The Recode Studios IPO aims to raise capital worth ₹45 crore from its SME debut. For this, it will issue 28,22,400 shares. This offering’s bidding period commences on May 5, 2026. The investors can participate in the issue until the window closes on May 7, 2026. The allotment of shares will be done on May 8, 2026. Listing takes place on May 12, 2026 on the BSE SME exchange.
Each lot of this offering is made up of 800 shares. The price range is from ₹150 to ₹158. For individual investors, the minimum bid is two lots, which translates to an investment of ₹2,52,800. The sNII participants will have an outlay of ₹3,79,200 for three lots. For the bNII category, bidding starts at eight lots, requiring ₹10,11,200.
Recode Studios IPO Details
This offering’s key particulars are provided in the following table:
| Particulars | Details |
| Bidding Opens | May 5, 2026 |
| Bidding Closes | May 7, 2026 |
| Issue Type | Bookbuilding Issue |
| Face Value | ₹10 per share |
| Price Band | ₹150 to ₹158 |
| Issue Price | – |
| Listing at | BSE SME |
| Lot Size | 800 Shares |
| Reserved for Market Maker | 1,44,800 shares (₹2 Crore) |
| Fresh Issue | 23,58,400 shares (₹37 Crore) |
| Offer for Sale(OFS) | 3,19,200 shares (₹5 Crore) |
| Total Issue | 28,22,400 shares (₹45 Crore) |
| Minimum Investment | ₹2,52,800 |
Recode Studios IPO Timeline
The issue is set to follow the timeline given below:
| Particulars | Details |
| Bidding Opens | May 5, 2026 |
| Bidding Closes | May 7, 2026 |
| Allotment Expected | May 8, 2026 |
| Refunds Start On | May 11, 2026 |
| Share Credit to Demat | May 11, 2026 |
| Listing Scheduled | May 12, 2026 |
| Cut-off for UPI mandate | 5:00 PM on May 7, 2026 |
Recode Studios Key Performance Indicators (KPI)
The Recode Studios KPIs are given in the table below:
| KPIs | FY25 | FY24 | FY23 |
| ROE (%) | 46.37 | 5.14 | 24.55 |
| ROCE (%) | 34.47 | 9.39 | 14.28 |
| Debt Equity (times) | 0.86 | 1.43 | 0.73 |
| RoNW (%) | 37.64 | 5.01 | 13.33 |
| PAT Margin (%) | 6.91 | 0.75 | 3.10 |
| EBITDA Margin (%) | 12.82 | 4.54 | 6.43 |
| Price Book Value | – | – | – |
Recode Studios Financials
An overview of Recode Studios’ financial figures is as follows:
| Particulars (in ₹ lakh) | FY25 | FY24 | FY23 |
| Total Assets | 2,317.62 | 1,673.27 | 1,252.86 |
| Revenue | 4,793.88 | 3,693.45 | 2,243.89 |
| Profit | 330.29 | 27.43 | 69.28 |
Recode Studios IPO Subscription Status
Subscription figures are not yet available, as the Recode Studios IPO has not opened. Details will be updated once bidding begins on May 5, 2026.
Bids may be placed between 10:00 AM and 5:00 PM during the issue period.
Recode Studios IPO Grey Market Premium
The grey market premium (GMP) of the Recode Studios IPO is currently ₹11, suggesting mild interest from investors. If this trend holds, the stock could list near ₹169, implying a potential gain of about 7% over the upper price band.
| Date | GMP | Estimated Listing Price | Estimated Listing Gain | Trend | Last Updated |
| 30-04-2026 | ₹11 | ₹169 | 6.96% | Neutral | 30-Apr-2026 8:01 |
| 29-04-2026 | ₹11 | ₹169 | 6.96% | – | 29-Apr-2026 23:31 |
Note: GMP figures originate from informal market trades and are meant for reference purposes only. They are not to be treated as an investment suggestion.
Recode Studios IPO Reservation
This issue has been structured with reservations for various investor groups as detailed below:
| Investor Category | Reservation |
| Market Maker Shares | 1,44,800 |
| QIB Shares | 13,36,800 |
| NII (HNI) Shares | 4,03,200 |
| Retail Shares | 9,37,600 |
| Total Shares | 28,22,400 |
Recode Studios IPO Lot Size
Investors are required to place bids in line with the prescribed lot size requirements:
| Investor Type | Lots | Shares | Amount |
| Retail Investors – Minimum Bid | 2 | 1,600 | ₹2,52,800 |
| Retail Investors – Maximum Bid | 2 | 1,600 | ₹2,52,800 |
| S-HNI – Minimum Bid | 3 | 2,400 | ₹3,79,200 |
| S-HNI – Maximum Bid | 7 | 5,600 | ₹8,84,800 |
| B-HNI – Minimum Bid | 8 | 6,400 | ₹10,11,200 |
Recode Studios IPO Anchor Investors
Below are the important details pertaining to this issue’s anchor investors.
