Recode Studios IPO

Recode Studios IPO Details

Recode Studios IPO is a 100% book-built issue of 28.23 lakh equity shares worth up to ₹45 crore, comprising a fresh issue of 23.58 lakh equity shares worth up to ₹37 crore and an offer for sale (OFS) of 3.19 lakh equity shares worth up to ₹5 crore, with the face value of ₹10 per share. The company filed its DRHP with SEBI on December 27, 2025.

The price band of this issue is set between ₹150 and ₹158 per share and the lot size for application is 800 shares. The IPO will open for subscription from May 5 to 7, 2026, on the BSE SME platforms, with a tentative listing date fixed as May 12, 2026. The book-running lead manager (BRLM) of this issue is Seren Capital Pvt. Ltd, while the registrar of the issue is Mudra RTA Ventures Pvt. Ltd.

Recode Studios IPO Date & Timeline

The Recode Studios IPO is officially set to open for subscription on May 5, 2026 and will close on May 7, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on December 27, 2025 and has now finalised its schedule following SEBI approval. Once the subscription window allotment is expected on May 8, 2026. Following this, the company will initiate refunds and credit shares to successful investors' demat accounts on May 11, 2026. Finally, the Recode Studios Ltd.'s shares are tentatively scheduled to list on the stock exchanges on May 12, 2026.

Recode Studios IPO GMP (Grey Market Premium)

“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.

The Recode Studios IPO GMP is currently trading at ₹43, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹201, which is 27.22% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Recode Studios Ltd. began as a private limited company on June 16, 2021, founded to create a lifestyle brand focused on high-quality yet affordable cosmetic and personal care products. The company was converted into a public limited company in September 2025 and is headquartered in Ludhiana, Punjab.

Recode identified a gap in the Indian market for trendy, international-standard makeup products priced within reach of the average retail consumer. The company has since expanded through online marketplaces, its own e-commerce platform and a network of physical retail outlets. Currently, they are operating 24 retail stores (3 COCO + 21 FOFO) and 6 warehouses across India.

Operations & Product Range

The operating model of Recode Studios Ltd. has been built on an asset-light model, collaborating with specialised third-party manufacturing firms in India and even abroad in Germany, Taiwan, China and Thailand. The product line includes face makeup (foundations, concealers and blushes), eye makeup (eyeliners, mascaras and eyeshadows), lip products (lipsticks and lip liners) and skincare products (cleansers and moisturisers). The key demographic for the brand is mostly youth, who are fashion-forward and desire high-end products at affordable prices.

Facilities & Capacity

The facility of Recode Studios Ltd. doesn’t own manufacturing units; it maintains a strong logistical and administrative infrastructure centred at its corporate and registered office in Ludhiana, Chandigarh. This issue mainly focused on setting up a new & upgraded warehouse facility in Ludhiana, expected to enhance storage capacity and streamline the distribution network, improving delivery timelines and reducing operational overheads related to inventory management.

Brands & Market Presence

Recode Studios Ltd. operates under the brand name “Recode,” which is marketed as a contemporary, energetic and relatable brand in the Indian beauty market. The company uses a combination of conventional offline channels, such as physical stores, beauty salons and modern retail outlets, along with online channels like their website and other online stores such as Nykaa, Amazon and Myntra. Their online platform is essential to get the attention of people living in Tier-2 and Tier-3 cities.

Revenue Streams & Business Model

The primary revenue source of Recode Studios Ltd. is generated through direct-to-consumer (D2C) sales via its website and third-party marketplaces, as well as business-to-business (B2B) sales to retail distributors and salons. By outsourcing manufacturing to experienced vendors, the company focuses its resources on product development, branding and marketing, quickly pivoting its product lineup based on seasonal trends. This diversified, scalable model mitigates the risk of over-reliance on any single sales channel.

Management & Shareholding

Recode Studios Ltd. is promoted by six promoters, including Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan and Karan Bansal. Before the IPO, the promoters and promoter group together held around 88.93% of the pre-issue equity capital, but after the IPO, the promoters and promoter group’s stakeholding will be slightly diluted as the existing shareholders are selling their shares in this offering.

Board & Key Management

The leadership of Recode Studios Ltd. is led by a team of experts with many years of experience. Dheeraj Bansal serves as the Chairman and gives strategic direction to the firm and the daily operations, along with Whole-Time Directors Karan Bansal and Shelly Bansal. To ensure good governance, the board includes Independent Directors Manoj Kumar, Naveen Gupta and Sarat Kumar Mishra for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.