Recode Studios
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
May 05 to May 07 2026
Price Band
₹150 - 158
Current GMP
₹213.1 (+34.87%)
Subscription
234.63 times
IPO Details
| IPO Date | 5 to 7 May, 2026 |
| Listing Date | Tue, May 12, 2026 |
| Face Value | ₹ 10 per share |
| Price Band | ₹150 to ₹158 |
| Issue Price | ₹158 per share |
| Lot Size | 800 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 28,22,400 shares (agg. up to ₹ 45 Cr) |
| Reserved for Market Maker | 1,44,800 shares (agg. up to ₹ 2 Cr) Asnani Stock Broker Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) | 23,58,400 shares (agg. up to ₹ 37 Cr) |
| Offer for Sale | 3,19,200 shares of ₹ 10 (agg. up to ₹ 5 Cr) |
| Net Offered to Public | 26,77,600 shares (agg. up to ₹ 42 Cr) |
| Share Holding Pre Issue | 81,41,144 shares |
| Share Holding Post Issue | 1,06,44,344 shares |
| BSE Script Code | 544755 |
| ISIN | INE2B6701015 |
IPO Date
5 to 7 May, 2026
Listing Date
Tue, May 12, 2026
Face Value
₹ 10 per share
Price Band
₹150 to ₹158
Issue Price
₹158 per share
Lot Size
800 Shares
Sale Type
Fresh capital cum OFS
Issue Type
Bookbuilding IPO
Listing At
BSE SME
Total Issue Size
28,22,400 shares (agg. up to ₹ 45 Cr)
Reserved for Market Maker
1,44,800 shares (agg. up to ₹ 2 Cr) Asnani Stock Broker Pvt.Ltd.
Fresh Issue (Ex Market Maker)
23,58,400 shares (agg. up to ₹ 37 Cr)
Offer for Sale
3,19,200 shares of ₹ 10 (agg. up to ₹ 5 Cr)
Net Offered to Public
26,77,600 shares (agg. up to ₹ 42 Cr)
Share Holding Pre Issue
81,41,144 shares
Share Holding Post Issue
1,06,44,344 shares
BSE Script Code
544755
ISIN
INE2B6701015
IPO Subscription Details
| Anchor | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 137.99 |
| NII*** | 404.76 |
| bNII (> ₹10L) | 485.52 |
| sNII (< ₹10L) | 243.23 |
| Individual Investors | 216.64 |
| Total ** | 234.63 |
Anchor
1
Market Maker
1
QIB (Ex Anchor)
137.99
NII***
404.76
bNII (> ₹10L)
485.52
sNII (< ₹10L)
243.23
Individual Investors
216.64
Total **
234.63
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| May 5 (Day 1) | 3.51 | 10.09 | 11.48 | 7.30 | 9.13 | 7.74 |
| May 6 (Day 2) | 3.54 | 56.41 | 65.97 | 37.29 | 40.56 | 33.40 |
| May 7 (Day 3) | 137.99 | 404.76 | 485.52 | 243.23 | 216.64 | 234.63 |
DayMay 5
(Day 1)
QIB (Ex Anchor)3.51
NII*10.09
NII (> ₹10L)11.48
NII (< ₹10L)7.30
Individual Investors9.13
Total7.74
DayMay 6
(Day 2)
QIB (Ex Anchor)3.54
NII*56.41
NII (> ₹10L)65.97
NII (< ₹10L)37.29
Individual Investors40.56
Total33.40
DayMay 7
(Day 3)
QIB (Ex Anchor)137.99
NII*404.76
NII (> ₹10L)485.52
NII (< ₹10L)243.23
Individual Investors216.64
Total234.63
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 12-05-2026 | 158.00 | 43(27.22%) | 201 |
| 11-05-2026 | 158.00 | 43(27.22%) | 201 |
| 10-05-2026 | 158.00 | 50(31.65%) | 208 |
| 09-05-2026 | 158.00 | 50(31.65%) | 208 |
| 08-05-2026 | 158.00 | 43(27.22%) | 201 |
| 07-05-2026 | 158.00 | 42(26.58%) | 200 |
| 06-05-2026 | 158.00 | 48(30.38%) | 206 |
| 05-05-2026 | 158.00 | 42(26.58%) | 200 |
| 04-05-2026 | 158.00 | 40(25.32%) | 198 |
| 03-05-2026 | 158.00 | 45(28.48%) | 203 |
| 02-05-2026 | 158.00 | 45(28.48%) | 203 |
| 01-05-2026 | 158.00 | 40(25.32%) | 198 |
| 30-04-2026 | 158.00 | 35(22.15%) | 193 |
