Recode Studios
Table of Contents
- 01 IPO Description
- 02 IPO Parameters
- 03 IPO Roadmap
- 04 GMP History
- 05Recode Studios IPO Market Lot
- 06 Recode Studios IPO Details
- 07 Recode Studios IPO Reservation
- 08 Recode Studios IPO Anchor Investors
- 09 Recode Studios IPO Dates
- 10 Recode Studios IPO Promoters & Holding Pattern
- 11 Recode Studios IPO – Objects of the Issue
- 12 About Recode Studios IPO
- 13 Recode Studios IPO Company Financial Report
- 14 Recode Studios IPO Valuation – FY2025
- 15 Recode Studios IPO Peer Group Comparison
- 16 IPO Lead Managers aka Merchant Bankers
IPO DESCRIPTION
Recode Studios Limited operates in the beauty and cosmetics industry, offering a wide range of makeup, skincare, and personal care products. The company focuses on affordable and trend-driven beauty solutions designed to cater to modern consumers through both online and offline distribution channels. With the increasing popularity of beauty products, social media-driven consumer trends, and rising demand for personal grooming, the company continues to expand its market presence. Its product portfolio and digital-first marketing approach help attract a growing customer base across India. The IPO is expected to support brand expansion, product development, marketing initiatives, and working capital requirements, enabling the company to strengthen its position in the fast-growing cosmetics and beauty market.
IPO PARAMETERS
IPO ROADMAP
Grey Market Premium HISTORY
| Date | GMP (₹) | Daily Change | Gain (%) |
|---|---|---|---|
| 07 May 2026 | ₹48.00 | - | 30.38% |
Recode Studios IPO MARKET LOT
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 1,600 | ₹252,800 |
| Retail Maximum | 2 | 1,600 | ₹252,800 |
| S-HNI Minimum | 3 | 2,400 | ₹379,200 |
| S-HNI Maximum | 7 | 5,600 | ₹884,800 |
| B-HNI Minimum | 8 | 6,400 | ₹1,011,200 |
Recode Studios IPO DETAILS
| IPO Open Date | May 5, 2026 |
|---|---|
| IPO Close Date | May 7, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹150 to ₹158 Per Share |
| Issue Size | Approx ₹45 Crores |
| Fresh Issue | Approx ₹39.55 Crores |
| Offer for Sale | Approx 3,19,200 Equity Shares |
| Issue Type | Book Building Issue |
| IPO Listing | BSE SME |
Recode Studios IPO RESERVATION
| Investor Category | Shares Offered | Shares (%) |
|---|---|---|
| Anchor Investor | 8,01,600 Shares | — |
| QIB (Ex. Anchor) | 13,36,800 Shares | 50% |
| NII | 4,03,200 Shares | 14.29% |
| Retail | 9,37,600 Shares | 33.22% |
Recode Studios IPO Anchor INVESTORS
| Anchor Bidding Date | May 4, 2026 |
|---|---|
| Shares Offered | 8,01,600 Shares |
| Anchor Size | ₹12.67 Cr. |
| Lock-in Period (50% Shares - 30 Days) | June 7, 2026 |
| Lock-in Period (50% Shares - 90 Days) | August 6, 2026 |
Recode Studios IPO DATES
| IPO Open Date | May 5, 2026 |
|---|---|
| IPO Close Date | May 7, 2026 |
| Basis of Allotment | May 8, 2026 |
| Refunds | May 11, 2026 |
| Credit to Demat Account | May 11, 2026 |
| IPO Listing Date | May 12, 2026 |
| Bidding Cut-off Time | May 7, 2026 – 5 PM |
Recode Studios IPO Promoters & Holding PATTERN
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 81,41,144 | 88.93% |
| Promoter Holding Post Issue | 1,06,44,344 | 65.01% |
| Promoters |
|---|
| Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan, and Karan Bansal |
Recode Studios IPO – Objects of the ISSUE
| Purpose | Amount (₹ Cr.) |
|---|---|
| Capital Expenditure (New Warehouse Facility – Ludhiana) | 5.74 |
| Marketing & Advertisement Expenses | 5.41 |
| Working Capital Requirements | 21.00 |
| General Corporate Purpose | — |
About Recode Studios IPO
Recode Studio was founded in 2021 and is known as an Indian beauty and personal care brand. They focus on creating great branding, sourcing top-notch products and selling them all across India.
Further, they lineup covers makeup, skincare, body care, and beauty tools. They have around 350 products in various categories and prices, like face, eye and lip categories and lip makeup. Plus face and body essentials.
As of September 30, 2025, they’ve got 24 stores up and running across 14 states in India. That’s 3 company-owned and run spots (COCO) plus 21 franchise-owned and operated ones (FOFO).
Recode Studios IPO Company Financial REPORT
| Period Ended | Revenue (₹ Cr.) | Expense (₹ Cr.) | PAT (₹ Cr.) | Assets (₹ Cr.) |
|---|---|---|---|---|
| 2023 | 22.44 | 21.51 | 0.69 | 12.53 |
| 2024 | 36.93 | 36.55 | 0.27 | 16.73 |
| 2025 | 47.94 | 43.50 | 3.30 | 23.18 |
| Dec 2025 | 57.45 | 45.29 | 9.06 | 28.33 |
Recode Studios IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE | 46.37% |
| ROCE | 34.47% |
| EBITDA Margin | 12.82% |
| PAT Margin | 6.91% |
| Debt to Equity | — |
| EPS (Basic) | ₹4.06 |
| P/E Ratio | N/A |
| RoNW | 37.64% |
| NAV | ₹10.78 |
Recode Studios IPO Peer Group COMPARISON
| Company | EPS | P/E Ratio | RoNW % | NAV | Income (₹ Cr.) |
|---|---|---|---|---|---|
| Honasa Consumer Limited | 2.23 | 349.37 | 6.16% | 36.28 | 2,145.68 |
| FSN E-Commerce Ventures Ltd | 0.23 | 1151.91 | 5.60% | 4.55 | 7,977.08 |
| Ravelcare Limited | 10.50 | 16.95 | 50.77% | 20.68 | 24.98 |
IPO Lead Managers aka Merchant BANKERS
- Seren Capital Pvt. Ltd.