Recode Studios Limited SME IPO: High GMP or Risky Bet? Full Details

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Recode Studios Limited SME IPO:
RS
Recode Studios Limited IPO
Beauty & Personal Care · Makeup & Skincare · Omnichannel Retail · “Recode” Brand
📋 SME IPO Fresh + OFS BSE SME
₹158
Upper Price
₹44.59 Cr
Issue Size
May 12, 2026
Listing Date
TBD
Market Cap
📅 IPO Timetable
All dates tentative
🟢
IPO Opens
Tuesday, 5 May 2026
Bidding starts — apply before close
🔒
IPO Closes
Thursday, 7 May 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Friday, 8 May 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Monday, 11 May 2026
Unallotted funds returned; shares credited to demat
🏷️
Tuesday, 12 May 2026
Trading begins from 10:00 AM IST
📋 IPO Details
IPO Open Date5 May 2026 (Tue)
IPO Close Date7 May 2026 (Thu)
Listing Date12 May 2026 (Tue)
Face Value₹10 per share
Price Band₹150 to ₹158
Issue Price (Upper Band)₹158 per share
Issue TypeBook Build — Fresh + OFS
Lot Size800 shares
Total Issue Size28,22,400 shares (₹44.59 Cr)
Fresh Issue25,03,200 shares (₹39.55 Cr)
Offer for Sale (OFS)3,19,200 shares (₹5.04 Cr)
Market Maker Shares1,44,800 shares
Pre-Issue Shares81,41,144
Post-Issue Shares1,06,44,344
Promoter Holding (Pre)88.93%
Listing ExchangeBSE SME
Lead ManagerSeren Capital Pvt.Ltd.
RegistrarMudra RTA Ventures
💰 Lot Size & Minimum Investment
At upper price ₹158
Investor TypeLotsSharesAmount
Retail — Minimum & Maximum21,600₹2,52,800
S-HNI (sNII) — Min32,400₹3,79,200
S-HNI (sNII) — Max75,600₹8,84,800
B-HNI (bNII) — Min86,400₹10,11,200
⚠️ SME IPO Note: Minimum application for retail is 2 lots (1,600 shares = ₹2,52,800). Retail maximum limit is also 2 lots. Lot size is 800 shares; bids must be in multiples thereof.
👥 Investor Reservation
Total 28,22,400 shares
13,36,800
QIB Portion
Shares Offered
35.02%
Retail (RII)
9,37,600 shares
15.06%
NII / HNI
4,03,200 shares
💡 Market Maker: Asnani Stock Broker Pvt.Ltd. has been allocated 1,44,800 shares (5.13% of issue) to ensure liquidity post-listing on BSE SME.
📊 Subscription Status
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📈 Company Financials
Restated · ₹ Crore
Metric31 Mar 202631 Mar 202531 Mar 202431 Mar 2023
Total Assets28.3323.1816.7312.53
Total Income57.4547.9436.9322.44
PAT9.063.300.270.69
EBITDA13.346.131.671.44
Net Worth17.848.775.475.20
Total Borrowing7.567.853.79—
Income Growth
FY 2023–24₹36.93 Cr
FY 2024–25₹47.94 Cr
FY 2025–26₹57.45 Cr
🎯 Key Performance Indicators
46.37%
ROE
FY 2024–25
34.47%
ROCE
FY 2024–25
6.91%
PAT Margin
FY 2024–25
0.86
Debt/Equity
FY 2024–25
68.11%
ROE
FY 2025–26
59.85%
ROCE
FY 2025–26
15.79%
PAT Margin
FY 2025–26
7.21x
Price/Book
FY 2025–26
⚖️ Valuation & EPS
Price Band
₹150 – ₹158
Upper Band Price ₹158
Issue Size
₹44.59 Cr
Fresh Capital + OFS
ℹ️ Recode Studios Limited revenue increased 20% in FY26. Market cap and diluted EPS will be established post-issue. Promoter holding to settle at 65.01% post-allotment.
🎯 Objects of the Issue
Net proceeds utilisation
1
Utilization towards working capital requirements
₹19.50 Cr
2
Funding of Capital expenditure for new Warehouse Facility at Ludhiana
₹5.74 Cr
3
Marketing and advertisement expenses for brand awareness
₹5.41 Cr
Total Strategic Allotment ₹30.65 Cr
🏢 About Recode Studios Limited
Est. 2021 · Ludhiana, Punjab · Beauty Brand

Recode Studios Limited is a specialized beauty and personal care company operating under the brand “Recode.” Incorporated in 2021, the company manages an omnichannel retail network across 14 states in India, offering over 350 SKUs spanning makeup, skincare, and beauty accessories.

The company operates through a hybrid retail model including Company-Owned (COCO) and Franchise-Owned (FOFO) stores. Its digital reach is extensive, selling via major marketplaces like Amazon, Nykaa, and Myntra. Recode leverages third-party manufacturing in India to maintain an asset-light, agile sourcing model focused on rapid trend adoption in the cosmetics sector.

Retail Verticals
💄
Product Range
350+ SKUs in makeup, skincare, and beauty accessories
🏪
Retail Footprint
24 stores nationwide (3 COCO, 21 FOFO outlets)
💻
Digital Commerce
Omnichannel sales via Amazon, Nykaa, Flipkart, and web app
🏭
Operations
Ludhiana-based branding and sourcing headquarters
Competitive Strengths
🌐Seamless omnichannel presence across offline stores and top e-commerce platforms
📈Strong financial growth with 174% PAT increase between FY25 and FY26
📦Comprehensive product range with over 350 active SKUs across categories
👨‍💼Experienced management team with deep insights into the Indian cosmetics market
Company Promoters
DB
Dheeraj Bansal
Promoter, Recode Studios Limited
RS
Rahul Sachdeva
Promoter, Recode Studios Limited
📅 Key Dates
IPO Opens5 May 2026
IPO Closes7 May 2026
Allotment8 May 2026
Refund & Share Credit11 May 2026
Listing Day12 May 2026
💡 Quick Summary
Price Band₹150 – ₹158
Issue Price₹158 / share
Lot Size800 shares
Min. Investment (Retail)₹2,52,800 (2 lots)
Issue Size₹44.59 Cr
ListingBSE SME
🏦 Registrar & Lead Manager
Registrar
Mudra RTA Ventures Private Limited
📞 +91 9870297591
[email protected]
Lead Manager
Seren Capital Pvt.Ltd.
Market Maker
Asnani Stock Broker Pvt.Ltd.
📍 Registered Address
Recode Studios Ltd.
R-89, Phase V, Focal Point,
Ludhiana, Punjab — 141010
📞 0161- 4752672
[email protected]
🛡️ Regulatory Note: SME IPO investments are subject to SEBI regulations. Always read the Prospectus/RHP before applying. Consult a SEBI-registered advisor before investing.
⚠️ Disclaimer: This page presents publicly available information from the Recode Studios IPO RHP for informational purposes only. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
📊
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