Recode Studios IPO Details
| IPO Open Date | May 5, 2026 |
| IPO Close Date | May 7, 2026 |
| Face Value | ā¹10 Per Equity Share |
| IPO Price Band | ā¹150 to ā¹158 Per Share |
| Issue Size | Approx ā¹45 Crores |
| Fresh Issue | Approx ā¹39.55 Crores |
| Offer for Sale: | Approx 3,19,200 Equity Shares |
| Issue Type | Book Building Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
Recode Studios IPO Review & Key Points
- Review:
Recode Studios IPO Market Lot
The Recode Studios IPO minimum market lot is 1,600 shares with ā¹2,52,800 application amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 1,600 | ā¹2,52,800 |
| Retail Maximum | 2 | 1,600 | ā¹2,52,800 |
| S-HNI Minimum | 3 | 2,400 | ā¹3,79,200 |
| S-HNI Maximum | 7 | 5,600 | ā¹8,84,800 |
| B-HNI Minimum | 8 | 6,400 | ā¹10,11,200 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | 8,01,600 Shares | -% |
| QIB (Ex. Anchor) | 13,36,800 Shares | 50% |
| NII Shares Offered | 4,03,200 Shares | 14.29% |
| Retail Shares Offered | 9,37,600 Shares | 33.22% |
Recode Studios IPO Anchor Investors
| Anchor Bidding Date | May 4, 2026 |
| Anchor Investors List | |
| Shares Offered | 8,01,600 Shares |
| Anchor Size | 12.67 Cr. |
| lock-in period end date 50% shares (30 Days) | June 7, 2026 |
| lock-in period end date 50% shares (90 Days) | August 6, 2026 |
Recode Studios IPO Dates
The Recode Studios IPO date is May 5 and the close date is May 7. The Recode Studios IPO allotment will be finalized on May 8 and the IPO listing on May 12.
| IPO Open Date: | May 5, 2026 |
| IPO Close Date: | May 7, 2026 |
| Basis of Allotment: | May 8, 2026 |
| Refunds: | May 11, 2026 |
| Credit to Demat Account: | May 11, 2026 |
| IPO Listing Date: | May 12, 2026 |
| IPO Bidding Cut-off Time: | May 7, 2026 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan, and Karan Bansal.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 81,41,144 | 88.93% |
| Promoter Holding Post Issue | 1,06,44,344 | 65.01% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab | ā¹5.74 |
| Marketing and Advertisement expenses toward enhancing the awareness and visibility of our brand | ā¹5.41 |
| Utilization towards Working Capital Requirements | ā¹21.00 |
| General Corporate Purposes | – |
About Recode Studios IPO
Recode Studio was founded in 2021 and is known as an Indian beauty and personal care brand. They focus on creating great branding, sourcing top-notch products and selling them all across India.
Further, they lineup covers makeup, skincare, body care, and beauty tools. They have around 350 products in various categories and prices, like face, eye and lip categories and lip makeup. Plus face and body essentials.
As of September 30, 2025, they’ve got 24 stores up and running across 14 states in India. That’s 3 company-owned and run spots (COCO) plus 21 franchise-owned and operated ones (FOFO).
Recode Studios IPO Company Financial Report
Amount ā¹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ā¹22.44 | ā¹21.51 | ā¹0.69 | ā¹12.53 |
| 2024 | ā¹36.93 | ā¹36.55 | ā¹0.27 | ā¹16.73 |
| 2025 | ā¹47.94 | ā¹43.50 | ā¹3.30 | ā¹23.18 |
| Dec 2025 | ā¹57.45 | ā¹45.29 | ā¹9.06 | ā¹28.33 |
Recode Studios IPO Valuation – FY2025
Check Recode Studios IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 46.37% |
| ROCE: | 34.47% |
| EBITDA Margin: | 12.82% |
| PAT Margin: | 6.91% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ā¹4.06 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 37.64% |
| Net Asset Value (NAV): | ā¹10.78 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Honasa Consumer Limited | 2.23 | 349.37 | 6.16% | 36.28 | 2,145.68 Cr. |
| FSN E-Commerce Ventures Ltd | 0.23 | 1151.91 | 5.60% | 4.55 | 7,977.08 Cr. |
| Ravelcare Limited | 10.50 | 16.95 | 50.77% | 20.68 | 24.98 Cr. |
IPO Lead Managers aka Merchant Bankers
Company Address
Recode Studios Ltd.
R-89, Phase V,
Focal Point,
Ludhiana, Punjab, 141010
Phone: 0161- 4752672
Email: info@recodestudios.com
Website: https://shop.recodestudios.com/
IPO Registrar
Mudra RTA Ventures Private Limited
Phone: +919870297591
Email: ipo@mudrarta.com
Website: https://mudrarta.com/
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