Allotment

The Recode Studios IPO is a book-built issue worth ₹44.59 crore, comprising a mix of fresh issue and offer for sale (OFS). The company will issue 0.25 crore new shares amounting to ₹39.55 crore, while 0.03 crore shares worth ₹5.04 crore will be offloaded by existing shareholders.
The IPO will open for subscription on May 5, 2026, and close on May 7, 2026. The allotment is expected to be finalized on May 8, 2026, with a tentative listing date on May 12, 2026 on the BSE SME platform.
The price band for the IPO has been fixed at ₹150 to ₹158 per share. Investors can apply in a lot size of 800 shares. For retail investors, the minimum investment requirement is 2 lots (1,600 shares), which comes to approximately ₹2,52,800 at the upper price band.
For HNI investors, the minimum application size is 3 lots (2,400 shares), translating to an investment of around ₹3,79,200.
Seren Capital Pvt. Ltd. is acting as the book-running lead manager, while Mudra RTA Ventures Private Limited has been appointed as the registrar for the issue.
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| IPO Date | 12 May |
| IPO Listing Date | 12 May |
| IPO Face Value | ₹10 per share |
| IPO Price Range | ₹158.00 |
| IPO Issue Size | 28,22,400 shares |
| IPO Sale Type | Fresh capital cum OFS |
| Employee Discount | - |
| IPO Issue Type | Bookbuilding IPO |
| IPO Listing | BSE SME Platform |
| hare Holding Pre Issue | 81,41,144 shares |
| IPO Open Date | 5 May |
| IPO Close Date | 7 May |
| IPO Allotment (Tentative) | 8 May |
| Refunds | 11 May |
| Credit to Demat Account | 11 May |
| IPO Listing Date | 12 May |
| Category | Offer |
|---|---|
| QIB Shares Offered | 13,36,800 Shares |
| NII (HNI) Shares Offered | 4,03,200 Shares |
| Retail Shares Offered | 9,37,600 Shares |
Investors must apply for at least 1,600 shares, with additional bids allowed in increments of 800 shares.
| Application | Lots | Share | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,600 | ₹2,52,800 |
| Retail (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 |
Founded in 2021, Recode Studio is an Indian beauty and personal care company operating under the brand “Recode.” The company focuses on branding, sourcing, and selling a wide range of beauty products across India. Its portfolio spans make-up, skincare, body care, and beauty accessories, offering more than 350 SKUs across various categories such as face, eye, and lip makeup, along with face and body care solutions at different price points.
Recode Studio follows an omnichannel business model, combining both offline and online sales channels. Its offline presence includes Company-Owned Company-Operated (COCO) stores and Franchisee-Owned Franchisee-Operated (FOFO) outlets, while online sales are driven through its official website, mobile app, and major e-commerce platforms like Amazon, Nykaa, Myntra, and Flipkart. As of September 30, 2025, the company operates 24 stores across 14 states, including 3 COCO stores and 21 FOFO stores. All products are manufactured through third-party vendors in India, ensuring scalable operations.
The company’s key strengths lie in its strong omnichannel presence, diverse product portfolio, and growing digital reach with active customer engagement. Backed by an experienced management team and board of directors, Recode Studio is positioned to expand its footprint in India’s fast-growing beauty and personal care market.
| Assets | 28.33 | 23.18 | 16.73 |
| Total Income | 57.45 | 47.94 | 36.93 |
| Profit After Tax | 9.06 | 3.3 | 0.27 |
| EBITDA | 13.34 | 6.13 | 1.67 |
| NET Worth | 17.84 | 8.77 | 5.47 |
| Reserves and Surplus | 9.7 | 8.76 | 5.46 |
| Total Borrowing | - | 7.56 | 7.85 |
| 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 |
IPO Objects of the Issue
| S.No. | Objects of the ipo Resources Detail | IPO Amount |
|---|---|---|
| 1 | Funding capital expenditure requirements for the purchase of equipment/machineries | 5.74 |
| 2 | To meet out the expenses of Working Capital Requirement | 19.5 |
| 3 | To meet out the General Corporate Purposes; | - |
| 4 | Offer for Sale (OFS) | - |
Recode Studios Ltd. Address
R-89, Phase V,
Focal Point,
Ludhiana, Punjab, 141010
0161- 4752672
info@recodestudios.com
https://www.shop.recodestudios.com/
IPO Registrar
Mudra RTA Ventures Private Limited
+919870297591
ipo@mudrarta.com
https://mudrarta.com/