Recode Studios IPO
Recode Studios is a BSE SME IPO listed on the BSE SME platform, priced at ₹150–₹158 per share. The stock debuted at ₹213.1, delivering a listing gain of 34.9%. The IPO had a lot size of ₹800 shares and a minimum investment of ₹2,52,800.
Recode Studios Limited IPO
- IPO Dates
- May 5, 2026 – May 7, 2026
- Price band
- ₹150-158 per equity share
- Minimum Investment
- ₹2,52,800
- Issue size
- ₹44.59 Cr
- Lot size
- 800
- Allotment Date
- May 8, 2026
- Listing
- May 12, 2026
- Listing At
- BSE SME
IPO timeline
-
May 5, 2026
Open Date
Completed
-
May 7, 2026
Close Date
Completed
-
May 8, 2026
Allotment Date
Completed
-
May 12, 2026
Listing Date
Completed
Recode Studios IPO Subscription Details
View Subscription DetailsRecode Studios IPO subscription status shows demand across QIB, NII, and retail categories, helping investors understand participation levels.
Last updated:Recode Studios IPO Essentials
Recode Studios IPO Details
Recode Studios IPO is priced at ₹150-158 per share with a total issue size of 44.59 crore. The IPO has a lot size of 800 shares and is listed on BSE SME.
- Issue price
- ₹150-158 per equity share
- Lot size
- 800 shares
- Face value
- ₹10 Per Equity Share
- Issue size
- 28,22,400 shares(agg. up to ₹44.59 Cr)
- Total issue size
- 28,22,400 shares
(aggregating up to ₹44.59 crore) - Fresh issue
- 25,03,200 shares
(aggregating up to ₹39.55 crore) - Offer for sale (OFS)
- 3,19,200 shares
(aggregating up to ₹5.04 crore) - Listing at
- BSE SME
- List price
- 213.1
- Listing date
- Registrar
- Mudra RTA Ventures Private Limited
- Lead manager
-
Seren Capital Pvt.Ltd.
Market Lot Size
Investors can bid for a minimum of 1,600 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual (min) | 2 | 1,600 | ₹2,52,800 |
| Individual(max) | 2 | 1,600 | ₹2,52,800 |
| sHNI(min) | 3 | 2,400 | ₹3,79,200 |
| sHNI(max) | 7 | 5,600 | ₹8,84,800 |
| sHNI(min) | 8 | 6,400 | ₹10,11,200 |
Recode Studios IPO Reservation
Recode Studios IPO reservation details show category-wise allocation of shares. Out of the total 2822400 shares, approximately 18.96% are reserved for QIB, 14.29% for NII, 33.22% for retail investors, 5.13% for market maker, and 28.4% for anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 801600 (28.4%) | |
| Market Maker Shares Offered | 144800 (5.13%) | |
| QIB Shares Offered | 535200 (18.96%) | |
| NII (HNI) Shares Offered | 403200 (14.29%) | |
| bHNI > ₹10L | 268800 (9.39%) | 112 |
| sHNI < ₹10L | 134400 (4.85%) | 56 |
| Individual Shares Offered | 937600 (33.22%) | 586 |
| Total Shares Offered | 2822400 (100%) |
Recode Studios IPO Analytics
Recode Studios IPO category-wise subscription trends show day-wise participation across QIB, NII, and retail investors.
Recode Studios IPO Subscription Status
Recode Studios IPO subscription status shows demand across retail, NII, and QIB categories, helping investors understand overall participation trends.
The IPO is currently subscribed 234.71x, indicating strong demand across investor categories.
| As on | QIB |
NII
bHNI
sHNI
|
Individual | Total |
|---|---|---|---|---|
| Shares Offered / Reserved | 5,35,200 |
4,03,200
2,68,800
1,34,400
|
9,37,600 | 18,76,000 |
|
Day 1
05-05-26 05:00 PM
|
3.51 x |
10.02x
11.39x
7.28x
|
9.07 x | 7.69 x |
|
Day 2
06-05-26 05:00 PM
|
3.54 x |
56.77x
66.51x
37.29x
|
40.56 x | 33.48 x |
|
Day 3
07-05-26 05:00 PM
|
137.99 x |
405.12x
486.06x
243.23x
|
216.64 x | 234.71 x |
|
Total No. of Applications
|
bHNI | sHNI | Individual |
|---|---|---|---|
| 159205 (Approx) | 172.54x | 228.75x | 216.64x |
Recode Studios Valuations
Earnings
- EPS Pre IPO
- ₹4.06/-
- EPS Post IPO
- ₹11.35/-
- P/E Pre IPO
- 38.94
- P/E Post IPO
- 13.92
Returns
- ROE
- 68.11%
- ROCE
- 59.85%
- RoNW
- 50.80%
- PAT Margin
- 15.79%
Fundamentals
- Debt / Equity
- 0.19
- Price / Book
- 7.21
- Market Cap
- ₹168.18 Cr.
