Recode Studios SME IPO
Ongoing
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.
Issue Price
158
Current GMP
₹44 (27.85%)
Overall Subscription
33.48x
Issue Size
₹42.31 Cr
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Live Subscription by Application
| Category | Applications Offered | Applications Received | Subscription |
|---|---|---|---|
| QIB | 669 | 6 | 0.01x |
FII | - | 1 | - |
DFI | - | 0 | - |
MF | - | 0 | - |
Other | - | 5 | - |
| NII | 168 | 4,577 | 27.24x |
bNII | 112 | 2,591 | 23.13x |
Corporate | - | 22 | - |
Individual | - | 2,554 | - |
Other | - | 15 | - |
sNII | 56 | 1,986 | 35.46x |
Corporate | - | 5 | - |
Individual | - | 1,957 | - |
Other | - | 24 | - |
| IND | 586 | 23,766 | 40.56x |
Fixed price | - | 23,766 | - |
| Total | 1,423 | 28,349 | 19.92x |
Live Subscription by Shares
| Category | Shares Offered | Shares Applied | Subscription |
|---|---|---|---|
| QIB | 5.35 L | 18.92 L | 3.54x |
FII | - | 6.40K | - |
DFI | - | 0 | - |
MF | - | 0 | - |
Other | - | 18.86 L | - |
| NII | 4.03 L | 2.29 Cr | 56.77x |
bNII | 2.69 L | 1.79 Cr | 66.51x |
Corporate | - | 3.14 L | - |
Individual | - | 1.75 Cr | - |
Other | - | 96.00K | - |
sNII | 1.34 L | 50.11 L | 37.29x |
Corporate | - | 12.00K | - |
Individual | - | 49.41 L | - |
Other | - | 58.40K | - |
| IND | 9.38 L | 3.80 Cr | 40.56x |
Fixed price | - | 3.80 Cr | - |
| Total | 18.76 L | 6.28 Cr | 33.48x |
Subscription Summary
QIB
Shares Applied:3.54x
Applications Offered:0.01x
NII
Shares Applied:56.77x
Applications Offered:27.24x
IND
Shares Applied:40.56x
Applications Offered:40.56x
Quick Stats
Total Categories3
IPO TypeSME
StatusOngoing
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Join NowData Last Updated
6 May 2026, 11:53 am
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Understanding Subscription Categories
QIB
Qualified Institutional Buyers
Includes FII, DFI, Mutual Funds, and other qualified institutions.
NII
Non-Institutional Investors
High net-worth individuals: bNII (₹10L+) and sNII (₹2L-₹10L).
IND
Individual Investors
Individual investors in SME IPOs up to ₹2 lakh.
Frequently Asked Questions
What is the current subscription status of Recode Studios SME?
The current overall subscription for Recode Studios SME is 33.48x. This indicates the total demand relative to the shares offered. Higher subscription typically suggests strong investor interest.
How to check Recode Studios SME subscription status?
You can check Recode Studios SME subscription status on IPOwiz, BSE website, NSE website, or your broker's platform. Subscription data is updated regularly during the IPO period from 5 May 2026 to 7 May 2026.
What do subscription numbers mean?
Subscription numbers show how many times the IPO is oversubscribed. For example, 33.48x means the IPO received 33.48x times more applications than shares available. Higher subscription in retail category generally means lower allotment chances.
When does Recode Studios SME subscription close?
The subscription for Recode Studios SME closes on 7 May 2026. Applications must be submitted before the closing time on this date. Late applications will not be accepted.
What is the difference between QIB, NII, and Individual (IND) subscription?
QIB (Qualified Institutional Buyers) includes mutual funds, FIIs, and other institutions. NII (Non-Institutional Investors) includes high net-worth individuals investing above ₹2 lakh. Individual (IND) includes individual investors with applications up to ₹2 lakh. Each category has separate subscription quotas.
How does subscription affect allotment chances?
Higher subscription in your category means lower allotment chances. For example, if retail subscription is 33.48x, it means there are 33.48x times more applications than shares available, making allotment competitive.
When will Recode Studios SME allotment be finalized?
The allotment for Recode Studios SME will be finalized and announced on 8 May 2026. You can check your allotment status on the registrar's website, BSE, NSE, or your demat account after this date.
What happens after subscription closes?
After subscription closes on 7 May 2026, the company and registrar process all applications. Allotment is finalized by 8 May 2026, and shares are credited to successful applicants' demat accounts before the listing date on 12 May 2026.
Can I apply after subscription closes?
No, you cannot apply after the subscription closes on 7 May 2026. All IPO applications must be submitted during the subscription period from 5 May 2026 to 7 May 2026. Late applications are automatically rejected.
What is the issue size and lot size for Recode Studios SME?
The issue size for Recode Studios SME is ₹42.31 Cr, and the lot size is 800 shares. The price range is ₹150.0 - ₹158.0. You must apply in multiples of the lot size.