Recode Studios‘ IPO open date is May 5, 2026, and the IPO will close on May 7, 2026. Recode Studios IPO is a Bookbuilding IPO Issue. The company plans to raise around ₹45 crores via IPO that comprises fresh issue of ₹39.55 crores and an offer for sale of up to 3,19,200 equity shares with a face value of ₹10 each.(Ipo updates)
Recode Studios IPO price band is ₹150 to ₹158 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Recode Studios IPO to list on BSE SME on May 12, 2026. The allotment of the Recode Studios IPO date is May 8, 2026.
The company reported revenue of ₹47.94 crores in 2025 against ₹36.93 crores in 2024. The company reported a profit of ₹3.30 crores in 2025 against a profit of ₹0.27 crores in 2024. As per the financials, the IPO investors should apply for the IPO for the long term.
| IPO Open Tue, May 5, 2026 | IPO Close Thu, May 7, 2026 | Price Band ₹150 to ₹158 | Market Cap (Pre-IPO) ₹168.18 Cr |
📅 Recode Studios IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | May 5, 2026 |
| IPO Close Date | May 7, 2026 |
| Allotment Date | May 8, 2026 |
| Refund Date | May 11, 2026 |
| Credit to Demat | May 11, 2026 |
| Listing Date | May 12, 2026 |
| Listing Exchange | BSE SME |
📌 About Recode Studios IPO
Recode Studios Limited is a fast-growing beauty and personal care brand in India, founded in 2021. The company focuses on affordable cosmetics and skincare products across multiple categories.
- 💄 350+ products (makeup, skincare, body care)
- 🏬 24 stores across 14 states
- 🛍️ COCO + FOFO retail model
- 🌐 Strong branding & D2C presence
💰 Recode Studios IPO Details
| Particular | Details |
|---|---|
| IPO Type | Book Building Issue |
| Face Value | ₹10 per share |
| Price Band | ₹150 to ₹158 |
| Issue Size | ₹45 Crores |
| Fresh Issue | ₹39.55 Crores |
| Offer for Sale | 3,19,200 Shares |
📦 Recode Studios IPO Lot Size
| Category | Lot | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 1,600 | ₹2,52,800 |
| Retail Maximum | 2 | 1,600 | ₹2,52,800 |
| S-HNI Minimum | 3 | 2,400 | ₹3,79,200 |
| S-HNI Maximum | 7 | 5,600 | ₹8,84,800 |
| B-HNI Minimum | 8 | 6,400 | ₹10,11,200 |
📊 IPO Reservation
| Category | Shares | % |
|---|---|---|
| QIB | 13,36,800 | 50% |
| NII | 4,03,200 | 14.29% |
| Retail | 9,37,600 | 33.22% |
📊 Company Financials (₹ in Crores)
| Year | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 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 |
👉 Observation: Strong revenue growth + sharp profit jump in 2025.
📊 KPI (Valuation)
| KPI | Value |
|---|---|
| ROE | 46.37% |
| ROCE | 34.47% |
| EBITDA Margin | 12.82% |
| PAT Margin | 6.91% |
| EPS | ₹4.06 |
| RoNW | 37.64% |
| NAV | ₹10.78 |
🎯 Objects of the Issue
| Purpose | Amount |
|---|---|
| Warehouse Setup (Ludhiana) | ₹5.74 Cr |
| Marketing & Advertising | ₹5.41 Cr |
| Working Capital | ₹21 Cr |
| General Corporate | Remaining |
👥 Promoters & Holding
Promoters
| Name |
|---|
| Dheeraj Bansal |
| Rahul Sachdeva |
| Shelly Bansal |
| Shalini Trehan |
| Preeti Trehan |
| Karan Bansal |
Holding Pattern
| Stage | Shares | % |
|---|---|---|
| Pre Issue | 81,41,144 | 88.93% |
| Post Issue | 1,06,44,344 | 65.01% |
⚖️ Peer Comparison
| Company | EPS | PE | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Honasa Consumer Limited | 2.23 | 121.21 | 6.16% | 36.28 | ₹2,145.68 Cr |
| FSN E-Commerce Ventures Ltd | 0.23 | 1082.83 | 5.60% | 4.55 | ₹7,977.08 Cr |
| Ravelcare Limited | 10.50 | 12.15 | 50.77% | 20.68 | ₹24.98 Cr |
🏦 Lead Manager & Registrar
| Role | Company |
|---|---|
| Lead Manager | Seren Capital Pvt Ltd |
| Registrar | Mudra RTA Ventures Private Limited |
📍 Company Address
Recode Studios Ltd.
R-89, Phase V, Focal Point,
Ludhiana, Punjab – 141010
⭐ Recode Studios IPO Review.(Market Rumors)
| Factor | Rating |
|---|---|
| Overall Review | ⭐⭐⭐ (Neutral) |
| Risk Level | Moderate |
| Suitable For | Long-Term |
✔ Pros
- Strong revenue growth
- High ROE & ROCE
- Expanding beauty market
❌ Cons
- SME IPO (low liquidity)
- Small brand vs big competitors
- Moderate margins
👉 Recommendation:
Good for long-term investors with a moderate risk appetite.
🔥 Recode Studios IPO GMP
| Detail | Value |
|---|---|
| GMP | ₹XX |
| Listing Gain | Moderate |
👉 GMP updates will be added soon.(Ipo Updates)
📥 How to Apply
- ASBA via net banking
- UPI via brokers (Zerodha, Groww, Upstox)
- Offline application
❓ FAQs
❓ What is Recode Studios IPO?
It is an SME IPO raising ₹45 crores.
❓ What is a price band?
₹150 to ₹158 per share.
❓ What is minimum investment?
₹2,52,800 (1,600 shares).
❓ When is allotment?
May 8, 2026.
❓ When is listing?
May 12, 2026.
Disclaimer
The information shared here is intended solely for educational and general awareness purposes. Any securities, investments, or IPO-related details mentioned should not be interpreted as financial advice or investment recommendations. Readers are encouraged to conduct their own independent research or seek guidance from a qualified financial professional before making investment decisions.
IPO-related updates are provided for informational use only. Market trends, past performance, or investor interest do not ensure future outcomes. We are not registered with SEBI. Investments in IPOs and the securities market involve inherent risks, and individuals should carefully evaluate their financial situation or consult a certified financial advisor before investing.