Recode Studios Financials( In Crs.)
| 31-Dec-25 | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 | |
|---|---|---|---|---|
| Assets | 28.33 | 23.18 | 16.73 | 12.53 |
| Revenue | 57.45 | 47.94 | 36.93 | 22.44 |
| Profit After Tax | 9.06 | 3.30 | 0.27 | 0.69 |
| Net Worth | 17.84 | 8.77 | 5.47 | 5.20 |
| Reserves & Surplus | 9.70 | 8.76 | 5.46 | 5.19 |
Recode Studios Company & Offer Insights
About Recode Studios
Established in 2021, Recode Studio is a manufacturer of beauty and personal care products based in India under the brand 'Recode'. The company's operations include manufacturing, marketing and sale of beauty and personal care products across India.
It sells its products via an omnichannel retailing approach, including through company-owned stores (COCO), franchise stores (FOFO), third-party e-commerce platforms and our own website and mobile application.
The products sold by Recode Studio include makeup, skin care, body care and beauty accessories. In addition, at the time of filing this DRHP, the number of SKU offered by the company is over 350, covering all ranges from facial to eyes and lips as well as body care products.
The customers may purchase the products both offline and online. The offline sales happen through COCO and FOFO stores while online sales through our websites and mobile applications along with other third-party platforms such as Amazon, Nykaa, Myntra, and Flipkart.
As of the date of this DRHP, as on September 30, 2025, the company has a total number of 24 stores, out of which 3 stores are COCO and 21 stores are FOFO, spread across 14 states of India.
Products offered by the company are manufactured through third-party manufacturers in India.
Recode Studios Promoter(s)
Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan, and Karan Bansal are the company's promoters of Recode Studios.
Recode Studios IPO Issue Objectives
- •
- Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab
- •
- Marketing and Advertisement expenses toward enhancing the awareness and visibility of our brand
- •
- Utilization towards Working Capital Requirements
- •
- General Corporate Purposes
Contact Information
Contact Details
Recode Studios
0161-4752672
R-89, Phase V, Focal Point, Ludhiana, Punjab - 141010.
Registrar Contact Details
Frequently Asked Questions
Click any question to reveal the answer
Recode Studios IPO is a book-built IPO worth ₹44.59 crore. The price band is ₹150–₹158 per share. The IPO opens on May 5, 2026 and closes on May 7, 2026. It will be listed on BSE SME Platform. Mudra RTA Ventures Private Limited is the registrar.
The price band of Recode Studios IPO is ₹150 to ₹158 per share.
The lot size of Recode Studios IPO is 800 shares.
The minimum investment for Recode Studios IPO is approximately ₹2,52,800 based on the upper price band .
Recode Studios IPO opens on May 5, 2026 and closes on May 7, 2026.
The allotment date of Recode Studios IPO is May 8, 2026.
Recode Studios IPO is expected to be listed on May 12, 2026, on BSE SME Platform.
Recode Studios IPO valuation snapshot: P/E 13.92, EPS ₹11.35/-, P/B 7.21, RoNW 50.80%, and market cap ₹168.18 Cr.
To apply for Recode Studios IPO, open the IPO Ji app or website, select the IPO, choose your demat account, enter the quantity, and submit the application.
You can check the live subscription status of Recode Studios IPO on IPO Ji or stock exchange websites. It shows real-time demand across retail, NII, and QIB categories.
Pre-apply allows investors to submit their IPO application before the bidding period starts. The order is placed automatically when the IPO opens.
If you pre-apply for Recode Studios IPO, your order will be placed when the IPO bidding starts, and a UPI mandate request will be generated.
You can check Recode Studios IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Recode Studios IPO allotment status on IPO Ji for quick and easy access.