| IPO Date | May 5, 2026 to May 7, 2026 |
| Listing Date | May 12, 2026 |
| Face Value | ₹ 10 / Share |
| Price Band | ₹ 150 to ₹ 158 / Share |
| Lot Size | 800 Shares |
| Total Issue Size | 28,22,400 (Aggregating up to ₹45 Cr) |
| Fresh Issue | 23,58,400 (Aggregating up to ₹37 Cr) |
| Offer for Sale | 3,19,200 (Aggregating up to ₹5 Cr) |
| Employee Discount | |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share holding pre issue | 81,41,144 |
| Share holding post issue | 1,06,44,344 |
| Market Maker portion | 1,44,800 |
Recode Studios IPO opens on May 5, 2026, and closes on May 7, 2026.
| IPO Open Date | May 5, 2026 |
| IPO Close Date | May 7, 2026 |
| Basis of Allotment | May 8, 2026 |
| Initiation of Refunds | May 11, 2026 |
| Credit of Shares to Demat | May 11, 2026 |
| Listing Date | May 12, 2026 |
| Cut-off time for UPI mandate confirmation | May 7, 2026 |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,600 | Rs.252,800 |
| Retail (Max) | 2 | 1,600 | Rs.252,800 |
| S-HNI (Min) | 3 | 2,400 | Rs.379,200 |
| S-HNI (Max) | 7 | 5,600 | Rs.884,800 |
| B-HNI (Min) | 8 | 6,400 | Rs.1,011,200 |
| HNI (Min) |
| Share Holding Pre Issue | 81,41,144 |
| Share Holding Post Issue | 1,06,44,344 |
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | |
|
| Market Maker Shares Offered | |
|
| Other Shares Offered | |
|
| QIB Shares Offered | 13,36,800 |
|
| NII (HNI) Shares Offered | 4,03,200 14.29% |
|
| bNII > ₹10L | |
|
| sNII < ₹10L | |
|
| Retail Shares Offered | 9,37,600 33.22% |
|
| Employee Shares Offered | |
|
| Total Shares Offered | 28,22,400 100.00% |
| Bid Date | |
| Shares Offered | |
| Anchor Portion Size (In Cr.) | |
| Anchor lock-in period end date for 50% shares (30 Days) | |
| Anchor lock-in period end date for remaining shares (90 Days) |
Recode Studio is an Indian beauty and personal care business that was founded in 2021 and goes by the name "Recode." Its company specializes in sourcing, branding, and marketing cosmetics and personal hygiene items throughout India.
An omnichannel network comprising company-owned stores (COCO), franchise stores (FOFO), third-party e-commerce platforms, and our own website and mobile app is how the company sells its goods.
Makeup, skincare, body care, and beauty accessories are all part of its product line. As of the date of this DRHP, we have more than 350 SKUs in various categories and price ranges, including body and face care products and makeup for the face, eyes, and lips.
The products are available for purchase both online and offline. COCO and FOFO outlets are used for offline sales. Its website and app, as well as websites like Amazon, Nykaa, Myntra, and Flipkart, are used for online sales.
As of September 30, 2025, the company had 24 locations in 14 Indian states, including 21 franchisee-owned franchisee-operated (FOFO) locations and 3 company-owned company-operated (COCO) locations.
Third-party Indian manufacturers produce its goods.
Strengths in Competition
| KPI | Values |
|---|---|
| ROE | 46.37% |
| ROCE | 34.47% |
| Debt/Equity | 0.86 |
| RoNW | 37.64% |
| P/BV | |
| PAT Margin (%) | 6.91% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ||
| P/E (x) |
Recode Studios Ltd. R-89, Phase V, Focal Point, Ludhiana, Punjab, 141010 Phone: 0161-4752672 Email: [email protected] Website: https://shop.recodestudios.com/ |
Mudra RTA Ventures Private Limited Phone: +919870297591 Email: [email protected] Website: https://mudrarta.com/ |