Recode Studios IPO
Recode Studios IPO
Overview
Recode Studios IPO is a book build issue of ₹44.59 crores. The issue is a combination of fresh issue of 0.25 crore shares aggregating to ₹39.55 crores and offer for sale of 0.03 crore shares aggregating to ₹5.04 crores. Recode Studios IPO opens for subscription on May 5, 2026 and closes on May 7, 2026. The allotment for the Recode Studios IPO is expected to be finalized on May 8, 2026. Recode Studios IPO will list on the BSE SME with a tentative listing date fixed as May 12, 2026. Recode Studios IPO is set issue price band at ₹150 to ₹158 per share. The lot size for an application is 800 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,52,800 (1,600 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (2,400 shares), amounting to ₹3,79,200. Seren Capital Pvt.Ltd. is the book running lead manager and Mudra RTA Ventures Private Limited is the registrar of the issue. The Market Maker of the company is Asnani Stock Broker Pvt.Ltd.
Total Shares
28,22,400
Issue Size
₹45 Cr
Price Band
₹150 – ₹158
Lot Size
800 shares
Min. Investment
₹2,52,800
Max. Investment
₹2,52,800
Open Date
05 May, 2026
Close Date
07 Apr, 2026
Allotment
08 May, 2026
Listing
12 May, 2026
Max. Investment
₹2,52,800
Announced
05 May, 2026
Opening Date
05 May, 2026
Closing Date
07 Apr, 2026
Basis of Allotment
08 May, 2026
Initiation of Refunds
11 May, 2026
Credit of Shares
11 May, 2026
Listing Date
12 May, 2026
Live GMP
Est. Listing: ₹206
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About Recode Studios IPO
Incorporated in 2021, Recode Studio is an Indian beauty and personal care company operating under the brand “Recode.” Its business focuses on branding, sourcing and selling beauty and personal care products across India.
The company sells its products through an omnichannel network, which includes company-owned stores (COCO), franchise stores (FOFO), third-party e-commerce platforms, and our own website and mobile app.
Its product range includes make-up, skinca
Recode Studios IPO Share Price
Issue Breakdown
Shareholding
Dilution: 30.7% increase in shares
Recode Studios IPO Financial Health
Recode Studios IPO Lot Size
Investors can bid for a minimum of 1,600 shares and in multiples of 800 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 1600 | ₹2,52,800 |
| Individual investors (Retail) (Max) | 2 | 1600 | ₹2,52,800 |
| S-HNI (Min) | 3 | 2400 | ₹3,79,200 |
| S-HNI (Max) | 7 | 5600 | ₹8,84,800 |
| B-HNI (Min) | 8 | 6400 | ₹10,11,200 |
(All values in CR)
Recode Studios IPO Valuations
| Metric | Value |
|---|---|
| ROE | 68.11 |
| ROCE | 59.85 |
| Debt/Equity | 0.19 |
| RoNW | 50.80 |
| PAT Margin | 15.79 |
| EBITDA Margin | 23.24 |
| Price to Book Value | 7.21 |
(All values in CR)
Recode Studios IPO Strength & Risk
Strengths of Recode Studios IPO
- Strong revenue and profit growth in recent years, showing business momentum
- Improving margins and high return ratios (ROE/ROCE) indicate efficient operations
- Operates in a fast-growing beauty and personal care industry
- Wide product portfolio with 350+ SKUs across makeup, skincare, and accessories
- Omnichannel presence including retail stores, franchise outlets, and e-commerce platforms
- Asset-light model helps in scalability and cost efficiency
Risks of Recode Studios IPO
- Intense competition from established brands like Nykaa and Mamaearth
- Dependence on third-party manufacturers may impact quality and supply chain
- Limited operating history compared to well-established peers
- Revenue concentration from a few key customers
- SME IPO risks such as low liquidity and high price volatility after listing
- Limited presence in some regions may affect future expansion
Recode Studios IPO Subscriptions Status
Recode Studios IPO subscribed 46.35 times. The public issue subscribed 54.01 times in the individual investors category, 3.54 times in QIB (Ex Anchor), and 85.37 times in the NII category by May 7, 2026 10:19:35 AM (Day 3).
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (Rs Cr.) |
|---|---|---|---|---|
| Anchor | 1.00 | 8,01,600 | 8,01,600 | 12.67 |
| Market Maker | 1.00 | 1,44,800 | 1,44,800 | 2.29 |
| QIB (Ex Anchor) | 3.54 | 5,35,200 | 18,96,800 | 29.97 |
| NII | 85.37 | 4,03,200 | 3,44,21,600 | 543.86 |
| bNII (> ₹10L) | 101.31 | 2,68,800 | 2,72,32,000 | 430.27 |
| sNII (< ₹10L) | 53.49 | 1,34,400 | 71,89,600 | 113.6 |
| Individual Investors | 54.01 | 9,37,600 | 5,06,41,600 | 800.14 |
| Total | 46.35 | 18,76,000 | 8,69,60,000 | 1 |
Recode Studios IPO GMP
Recode Studios SME IPO last GMP is ₹48, last updated May 7th 2026 09:33 AM. With the price band of 158.00, Recode Studios SME IPO's estimated listing price is ₹206 (cap price + today's GMP).The expected percentage gain/loss per share is 30.38%. >> Recode Studios SME IPO Retail Subject to Sauda: ₹29200 The lowest GMP is ₹11.00, while the highest GMP is ₹48.00.
Last updated 07 May, 2026 · Source: aggregated grey-market dealers
| Date | IPO Price | GMP | Sub2 Sauda | Est. Listing | Est. Profit | Updated |
|---|---|---|---|---|---|---|
| 07 May, 2026 | 158 | ₹48 | - | ₹206 (30.38%) | 38400 | 07 May, 2026 |
| 06 May, 2026 | 158 | ₹48▲ | - | ₹206 (30.38%) | 38400 | 06 May, 2026 |
| 05 May, 2026 | 158 | ₹42▲ | - | ₹200 (26.58%) | 33600 | 05 May, 2026 |
| 04 May, 2026 | 158 | ₹40▼ | - | ₹198 (25.32%) | 32000 | 04 May, 2026 |
| 03 May, 2026 | 158 | ₹45 | - | ₹203 (28.48%) | 36000 | 03 May, 2026 |
| 02 May, 2026 | 158 | ₹45▲ | - | ₹203 (28.48%) | 36000 | 02 May, 2026 |
| 01 May, 2026 | 158 | ₹40▲ | - | ₹198 (25.32%) | 32000 | 01 May, 2026 |
| 30 Apr, 2026 | 158 | ₹35▲ | - | ₹193 (22.15%) | 28000 | 30 Apr, 2026 |
| 29 Apr, 2026 | 158 | ₹11 | - | ₹169 (6.96%) | 8800 | 29 Apr, 2026 |
Disclaimer: GMP is an unofficial signal from grey-market dealers and is not regulated by SEBI. Use it alongside subscription data and other research for informed decision-making.
How to Apply for Recode Studios IPO
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Go to IPO Section
Find Recode Studios IPO under the IPO section. Select it and enter your bid details — choose lot size and price (cut-off price recommended).
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Provide your UPI ID linked to your bank account and submit the application.
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Open your UPI app (Google Pay, PhonePe, Paytm, BHIM) and approve the IPO payment request.
Application Confirmed
Your funds will be blocked in your account until the IPO allotment process is completed.