is scheduled to be finalized on 08 May 2026. Subsequently, the shares allotted will be credited to investors’ demat accounts by 11 May 2026. Investors are advised to regularly check the Recode Studios IPO allotment status for updates.

The listing date for the Recode Studios IPO has not yet been officially announced. However, the tentative listing date is scheduled for 12 May 2026.

Recode Studios IPO Grey Market Premium (GMP) refers to the unofficial price at which the company’s IPO shares are traded in the grey market prior to their listing on the stock exchange. The GMP serves as an indicator of investor demand, expected listing gains, and the overall market sentiment toward the IPO.

As of now, the current GMP stands at ₹42 (26.58%).