Recode Studios

Recode Studios SME IPO

Listed

BSE SMEOpens 5 May 2026Closes 7 May 2026

Recode Studios Ltd., incorporated in 2021, is a rapidly growing Indian beauty and personal care brand operating under the name 'Recode.' The company follows an omnichannel model, selling over 350 SKUs including makeup,…

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Live GMPSubscriptionAllotment
Price band
₹150 - ₹158
Issue size
₹42.31 Cr
Lot size
800 shares
Type
BSE SME
GMP
₹43 (+27.2%)
Est. listing
₹201
Est. profit / app
₹68,800
Retail quota
35.02%

Key ratios

As per RHP / filings
Face value
₹10
EPS
11.35
P/E ratio
13.92
RoNW
50.8%
ROE
68.11%
Debt / Equity
0.19
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Timeline

IPO Opens

5 May

IPO Closes

7 May

Allotment

8 May

Listing

12 May

IPO Timeline & Listing Details

EventDate
IPO Open Date5 May 2026
IPO Close Date7 May 2026
Allotment Date8 May 2026
Listing Date12 May 2026

Investment Categories

CategoryLotsAmount
Individual
2₹2,52,800
SHNI (Min)
3₹3,79,200
SHNI (Max)
7₹8,84,800
BHNIAbove ₹10,00,000
8₹10,11,200

IPO Reservation Details

CategoryReservation
QIB (Qualified Institutional Buyer)49.93%
NII (Non-Institutional Investor)15.06%
Retail35.02%
Market Maker5.13%
Total100.00%

IPO Objectives

  • Funding capital expenditure for setting up a new warehouse facility in Ludhiana, Punjab (₹5.74 Cr).
  • Marketing and advertisement expenses to enhance brand visibility (₹5.41 Cr).
  • Augmenting working capital requirements (₹19.50 Cr).
  • General Corporate Purposes.

Strengths

  • The company benefits from Strong Brand Traction, maintaining high visibility in the 'masstige' beauty segment with a loyal and growing customer base.
  • It employs a successful Omnichannel Strategy, with a balanced presence across 24 physical stores and major digital marketplaces to maximize reach.
  • The business demonstrates Exceptional Efficiency, with a high RoCE of 59.85% and an RoE of 68.11%, indicating highly effective capital utilization.
  • There is Rapid Profitability Growth, as evidenced by PAT surging from ₹3.30 Cr in FY25 to ₹9.06 Cr in just the first nine months of FY26.
  • The issue enjoys Bullish Market Sentiment, reflected in a strong Grey Market Premium (GMP) of ₹45, suggesting a potential 28% listing gain for investors.

Weaknesses

  • The business has a significant Third-Party Dependency, as it does not own manufacturing facilities, posing risks to quality control and supply chain stability.
  • Analysts have flagged Aggressive Pricing, noting that the recent spike in profitability may be a strategic attempt to justify a premium valuation for the IPO.
  • It operates in a market with Intense Competition, facing off against established giants like Nykaa and Honasa (Mamaearth) for market share.
  • The company faces High Inventory Needs, requiring significant working capital to manage over 350 SKUs across its expanding retail and digital footprint.
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Financial Performance

Period Ended31 Dec 2025 (9M)31 Mar 202531 Mar 202431 Mar 2023
Assets (₹ Cr.)28.3323.1816.7312.53
Revenue (₹ Cr.)57.4547.9436.9322.44
PAT (₹ Cr.)9.063.30.270.69
Net Worth (₹ Cr.)17.848.775.475.2

Peer Comparison

CompanyP/B RatioP/E RatioRONW (%)Net Worth (₹ Cr.)
Recode Studios Ltd.14.6613.9246.37%17.84
Honasa Consumer Ltd.8.7371.1810.35%0
FSN E-Commerce Ventures54.65529.87.5%0

Subscription Details

Daily Bids Status

CategoryDay 1Day 2Day 3
QIB3.51x3.54x137.99x
NII10.09x56.41x404.76x
S-HNI7.3x37.29x243.23x
B-HNI11.48x65.97x485.52x
RII9.13x40.56x216.64x
Total7.74x33.4x234.63x

Overall Subscription Statistics

CategoryShares OfferedShares BidBid Amount (₹ Cr)
QIB5,35,2007,38,49,6001,166.82
NII4,03,20016,31,98,4002,578.53
Small NII1,34,4003,26,89,600516.5
Big NII2,68,80013,05,08,8002,062.04
RII9,37,60020,31,23,2003,209.35
Total18,76,00044,01,71,2006,954.7
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Company Details

  • Recode Studios Ltd.
  • R-89, Phase V, Focal Point, Ludhiana, Punjab, 141010
  • 0161-4752672
  • info@recodestudios.com
  • https://recodestudios.com/

Registrar Details

Frequently Asked Questions

What is the core business of Recode Studios?
Recode Studios is a beauty and personal care brand that designs and markets a wide range of makeup and skincare products through an integrated online and offline store network.
When does the Recode Studios IPO open and close?
The IPO opens for subscription on May 5, 2026, and closes on May 7, 2026.
What is the price band and minimum investment for retail?
The price band is ₹150 to ₹158 per share. The minimum investment for retail is ₹2,52,800 (for 2 lots of 800 shares each).
What is the current GMP of Recode Studios?
As of May 3, 2026, the GMP is ₹45, suggesting a potential listing price of ₹203 per share.
Where will the shares be listed?
The shares are proposed to be listed on the BSE SME platform, with a tentative listing date of May 12, 2026.
How will the company use the IPO proceeds?
The funds will be used primarily for working capital (₹19.50 Cr), building a new warehouse in Ludhiana, and brand marketing.

Recode Studios SME IPO News & Updates

Follow the latest updates for Recode Studios SME IPO, including grey market moves and allotment news.

Recode Studios SME IPO IPO Pages

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Recode Studios SME IPO Details

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Recode Studios SME IPO GMP

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Recode Studios SME IPO Subscription

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Recode Studios SME IPO Allotment

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Recode Studios SME IPO Review

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Recode Studios SME IPO FAQ

Common questions on dates, GMP, and allotment

Recode Studios SME IPO Registrar

Registrar website and how to check allotment

Recode Studios SME IPO Timeline

Open, close, allotment, and listing dates

Recode Studios SME IPO News

Updates, blogs, and latest IPO news

Sources

We match Recode Studios SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.

  • SEBIRules for IPO allotment and disclosures in India
  • NSEExchange notices, bidding data, and listing updates
  • BSEExchange notices and IPO allotment check tools
  • RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
  • Mudra RTA Ventures Private LimitedOfficial site to check allotment status for this IPO

Also read our Editorial Policy, How GMP is calculated, and How allotment chances work.

Reviewed by

Dinesh Agrawal · Lead IPO Analyst

15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.

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