What is the GMP of Recode Studios IPO today?

The Grey Market Premium (GMP) for Recode Studios IPO is currently ₹43. With an upper price band of ₹158, the estimated listing price is ₹201 per share, reflecting an expected listing gain of ~27.22%. Grey market premiums can fluctuate based on market sentiment and subscription demand.

What is the price band and lot size for Recode Studios IPO?

The price band for Recode Studios IPO is ₹150 to ₹158 per equity share. The minimum lot size is 800 shares, which requires a minimum retail application investment of ₹1,26,400.

What are the important dates for Recode Studios IPO?

Recode Studios IPO opens for subscription on 2026-05-05T00:00:00 and closes on 2026-05-07T00:00:00. The basis of allotment is scheduled for 2026-05-08T00:00:00, and shares are expected to list on 2026-05-12T00:00:00 on BSE, NSE.

How can I check the allotment status for Recode Studios IPO?

You can check Recode Studios IPO allotment status on the registrar's official portal (Mudra RTA Ventures Pvt Ltd) or through the official BSE and NSE IPO allotment status pages using your PAN number or Application number.

How to apply for Recode Studios IPO?

Investors can apply for Recode Studios IPO online through ASBA (Application Supported by Blocked Amount) via their internet banking account, or via UPI using authorized stockbroking platforms like Zerodha, Groww, Angel One, and Upstox.

When does the Recode Studios IPO open and close?

The IPO opens on 5 May 2026, and closes on 7 May 2026.

What is Recode Studios IPO price band?

The issue price band is ₹150.00 to ₹158.00 per equity share.

What is the Recode Studios IPO lot size?

The minimum lot size is 800 shares per application.

What is the Recode Studios IPO allotment date?

The allotment is scheduled on 8 May 2026.

Recode Studios IPO Details - Dates, Price Band, Issue Size

All IPOs

Issue Size

45.00 Cr

Price Band

₹150.00 - ₹158.00

Lot Size

800 Shares

Min Investment

₹2,52,800

GMP

₹43

Subscription

234.64x

₹6,954.78 Cr

05 May 2026

IPO Opens

COMPLETED

07 May 2026

IPO Closes

COMPLETED

08 May 2026

Basis of Allotment

COMPLETED

11 May 2026

Refunds

COMPLETED

11 May 2026

Demat Credit

COMPLETED

12 May 2026

Listing

COMPLETED

IPO Timeline

IPO OpensDONE

05 May 2026

IPO ClosesDONE

07 May 2026

Basis of AllotmentDONE

08 May 2026

RefundsDONE

11 May 2026

Demat CreditDONE

11 May 2026

ListingDONE

12 May 2026

About Recode Studios IPO

Recode Studios IPO open date is May 5, 2026 and the IPO will close on May 7, 2026. Recode Studios IPO is a Bookbuilding IPO Issue. The company to raise around ₹45 crores via IPO that comprises fresh issue of ₹39.55 crores and offer for sale up to 3,19,200 equity shares with face value of ₹10 each.

Recode Studios IPO price band is ₹150 to ₹158 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Recode Studios IPO to list on BSE SME on May 12, 2026. The allotment of Recode Studios IPO date is May 8, 2026.

The company reported revenue of ₹47.94 crores in 2025 against ₹36.93 crores in 2024. The company reported profit of ₹3.30 crores in 2025 against profit of ₹0.27 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

IPO Details

Recode Studios IPO Details and Specifications
IPO Date	05 May 2026 to 07 May 2026
Face Value	₹10 Per Share
Price Band	₹150.00 - ₹158.00
Lot Size	800 Shares
Total Issue Size	Approx 45.00 Cr 28,22,400 Equity Shares
Fresh Issue	Approx 39.55 Cr 25,03,200 Equity Shares
Offer for Sale	Approx 5.04 Cr 3,19,200 Equity Shares
Retail Portion	35.02%
Sale Type	Fresh Issue
Issue Type	Book-Building IPO
Listing Date	12 May 2026
Listing At	BSE
Total Subscription Amount	₹6,954.78 Cr

Issue Reservation

Investor Category	Shares Offered	% Net Issue
QIB	13,36,800	49.93%
- Anchor	8,01,600	0.00%
- QIB (Ex. Anchor)	5,35,200	0.00%
NII	4,03,200	15.06%
- bNII > ₹10L	2,68,800	0.00%
- sNII < ₹10L	1,34,400	0.00%
Retail	9,37,600	35.02%
Market Maker	1,44,800	0.00%
Total	28,22,400	100.01%

IPO Lot Size

Application	Lots	Shares	Amount
Individual investors (Retail) (Min)	2	1,600	₹2,52,800
Individual investors (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 (Max)	8	6,400	₹10,11,200

About Company

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).

