Recode Studios IPO GMP today is Rs 55.1. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
SME IPO
RECODE
Recode Studios IPO GMP, Subscription & Allotment Status Today
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.
- Price Band
- ₹150.00 - ₹158.00
- Lot Size
- 800 Shares
- Bidding Closes
- 07 May 2026
- Listing Date
- 12 May 2026
Current GMP Status
₹55.1
+34.87% vs upper band
Est. Listing Gain
+34.87%
Last Trend
07 May 2026
Listing Price
₹213.10
Retail Entry
₹2,52,800
IPO Details
Complete IPO information
| Current GMP | ₹55.1 |
|---|---|
| Estimated Listing Gain | +34.87% |
| Price Band | ₹150.00 - ₹158.00 |
| Issue Price | Approx ₹158.00 Crores |
| Listing Price | ₹213.10 |
| Lot Size | 800 Shares |
| Issue Type | SME |
| Registrar | TBA |
| Exchange | NSE, BSE |
| Retail Quota | TBA |
| Overall Subscription | 59.5x |
| Listing Date | 12 May 2026 |
| Minimum Investment | ₹2,52,800 |
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Recode Studios is priced at ₹158 per share. With a minimum lot size of 800 shares, a retail investor applying for one lot would need approximately ₹2,52,800 to participate in this SME issue.
The latest recorded Grey Market Premium for Recode Studios stands at ₹55.1, implying an estimated listing gain of around 34.87% over the issue price if it holds until listing. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Recode Studios's IPO was subscribed 59.5x overall, with a category-wise breakdown of Retail 67.67x, QIB 3.54x.
SME IPOs list on the dedicated SME platform of BSE/NSE. They usually involve smaller issue sizes and a higher per-lot investment than Mainboard issues, with comparatively lower institutional participation.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
05 May 2026
✓
Bidding Closes
07 May 2026
✓
Allotment
TBA
✓
Listing
12 May 2026
Grey Market Premium
Daily GMP status
Trend chart builds up as more daily GMP snapshots are recorded.
| Date | GMP | Change | Gain |
|---|---|---|---|
| 07 May 2026 | ₹48.00 | - | 30.38% |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lot | 1,600 | ₹2,52,800 |
| Retail Maximum | 2 Lot | 1,600 | ₹2,52,800 |
| S-HNI Minimum | 3 Lot | 2,400 | ₹3,79,200 |
| S-HNI Maximum | 7 Lot | 5,600 | ₹8,84,800 |
| B-HNI Minimum | 8 Lot | 6,400 | ₹10,11,200 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
Analysis
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 |
Analysis
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% |
Analysis
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 |
Analysis
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 |
Analysis
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 |
Analysis
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 | — |
Analysis
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).
Analysis
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 |
Analysis
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 |
Analysis
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 |
Analysis
IPO Lead Managers aka Merchant Bankers
- Seren Capital Pvt. Ltd.
FAQ
Recode Studios IPO FAQs
Recode Studios IPO price band is Rs 150.00 to Rs 158.00. Check the latest issue price, lot size and GMP together before applying.
Recode Studios IPO open date is 05 May 2026, close date is 07 May 2026, and listing date is 12 May 2026.
Recode Studios IPO lot size is 800 shares. The minimum retail investment is Rs 2,52,800.
Recode Studios is classified as a SME IPO. This helps investors quickly understand the issue category and exchange segment.
Recode Studios IPO subscription status currently shows Retail 67.67x, QIB 3.54x, Overall 59.5x.
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.
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