Recode Studios Limited
Bookbuilding IPO · BSE
- Price band
- ₹150 - ₹158
- Lot size
- 800 shares
- Issue amount
- ₹44.59 cr
- Total subscription
- 234.71×
- Opens
- 5 May 2026
- Closes
- 7 May 2026
- Allotment
- 8 May 2026
- Listing
- 12 May 2026
Offer at a glance
Issue overview
- Issue size
- 28,22,400 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,20,000
- Fresh issue
- ₹39.55 cr
- Offer for sale
- ₹5.04 cr
- Registrar
- Mudra RTA Ventures Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,26,400
- Issue type
- Bookbuilding IPO
- Shares before issue
- 81,41,144
- Shares after issue
- 1,06,45,144
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 1,600 | ₹2,52,800 |
| sHNI | 3 | 2,400 | ₹3,79,200 |
| bHNI | 8 | 6,400 | ₹10,11,200 |
Share reservation
Subscription & GMP
Subscription by category
Reported 7 May 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 117 |
| NIB | 0 | 32,135 |
| RETAIL | 586 | 1,26,955 |
| EMPLOYEES | 0 | 0 |
| HNIs(10L +) | 112 | 19,325 |
| HNIs (2-10L) | 56 | 12,810 |
| Shareholder | 0 | 0 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 8.46 | 1,166.82 |
| FIIs | 0 | 257.75 |
| Mutual Funds | 0 | 1.07 |
| Others | 0 | 775.63 |
| RETAIL | 14.81 | 3,209.42 |
| HNIs 2+ | 2.12 | 516.5 |
| HNIs 10+ | 4.25 | 2,064.33 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Dec-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 11.13 | 4.06 | 0.34 |
| ROE | 0 | 0 | 0 |
| ROCE | 0 | 0 | 0 |
| RONW | 50.8 | 37.64 | 5.01 |
| PRE IPO(PE) | 0 | 38.94 | 0 |
| POST IPO(PE) | 13.92 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| FSN E-Commerce Ventures Limited | 1,151.91 | 264.94 | 1.00 | 4.55 | 5.60 | 0.23 |
| Recode Studios Limited | 38.94 | 158.00 | 10.00 | 10.78 | 37.64 | 4.06 |
| Honasa Consumer Limited | 349.37 | 351.60 | 10.00 | 36.28 | 6.16 | 2.23 |
| Ravelcare Limited | 16.95 | 178.00 | 10.00 | 20.68 | 50.77 | 10.50 |
Company information
Company profile
Recode Studio, incorporated in 2021, is an Indian beauty and personal care company operating under the brand “Recode,” offering over 350 SKUs across makeup, skincare, body care, and beauty accessories. The company sells its products through an omnichannel network that includes company-owned stores (COCO), franchise stores (FOFO), third-party e-commerce platforms, and its own website and app, with offline sales via COCO and FOFO stores and online sales through platforms like Amazon, Nykaa, Myntra, and Flipkart. As of September 30, 2025, it operates 24 stores across 14 states, comprising 3 COCO and 21 FOFO stores, with all products manufactured by third-party manufacturers in India.
Strengths
- Creative & Digital Services Focus: Operates in content creation, digital media, or tech‑driven creative services — sectors with rising demand as businesses increase online presence.
- Scalable Business Model: Ability to scale offerings to different clients and industries provides growth opportunities.
- Growing Market Demand: Rising consumption of digital content and experiential services supports future expansion.
Risk factors
- Competitive Industry: Faces strong competition from many content and digital studios, including established firms and freelancers.
- Revenue Fluctuations: Project‑based work can lead to uneven revenue streams across quarters.
- Dependence on Client Budgets: Business performance can be sensitive to client spending trends, especially in advertising and marketing cuts.
Promoters
Dheeraj Bansal
Rahul Sachdeva
Shelly Bansal
Shalini Trehan
Preeti Trehan
Karan Bansal
Registrar & documents
Lead manager
Seren Capital Private Limited
Registrar & contacts
Mudra RTA Ventures Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
R-89, Phase V, Focal Point, Ludhiana, Punjab, 141010
0161- 4752672
[email protected]Company website ↗Understanding RECODE IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.