Contact Details

Recode Studios Ltd.

R-89, Phase V,

Focal Point,

Ludhiana, Punjab, 141010

0161- 4752672

info@recodestudios.com

Visit Website

Registrar

Mudra RTA Ventures Pvt Ltd

+919870297591

ipo@mudrarta.com

Lead Managers

Seren Capital Pvt Ltd

Day-wise GMP Trend

Date & Time	GMP (₹)	Est. Listing Price	Est. Gain (%)	Est. Profit / Lot (₹)
12-May-2026 12:00 PM	+₹43	₹201	+27.22%	₹34,400
11-May-2026 12:00 PM	+₹50	₹208	+31.65%	₹40,000
09-May-2026 12:00 PM	+₹43	₹201	+27.22%	₹34,400
08-May-2026 12:00 PM	+₹42	₹200	+26.58%	₹33,600
07-May-2026 12:00 PM	+₹44	₹202	+27.85%	₹35,200
06-May-2026 12:00 PM	+₹44	₹202	+27.85%	₹35,200
05-May-2026 12:00 PM	+₹40	₹198	+25.32%	₹32,000
04-May-2026 10:00 AM	+₹45	₹203	+28.48%	₹36,000
03-May-2026 12:00 PM	+₹45	₹203	+28.48%	₹36,000
02-May-2026 12:00 PM	+₹37	₹195	+23.42%	₹29,600
01-May-2026 12:00 PM	+₹40	₹198	+25.32%	₹32,000
30-Apr-2026 12:00 PM	+₹52	₹210	+32.91%	₹41,600
29-Apr-2026 12:00 PM	+₹0	₹158	+0.00%	₹0

Subscription Status

Category	Subscription (x)	Shares Offered	Shares bid for	Total Amount (₹ Cr)
QIB (Ex. Anchor)	137.99x	5,35,200	7,38,49,600	₹1,166.82 Cr
NII	404.76x	4,03,200	16,31,98,400	₹2,578.53 Cr
bNII > ₹10L	485.52x	2,68,800	13,05,08,800	₹2,062.04 Cr
sNII < ₹10L	243.23x	1,34,400	3,26,89,600	₹516.50 Cr
Retail	216.65x	9,37,600	20,31,28,000	₹3,209.42 Cr
Total	234.64x	18,76,000	44,01,76,000	₹6,954.78 Cr

Objects of the Issue

01 Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab : 5.74 Cr
02 Marketing and Advertisement expenses toward enhancing the awareness and visibility of our brand : 5.41 Cr
03 Utilization towards Working Capital Requirements : 19.50 Cr
04 General Corporate Purposes : 2.96 Cr
05 Issue Expenses : 6.70 Cr

Company Financials

Period Ended	31 DEC 2025	31 MAR 2025	31 MAR 2024
Total Income	57.45	47.94	36.93
Profit After Tax	9.06	3.30	0.27
EBITDA	13.34	6.13	1.67
NET Worth	17.84	8.77	5.47
Reserves and Surplus	9.70	8.76	5.46
Total Borrowing	3.43	7.56	7.85

Amount in ₹ Crore

IPO Valuation - KPI

KPI	31 Mar 2025
ROCE	34.47%
Debt/Equity Ratio	-
Return on Net Worth (RoNW)	37.64%
PAT Margin	6.91%
EBITDA Margin	12.82%
Net Asset Value (NAV)	₹10.78
Earning Per Share (EPS)	₹4.06
Price/Earning P/E Ratio	-

Peer Comparison

Company Name	EPS (₹)	P/E (x)	NAV (₹)	RoNW (%)	Income (₹ Cr)
Ravelcare Limited	10.50	16.95	20.68	50.77	24.98
FSN E-Commerce Ventures Ltd	0.23	1,151.91	4.55	5.60	7,977.08
Honasa Consumer Limited	2.23	349.37	36.28	6.16	2,145.68

IPO Anchor Investors

Anchor Investors Letter (PDF)

Promoters and Holding Pattern

Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan, Karan Bansal are the company's promoters of Recode Studios.

