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Allotment

Recode Studios

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.

Recode Studios IPO & Charts
₹158

0%

Open

₹158

HIgh - Low

₹158

Previous Close

₹158

Total Traded Value

0

52 Weeks High

₹158

52 Weeks Low

₹158

Updates On

Apr 30, 2026

IPO. Open

May 5, 2026

IPO. Close

May 7, 2026

IPO. Price

₹158.00

IPO Market price

To be declared

IPO Details

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 Timeline

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

IPO Reservation

Category Offer
QIB Shares Offered 13,36,800 Shares
NII (HNI) Shares Offered 4,03,200 Shares
Retail Shares Offered 9,37,600 Shares

IPO Lot Size

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
About Company

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.

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Company Financials (Consolidated)

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

Key Performance Indicator (KPI)

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 Objective

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) -

Contact Details

Recode Studios Ltd. Address
R-89, Phase V,
Focal Point,
Ludhiana, Punjab, 141010
0161- 4752672
info@recodestudios.com
https://www.shop.recodestudios.com/

Detail Registrar

IPO Registrar
Mudra RTA Ventures Private Limited

+919870297591
ipo@mudrarta.com
https://mudrarta.com/

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