Bookbuilding IPO | ₹45 Cr | Listed at BSE SME | Tue, May 5, 2026 - Thu, May 7, 2026
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 bidding started from May 5, 2026 and ended on May 7, 2026. The allotment for Recode Studios IPO was 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 final issue price at ₹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.
Refer to Recode Studios IPO RHP for detailed Information.
IPO Open
Tue, May 5, 2026
IPO Close
Thu, May 7, 2026
Issue Price
₹158 per share
Market Cap (Pre-IPO)
₹168.18 Cr
| IPO Date | 5 to 7 May, 2026 |
| Listed on | Tue, May 12, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹150 to ₹158 |
| Issue Price | ₹158 per share |
| Lot Size | 800 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 28,22,400 shares (agg. up to ₹45 Cr) |
| Reserved for Market Maker | 1,44,800 shares Asnani Stock Broker Pvt.Ltd. (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) |
| Share Holding Pre Issue | 81,41,144 shares |
| Share Holding Post Issue | 1,06,44,344 shares |
| BSE Script Code | 544755 |
| ISIN | INE2B6701015 |
Recode Studios IPO comprises a total issue size of 28,22,400 shares. The net offer to the public is 26,77,600 shares, after excluding 1,44,800 shares allotted on a firm basis. Of the Net offer 13,36,800 (49.93%) are allocated to QIB, 4,03,200 (15.06%) allocated to NII 9,37,600 (35.02%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 13,36,800 | 49.93% | 47.36% |
| − Anchor Investor Shares Offered | 8,01,600 | 28.40% | |
| − QIB (Ex. Anchor) Shares Offered | 5,35,200 | 18.96% | |
| NII (HNI) Shares Offered | 4,03,200 | 15.06% | 14.29% |
| − bNII > ₹10L | 2,68,800 | 9.52% | |
| − sNII < ₹10L | 1,34,400 | 4.76% | |
| Retail Shares Offered | 9,37,600 | 35.02% | 33.22% |
| Firm Reservations | |||
| Market Maker Shares Offered | 1,44,800 | 5.13% | |
| Total Shares Offered | 28,22,400 | 100.00% | 100.00% |
Investors can bid for a minimum of 1,600 shares and in multiples of 800 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 1,600 | ₹2,52,800 |
| Individual investors (IND) (Max) | 2 | 1,600 | ₹2,52,800 |
| S-HNI (Min) | 3 | 2,400 | ₹3,79,200 |
| S-HNI (Max) | 7 | 5,600 | ₹8,84,800 |
| B-HNI (Min) | 8 | 6,400 | ₹10,11,200 |
Recode Studios IPO raises ₹12.67 crore from anchor investors. Recode Studios IPO Anchor bid date is May 4, 2026.
| Bid Date | Mon, May 4, 2026 |
| Shares Offered | 8,01,600 |
| Anchor Portion (₹ Cr.) | 12.67 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sun, Jun 7, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Thu, Aug 6, 2026 |
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, skincare, body care, and beauty accessories. As of the date of this DRHP, we offer over 350 SKUs across different categories and price points, such as face, eye and lip makeup, as well as face and body care products.
Customers can buy the products both offline and online. Offline sales take place through COCO and FOFO stores. Online sales are made through its website and app, and through platforms like Amazon, Nykaa, Myntra and Flipkart.
As on September 30, 2025, the company operates a total of 24 stores across 14 states in India, comprising 3 Company-Owned Company-Operated (COCO) stores and 21 Franchisee-Owned Franchisee-Operated (FOFO) stores.
Its products are manufactured by third-party manufacturers in India.