Particular	Pre IPO	Post IPO
Promoter and Promoter Group	65.01%	88.93%
Others*	11.07%	34.99%

Strengths

Omnichannel Distribution Network: The company claims to operate an integrated omnichannel distribution network, combining company-owned, company-operated (COCO) stores, franchise-owned, franchise-operated (FOFO) outlets and multiple digital platforms. This structure allows it to sell products through both offline and online channels while maintaining consistency in branding, product assortment, and pricing.
rowing Retail Footprint: The company claims to have established a growing retail footprint across India, with 22 stores spread across 12 states, including COCO and FOFO formats. This mix of owned and franchise-operated stores enables expansion with relatively lower capital investment
Diversified Product Portfolio: The company offers a diversified product portfolio with over 350 stock-keeping units (SKUs) across categories such as face, eye, and lip make-up, skincare, body care, and beauty accessories. This range allows it to cater to both individual consumers and professional users across different price points.
Notable Online Presence: The company has built a notable online presence through its website, mobile application, and social media platforms. As per the prospectus, its Instagram handle has around 4.57 lakh followers, indicating a certain level of digital reach and customer engagement.
Multi-Channel Revenue Mix: The company’s revenue mix is supported by multiple channels, including online sales, franchise stores, and B2B sales. Over the years, online sales have contributed a significant share of revenue, reflecting reliance on digital distribution channels.
Supply Chain & Warehousing: The company operates through a network of warehouses across India for storage, packaging, and distribution. It claims to have an established supply chain setup that supports dispatch to retail stores as well as direct-to-consumer (D2C) online orders.

Risks

Third-Party Manufacturing Dependency: The company does not own any manufacturing facilities and is entirely dependent on third-party manufacturers located across India and overseas, including Germany, Taiwan, China, and Thailand. Any disruption in operations at these facilities, deterioration in relationships, or inability of these manufacturers to meet requirements can adversely affect the company’s product supply and overall business operations.
Manufacturing Risks & Non-Compliance: The company is exposed to risks arising from its reliance on third-party manufacturers, including fluctuations in procurement costs, dependence on their quality control processes, and potential regulatory non-compliance. Any failure to onboard alternate manufacturers on time or any non-compliance by existing partners can negatively impact the company's financial condition and reputation.
Brand Perception & Counterfeit Risks: The company’s business is significantly dependent on the recognition and perception of the "Recode" brand among consumers, distributors, and franchise partners. Any adverse publicity, negative customer feedback, or issues related to product quality, pricing, or customer experience can adversely impact demand for its products and market position. The company also faces risks related to misuse of its brand, including counterfeit products, unauthorised listings and fraudulent activities by third parties. Any failure to protect its brand or maintain consistent brand perception across products and channels may negatively affect its sales, reputation and financial condition.
Online Sales & E-Commerce Platform Dependency: Online sales contributed Rs 8.68 crore (44.14%), Rs 12.23 crore (36.36%), and Rs 20.02 crore (42.86%) to total revenue in FY23, FY24, and FY25, respectively. Any adverse changes in customer preferences, negative reviews, or reduced visibility on digital platforms can adversely affect the company's sales and revenue. The company is also dependent on third-party e-commerce platforms such as Amazon, Flipkart and Myntra, which control listing policies, commissions and search algorithms. Any adverse changes in platform policies, increased discounting pressure, or suspension/delisting of products can negatively impact the company’s margins, visibility and overall business operations.
Supplier Concentration & Rising Dependence: The company depends on a limited number of third-party manufacturers for procurement, with the top 10 suppliers contributing Rs 9.68 crore (65.87%), Rs 16.00 crore (83.81%), Rs 18.17 crore (82.40%), and Rs 19.03 crore (87.43%) of total purchases in FY23, FY24, FY25, and the period ending December 2025, respectively. The increasing procurement value from these suppliers over the years indicates a rising dependence, and any disruption, slowdown, or termination of relationships with these key suppliers can hurt the company’s product availability and operations. The company is also exposed to risks from changes in commercial terms with these manufacturers, including increases in conversion costs, raw material prices, and logistics expenses. Any inability to pass on such cost increases to customers, or failure to onboard alternate manufacturers on time, can negatively impact the company’s margins and financial condition.

