Recode Studios SME IPO Subscription Status

A subscription of 234.71x means the IPO received bids for 235 times the number of shares available. For every 235 applications, only 1 can receive an allotment.

Here is what each category number tells you:

QIB at 137.99x: This is the strongest signal on the page. QIBs are institutional investors, mutual funds, foreign institutions, and banks. When they subscribe at 137.99x, it reflects serious institutional conviction.

NII at 405.12x: NII includes high net worth individuals applying above Rs 2 lakh. At 405.12x, allotment probability for NII applicants is very low. The bNII segment came in at 486.06x and sNII at 243.23x.

Retail at 216.65x: Retail investors applying up to Rs 2 lakh saw 216.65x subscription. Allotment in the retail category is done by lottery when oversubscription exceeds 1x. At 216.65x applications received, roughly 1 in 217 retail applicants can expect an allotment (~0%).

Based on the final subscription data, here is a realistic view of allotment probability by category.

Retail Category: Retail subscription came in at 216.65x based on shares applied and 216.65x based on applications. In the retail category, SEBI mandates a minimum of one lot per applicant when possible. Allotment is done by lottery. At 216.65x applications received, approximately 1 in 217 retail applicants can expect an allotment. Applying from multiple accounts does not improve individual chances but increases household probability if each account is eligible.

NII Category: NII allotment is proportional, not by lottery. At 405.12x, an NII applicant applying for the minimum NII lot can expect a very small proportional allotment. Larger NII applications receive proportionally more shares but the effective return per rupee invested is diluted significantly at this oversubscription level.

QIB Category: QIB allotment is discretionary and handled by the book running lead managers. Retail investors do not participate in this category.

Check the Recode Studios SME IPO Allotment Status page from 8 May 2026 for your allotment result.

GMP for Recode Studios SME stands at Rs 43.00 today, giving an estimated listing price of Rs 201.00 per share.

The GMP has moved up from Rs 11.00 on 29 Apr 2026 to Rs 43.00 on 8 May 2026.

A subscription of 234.71x combined with a GMP of 27.22% is a strong combination heading into listing. QIB demand above 50x in particular tends to support listing sentiment, as institutional investors are seen as informed buyers.

Track live GMP on the Recode Studios SME IPO GMP Today page or the IPOwiz Live IPO GMP Tracker.

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.

For allotment results from 8 May 2026, visit the Recode Studios SME IPO Allotment Status page. For listing day updates on 12 May 2026, download the IPOwiz App.