Competitive Strengths
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 28.33 | 23.18 | 16.73 | 12.53 |
| Total Income | 57.45 | 47.94 | 36.93 | 22.44 |
| Profit After Tax | 9.06 | 3.30 | 0.27 | 0.69 |
| EBITDA | 13.34 | 6.13 | 1.67 | 1.44 |
| NET Worth | 17.84 | 8.77 | 5.47 | 5.20 |
| Reserves and Surplus | 9.70 | 8.76 | 5.46 | 5.19 |
| Total Borrowing | 3.43 | 7.56 | 7.85 | 3.79 |
| Amount in ₹ Crore | ||||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Ravelcare Ltd. | SME | ₹24.10 Cr | ₹130 | 12.38 | ₹190.95 | +46.88% | ₹113.05 (+0.04%) |
| Anondita Medicare Ltd. | SME | ₹69.50 Cr | ₹145 | 11.74 | ₹289.25 | +99.48% | ₹1,130.15 (-3.32%) |
| Medistep Healthcare Ltd. | SME | ₹16.10 Cr | ₹43 | 10.86 | ₹50.35 | +17.09% | ₹19.35 (+5.74%) |
| Aakaar Medical Technologies Ltd. | SME | ₹27.00 Cr | ₹72 | 12.43 | ₹71.25 | -1.04% | ₹72.00 (+1.41%) |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab | 5.74 |
| 2 | Marketing and advertisement expenses toward enhancing the awareness and visibility of brand | 5.41 |
| 3 | Utilization towards working capital requirements | 19.50 |
| 4 | General Corporate Purposes | 2.96 |
| 5 | Issue Expenses | 6.70 |
| Total | 40.31 |
| KPI | Dec 31, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 68.11% | 46.37% |
| ROCE | 59.85% | 34.47% |
| Debt/Equity | 0.19 | 0.86 |
| RoNW | 50.80% | 37.64% |
| PAT Margin | 15.79% | 6.91% |
| EBITDA Margin | 23.24% | 12.82% |
| Price to Book Value | 7.21 | 14.66 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 4.06 | 11.35 |
| P/E (x) | 38.94 | 13.92 |
| Promoter Holding | 88.93% | 65.01% |
| Market Cap | ₹168.18 Cr. |
The Recode Studios IPO IPO subscription status. Full data available on IPOMatrix.com.
| Category | Subscription (times) | Shares Offered | Shares bid for | Total Applications |
|---|---|---|---|---|
| Total | 160.62 | 26,77,600 | 43,00,71,200 | 1,56,867 |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead Manger Fees (including underwriting commission and marketing fees) | 6.01 |
| 2 | Fees Payable to Registrar to the Offer | 0.04 |
| 3 | Fees Payable for Advertising and Publishing Expenses | 0.20 |
| 4 | Fees Payable to Regulators including Stock Exchanges, CDSL and NSDL | 0.26 |
| 5 | Fees Payable to Statutory Auditor, Legal Advisors and other Professionals | 0.15 |
| 6 | Others (Commission/processing fee for SCSBs, Sponsor Bank and Banker(s) to the Issue and brokerage and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs) | 0.04 |
| Total | 6.70 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹158.00 |
| Open | ₹213.10 |
| Low | ₹213.10 |
| High | ₹223.75 |
| Last Trade | ₹223.75 |
Lead Manager Reports
Recode Studios IPO is a SME IPO of 28,22,400 equity shares of the face value of ₹10 aggregating up to ₹45 Crores. The issue is priced at ₹158 per share. The minimum order quantity is 800.
The IPO opens on Tue, May 5, 2026, and closes on Thu, May 7, 2026.
Mudra RTA Ventures Private Limited is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Recode Studios IPO using UPI as a payment gateway. Zerodha customers can apply in Recode Studios IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Recode Studios IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Recode Studios IPO opens on Tue, May 5, 2026 and closes on Thu, May 7, 2026.
Recode Studios IPO lot size is 800, and the minimum amount required for application is ₹2,52,800, with 2 lots being the minimum application size.
You can apply in Recode Studios IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Recode Studios IPO will be done on Friday, May 8, 2026, and the allotted shares will be credited to your demat account by Mon, May 11, 2026. Check the Recode Studios IPO allotment status.
The Recode Studios IPO listing date is on Tue, May 12, 2026.