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About Recode Studios IPO

IPO Details

Recode Studios IPO Details and Specifications
IPO Date	05 May 2026 to 07 May 2026
Face Value	₹10 Per Share
Price Band	₹150.00 - ₹158.00
Lot Size	800 Shares
Total Issue Size	Approx 45.00 Cr 28,22,400 Equity Shares
Fresh Issue	Approx 39.55 Cr 25,03,200 Equity Shares
Offer for Sale	Approx 5.04 Cr 3,19,200 Equity Shares
Retail Portion	35.02%
Sale Type	Fresh Issue
Issue Type	Book-Building IPO
Listing Date	12 May 2026
Listing At	BSE
Total Subscription Amount	₹6,954.78 Cr

Investor Category

Shares Offered

% Net Issue

QIB

13,36,800

49.93%

- Anchor

8,01,600

0.00%

- QIB (Ex. Anchor)

5,35,200

0.00%

NII

4,03,200

15.06%

- bNII > ₹10L

2,68,800

0.00%

- sNII < ₹10L

1,34,400

0.00%

Retail

9,37,600

35.02%

Market Maker

1,44,800

0.00%

Total

28,22,400

100.01%

Application

Lots

Amount

Individual investors (Retail) (Min)

1,600

₹2,52,800

Individual investors (Retail) (Max)

1,600

₹2,52,800

S-HNI (Min)

2,400

₹3,79,200

S-HNI (Max)

5,600

₹8,84,800

B-HNI (Max)

6,400

₹10,11,200

About Company

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.

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).

Contact Details

Recode Studios Ltd.

R-89, Phase V,

Focal Point,

Ludhiana, Punjab, 141010

0161- 4752672

info@recodestudios.com

Visit Website

Date & Time

GMP (₹)

Est. Listing Price

Est. Gain (%)

Est. Profit / Lot (₹)

12-May-2026 12:00 PM

+₹43

₹201

+27.22%

₹34,400

11-May-2026 12:00 PM

+₹50

₹208

+31.65%

₹40,000

09-May-2026 12:00 PM

+₹43

₹201

+27.22%

₹34,400

08-May-2026 12:00 PM

+₹42

₹200

+26.58%

₹33,600

07-May-2026 12:00 PM

+₹44

₹202

+27.85%

₹35,200

06-May-2026 12:00 PM

+₹44

₹202

+27.85%

₹35,200

05-May-2026 12:00 PM

+₹40

₹198

+25.32%

₹32,000

04-May-2026 10:00 AM

+₹45

₹203

+28.48%

₹36,000

03-May-2026 12:00 PM

+₹45

₹203

+28.48%

₹36,000

02-May-2026 12:00 PM

+₹37

₹195

+23.42%

₹29,600

01-May-2026 12:00 PM

+₹40

₹198

+25.32%

₹32,000

30-Apr-2026 12:00 PM

+₹52

₹210

+32.91%

₹41,600

29-Apr-2026 12:00 PM

+₹0

₹158

+0.00%

₹0

Recode Studios IPO Details

About Recode Studios IPO

IPO Details

Issue Reservation

IPO Lot Size

About Company

Day-wise GMP Trend

Objects of the Issue

Company Financials

IPO Valuation - KPI

Peer Comparison

IPO Anchor Investors

Promoters and Holding Pattern

Strengths

Risks

Frequently Asked Questions (FAQ)

When does the Recode Studios IPO open and close?

What is Recode Studios IPO price band?

What is the Recode Studios IPO lot size?

What is the Recode Studios IPO allotment date?

What is the Recode Studios IPO listing date?

What is the minimum investment required in Recode Studios IPO?

Join the discussion

Recode Studios IPO Details

About Recode Studios IPO

IPO Details

Issue Reservation

IPO Lot Size

About Company

Day-wise GMP Trend

Objects of the Issue

Company Financials

IPO Valuation - KPI

Peer Comparison

IPO Anchor Investors

Promoters and Holding Pattern

Strengths

Risks

Frequently Asked Questions (FAQ)

When does the Recode Studios IPO open and close?

What is Recode Studios IPO price band?

What is the Recode Studios IPO lot size?

What is the Recode Studios IPO allotment date?

What is the Recode Studios IPO listing date?

What is the minimum investment required in Recode Studios IPO?

Join the discussion