| Particulars | Details |
| Anchor Bidding Opens | May 4, 2026 |
| Shares Offered | 8,01,600 |
| Portion Size | Up to 60% of the QIB |
| 50% Shares Lock-in (30 Days) | June 6, 2026 |
| Remaining shares Lock-in (90 Days) | August 5, 2026 |
Recode Studios IPO Prospectus
For more information on the issue, please go through the documents mentioned below.
| Draft Red Herring Prospectus (DRHP) | |
| Red Herring Prospectus (RHP) | |
| Anchor Investors | – |
| Final Prospectus | Not Disclosed Yet |
About Recode Studios
Recode Studios started its operations in 2018 and is headed by Mr. Dheeraj Bansal, the managing director. The company works in the beauty and personal care space, focusing on building and distributing products under its own brand. It offers a wide mix of makeup, skincare, body care, and accessories, catering to different preferences and budgets. Its reach is built through a combination of digital platforms and physical stores, providing customers the convenience to shop through different routes.
While production is handled by third-party manufacturers, the company concentrates on branding, marketing, and distribution. Since launching its retail presence in 2022, it has steadily expanded its footprint, supported by a growing store network, warehouses, and a leadership team guiding its overall strategy.
| Lead Manager | Mudra RTA Ventures |
| IPO Registrar | Seren Capital |
Recode Studios IPO Objectives
Funds raised from this issue will be deployed to meet the following objectives:
| S. No. | Particulars | Amount (in ₹ lakh) |
| 1. | Investment in setting up a new warehouse facility | 574.20 |
| 2. | Marketing and advertising expenses | 540.90 |
| 3. | Working capital requirements | 1,950.00 |
| 4. | General corporate uses |
Strengths of Recode Studios
Recode Studios’ business operations are driven by the following strengths:
- Omnichannel Distribution Network: A mix of franchisee-owned stores, online channels, and company-owned stores ensures wider reach and easier access to customers.
- Diverse Product Portfolio: A wide range of over 350 Stock Keeping Units (SKUs) across makeup, skincare, and accessories enables the company to cater to a variety of consumers and usage occasions.
- Digital Engagement: Active presence on website and social media platforms supports customer interaction, brand visibility, and engagement through analytics-backed insights and growing online traffic.
- Experienced Leadership Team: The firm’s management team has strong industry experience. It oversees core functions including sales, marketing, finance, and operations, driving strategic direction and business growth.
Risks of Recode Studios
A careful review of the potential risks surrounding Recode Studios is necessary before taking an investment call.
- Third-Party Manufacturing: The firm is entirely dependent on external manufacturing. This exposes it to the risk of supply disruptions, quality inconsistencies, cost fluctuations, and potential delays.
- Industry Rivalry: The beauty sector is crowded with dominant domestic and global players. The competitors may pressure pricing, profit margins, and market share.
- Leased Property: The operations depend on leased offices, warehouses, and stores. Non-renewal of contracts or rising rental costs may disrupt operations, increase expenses, and impact profitability.
- Changing Consumer Preferences: Rapid shifts in beauty trends and consumer behaviour may lead to demand uncertainty, inventory mismatches, and declining product relevance if the company fails to respond effectively.
Recode Studios IPO Review
Recode Studios IPO offers exposure to India’s growing beauty and personal care segment. The business benefits from an expanding product range and omnichannel presence. The grey market signals modest listing expectations. Key risks include competition, outsourced manufacturing, and shifting consumer trends.
Overall, it suits investors comfortable with the SME space and evolving consumer-driven businesses.
Other Recent IPO List
Interested in more IPO options? Browse through the latest and upcoming public offerings.
Recode Studios IPO FAQs
Recode Studios IPO is an SME book-building issue worth around ₹45 crore. It will be listed on the BSE SME platform.
You can apply through your broker using ASBA via net banking or UPI through supported platforms by selecting the IPO and placing a bid during the offer period.
The Recode Studios IPO comes from a growing consumer segment with improving financials, but also carries risks like competition and reliance on third parties, making it a balanced opportunity.
Grey market signals suggest a listing around ₹169, implying a potential upside of roughly 7%. However, these indications are informal and may shift before listing.
Recode Studios IPO opens on May 5, 2026, and closes on May 7, 2026.
The lot size is 800 shares. Retail investors need to apply for a minimum of 2 lots (1,600 shares), amounting to ₹2,52,800.
The allotment of the Recode Studios IPO is expected to be finalised on May 8, 2026.
Recode Studios IPO is scheduled to list on May 12, 2026, on the BSE SME.
