Recode Studios SME: Check IPO Date, Live Subscription and Key Details
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, skincare, and beauty accessories through company-owned stores (COCO), franchise outlets (FOFO), and major e-commerce platforms like Nykaa, Amazon, and Myntra. As of late 2025, the company operates 24 stores across 14 states. Recode focuses on a premium-yet-affordable positioning, utilizing third-party manufacturers to maintain an asset-light structure.
Price Range
₹150.0 - ₹158.0
Issue Size
₹42.31 Cr
Lot Size
800 shares
IPO Type
BSE SME
GMP
₹43(+27.22%)
Est. Listing Price
₹201
Estimate Profit
₹68,800
Retail Portion
35.02%
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
11.35
P/E Ratio
13.92
RoNW
50.8%
ROE
68.11%
Debt to 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
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 5 May 2026 | Subscription starts |
| IPO Close Date | 7 May 2026 | Subscription ends |
| Allotment Date | 8 May 2026 | Allotment |
| Listing Date | 12 May 2026 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
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
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 49.93% |
| NII (Non-Institutional Investor) | 15.06% |
| Retail | 35.02% |
| Market Maker | 5.13% |
| Total | 100.00% |
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 Ended | 31 Dec 2025 (9M) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 28.33 | 23.18 | 16.73 | 12.53 |
| Revenue (₹ Cr.) | 57.45 | 47.94 | 36.93 | 22.44 |
| PAT (₹ Cr.) | 9.06 | 3.3 | 0.27 | 0.69 |
| Net Worth (₹ Cr.) | 17.84 | 8.77 | 5.47 | 5.2 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Recode Studios Ltd. | 14.66 | 13.92 | 46.37% | 17.84 |
| Honasa Consumer Ltd. | 8.73 | 71.18 | 10.35% | 0 |
| FSN E-Commerce Ventures | 54.65 | 529.8 | 7.5% | 0 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 3.51x | 3.54x | 137.99x |
| NII | 10.09x | 56.41x | 404.76x |
| S-HNI | 7.3x | 37.29x | 243.23x |
| B-HNI | 11.48x | 65.97x | 485.52x |
| RII | 9.13x | 40.56x | 216.64x |
| Total | 7.74x | 33.4x | 234.63x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 5,35,200 | 7,38,49,600 | 1,166.82 |
| NII | 4,03,200 | 16,31,98,400 | 2,578.53 |
| Small NII | 1,34,400 | 3,26,89,600 | 516.5 |
| Big NII | 2,68,800 | 13,05,08,800 | 2,062.04 |
| RII | 9,37,600 | 20,31,23,200 | 3,209.35 |
| Total | 18,76,000 | 44,01,71,200 | 6,954.7 |
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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
- Mudra RTA Ventures Private Limited
- +91 9870297591
- ipo@mudrarta.com
- https://www.mudrarta.com/
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.
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