The IPO of Recode Studios witnessed heavy investor demand on the final day of subscription, with the issue getting subscribed more than 50 times overall. The SME IPO, which opened on May 5 and closed on May 7, attracted strong interest across retail and non-institutional investor categories.

Recode Studios is aiming to raise approximately ₹44.59 crore through the public issue, which consists of a fresh issue and an offer for sale. The company has fixed the IPO price band at ₹150 to ₹158 per equity share, with the shares proposed to be listed on the BSE SME platform on May 12, 2026.

According to the latest subscription data, the retail investor category was subscribed more than 63 times, while the non-institutional investor segment crossed 80 times subscription. The strong response reflects rising investor confidence in the company’s growth potential in India’s fast-growing beauty and cosmetics market.

Market experts believe the positive grey market premium (GMP) also boosted investor sentiment. Reports suggest the IPO is currently commanding a GMP of around ₹40–₹44, indicating expectations of healthy listing gains when the stock debuts next week.

Founded as a beauty and personal care brand, Recode Studios operates in the cosmetics and lifestyle segment with products distributed across online and offline channels. The company plans to utilize the IPO proceeds for warehouse expansion, marketing activities, working capital requirements, and brand visibility initiatives.

The IPO market has remained highly active in recent weeks, and Recode Studios has become one of the notable SME offerings attracting investor attention due to its rapid business expansion and strong subscription momentum.