About 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 Timeline
| IPO Open Date | Tue, May 5, 2026 |
| IPO Close Date | Thu, May 7, 2026 |
| Tentative Allotment | Fri, May 8, 2026 |
| Initiation of Refunds | Mon, May 11, 2026 |
| Credit of Shares to Demat | Mon, May 11, 2026 |
| Tentative Listing Date | Tue, May 12, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Recode Studios IPO Details
| Detail | Description |
|---|---|
| IPO Date | 5 to 7 May, 2026 |
| Listing Date | - |
| Face Value | ₹ 10 per share |
| Issue Price Band | ₹ 150 to ₹ 158 |
| Lot Size | 800 Shares |
| IPO Type | Fresh capital cum OFS |
| Total Issue Size | 28,22,400 shares (agg. up to ₹ 45 Cr) |
| Reserved for Market Maker | 1,44,800 shares (agg. up to ₹ 2 Cr) |
| Fresh Issue(Ex Market Maker) | 23,58,400 shares (agg. up to ₹ 37 Cr) |
| Offer for Sale | 3,19,200 shares of ₹10 (agg. up to ₹ 5 Cr) |
| Net Offered to Public | 26,77,600 shares (agg. up to ₹ 42 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 81,41,144 shares |
| Share Holding Post Issue | 1,06,44,344 shares |
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.
IPO Estimated Listing Return
Based on the IPO Price of ₹158 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹11 and a lot size of 800 shares.
Recode Studios GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | ₹158.00 | ₹11 | - |
| - | ₹158.00 | ₹35 | - |
| - | ₹158.00 | ₹40 | - |
| - | ₹158.00 | ₹45 | - |
| - | ₹158.00 | ₹45 | - |
| - | ₹158.00 | ₹40 | - |
| - | ₹158.00 | ₹42 | - |
| - | ₹158.00 | ₹48 | - |
| - | ₹158.00 | ₹42 | - |
| - | ₹158.00 | ₹43 | - |
| - | ₹158.00 | ₹50 | - |
| - | ₹158.00 | ₹50 | - |
| - | ₹158.00 | ₹43 | - |
| - | ₹158.00 | ₹43 | - |
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.
Recode Studios IPO Financial Information
Latest Revenue
57.39
₹ Crore
Profit After Tax
9.06
₹ Crore
Net Worth
17.83
₹ Crore
Total Borrowing
21.26
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2026 | 28.32 | 57.39 | 9.06 | 17.83 | 9.69 | 21.26 | |||
| 31 Mar 2025 | 23.18 | 47.79 | 3.30 | 8.77 | 8.76 | 7.56 | |||
| 31 Mar 2024 | 16.73 | 36.81 | 0.27 | 5.47 | 5.46 | 7.85 | |||
| 31 Mar 2023 | 12.53 | 22.37 | 0.69 | 5.20 | 5.19 | 3.79 | |||
| Amount in ₹ Crore | |||||||||
Recode Studios Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 68.11% |
| ROCE | 59.85% |
| Debt/Equity | 0.19x |
| RoNW | 50.80% |
| PAT Margin | 15.79% |
| EBITDA Margin | 23.24% |
| Price to Book Value | 7.21 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 4.06 | 11.35 |
| P/E (x) | 38.94 | 13.92 |
Recode Studios IPO Objectives
The company plans to utilise the Recode Studios IPO proceeds for strategic purposes:
- • Funding the capital expenditure towards setting up a new warehouse facility in Ludhiana
- • Funding the marketing and advertising expenses
- • Funding additional working capital requirements
- • General corporate purposes
Recode Studios IPO Review
Recode Studios Ltd. is entering the public market at a time when the Indian cosmetic industry is experiencing structural growth driven by increasing disposable incomes and a shift toward branded products. The company sells its products through an omnichannel network, which includes 3 company-owned stores (COCO), 21 franchise stores (FOFO), third-party e-commerce platforms (like Nykaa) and its own website and mobile app.
The company has shown a good profit and a healthy financial statement in FY25, as the total income was reported at ₹47.94 crore and profit after tax (PAT) at ₹3.30 crore. This issue aims to fund the capital expenditure of a new modern manufacturing unit and the marketing & branding of the brand to increase the visibility & credibility.
Investors must weigh these strengths against risks, including intense competition from established domestic and international brands, reliance on third-party manufacturers and sensitivity to changes in consumer preferences. Overall, the company presents a clear growth trajectory in a booming sector, seeking capital to build infrastructure for its next stage of evolution.
Conclusion
The Recode Studios IPO is an opportunity for investors to invest in a growing company that is focused on an asset-light business model, focused on trend-led product development and a multi-channel sales strategy. The company is well-positioned to tap into the growing demand for affordable cosmetics. This issue aims to fund the capital expenditure of setting up the manufacturing unit in Punjab and on the brand’s marketing & scalability.
Frequently Asked Questions
Recommended Advisory Services
Ready to take your company public? Explore our specialized IPO advisory services tailored for Indian enterprises.
The India IPO Publication is managed by an editorial team that includes highly experienced finance journalists, market researchers and professionals from the capital markets industry who strive to create high-quality content based on credible sources. Our editors write about IPOs, capital markets, corporate news, capital-raising strategies, regulations and other business matters to ensure our audience stays updated with the latest information. We conduct detailed research and fact-check all information before publishing any content to ensure credibility.
Competitive Strengths
Comprehensive Service Range: Offering end-to-end solutions through EPC and FEIC models alongside dedicated operation and maintenance services.
Strong Financial Performance: A demonstrated track record of scaling total income and maintaining solid profit margins across multiple financial years.
Robust Order Book: A high volume of ongoing projects and an unexecuted order book exceeding ₹ 1,095 crore, ensuring clear future revenue visibility.
Experienced Leadership: Decades of operational expertise from the promoters in managing complex heavy industrial operations.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 1600 | 252800 |
| Individual investors (Retail) (Max) | 2 | 1600 | 252800 |
| S-HNI (Min) | 3 | 2400 | 379200 |
| S-HNI (Max) | 7 | 5600 | 884800 |
| B-HNI (Min) | 8 | 6400 | 1011200 |