| 29-04-2026 | 158.00 | 11(6.96%) | 169 |
Date12-05-2026
Price158.00
GMP43(27.22%)
Estimate List Price201
Date11-05-2026
Price158.00
GMP43(27.22%)
Estimate List Price201
Date10-05-2026
Price158.00
GMP50(31.65%)
Estimate List Price208
Date09-05-2026
Price158.00
GMP50(31.65%)
Estimate List Price208
Date08-05-2026
Price158.00
GMP43(27.22%)
Estimate List Price201
Date07-05-2026
Price158.00
GMP42(26.58%)
Estimate List Price200
Date06-05-2026
Price158.00
GMP48(30.38%)
Estimate List Price206
Date05-05-2026
Price158.00
GMP42(26.58%)
Estimate List Price200
Date04-05-2026
Price158.00
GMP40(25.32%)
Estimate List Price198
Date03-05-2026
Price158.00
GMP45(28.48%)
Estimate List Price203
Date02-05-2026
Price158.00
GMP45(28.48%)
Estimate List Price203
Date01-05-2026
Price158.00
GMP40(25.32%)
Estimate List Price198
Date30-04-2026
Price158.00
GMP35(22.15%)
Estimate List Price193
Date29-04-2026
Price158.00
GMP11(6.96%)
Estimate List Price169
IPO Important Dates
| IPO Open | Tue, May 5, 2026 |
| IPO Close | Thu, May 7, 2026 |
| Allotment | Fri, May 8, 2026 |
| Refund | Mon, May 11, 2026 |
| Credit of Shares | Mon, May 11, 2026 |
| Listing | Tue, May 12, 2026 |
IPO Open
Tue, May 5, 2026
IPO Close
Thu, May 7, 2026
Allotment
Fri, May 8, 2026
Refund
Mon, May 11, 2026
Credit of Shares
Mon, May 11, 2026
Listing
Tue, May 12, 2026
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 (Min) | 8 | 6,400 | ₹10,11,200 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares1,600
Amount₹2,52,800
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares1,600
Amount₹2,52,800
ApplicationS-HNI (Min)
Lots3
Shares2,400
Amount₹3,79,200
ApplicationS-HNI (Max)
Lots7
Shares5,600
Amount₹8,84,800
ApplicationB-HNI (Min)
Lots8
Shares6,400
Amount₹10,11,200
Financial Information
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 28.33 | 23.18 | 16.73 | 12.53 |
| Total Income | 57.45 | 47.94 | 36.93 | 22.44 |
| Profit After Tax | 9.06 | 3.30 | 0.27 | 0.69 |
| EBITDA | 13.34 | 6.13 | 1.67 | 1.44 |
| NET Worth | 17.84 | 8.77 | 5.47 | 5.20 |
| Reserves and Surplus | 9.70 | 8.76 | 5.46 | 5.19 |
| Total Borrowing | 3.43 | 7.56 | 7.85 | 3.79 |
Period EndedAssets
31 Dec 202528.33
31 Mar 202523.18
31 Mar 202416.73
31 Mar 202312.53
Period EndedTotal Income
31 Dec 202557.45
31 Mar 202547.94
31 Mar 202436.93
31 Mar 202322.44
Period EndedProfit After Tax
31 Dec 20259.06
31 Mar 20253.30
31 Mar 20240.27
31 Mar 20230.69
Period EndedEBITDA
31 Dec 202513.34
31 Mar 20256.13
31 Mar 20241.67
31 Mar 20231.44
Period EndedNET Worth
31 Dec 202517.84
31 Mar 20258.77
31 Mar 20245.47
31 Mar 20235.20
Period EndedReserves and Surplus
31 Dec 20259.70
31 Mar 20258.76
31 Mar 20245.46
31 Mar 20235.19
Period EndedTotal Borrowing
31 Dec 20253.43
31 Mar 20257.56
31 Mar 20247.85
31 Mar 20233.79
Key Performance Indicator
| ROE | 68.11% |
| ROCE | 59.85% |
| Debt/Equity | 0.19 |
| RoNW | 50.80% |
| PAT Margin | 15.79% |
| EBITDA Margin | 23.24% |
| Price to Book Value | 7.21 |
ROE
68.11%
ROCE
59.85%
Debt/Equity
0.19
RoNW
50.80%
PAT Margin
15.79%
EBITDA Margin
23.24%
Price to Book Value
7.21
IPO Reservation
| QIB Shares Offered | 13,36,800 |
| − Anchor Investor Shares Offered | 8,01,600 |
| − QIB (Ex. Anchor) Shares Offered | 5,35,200 |
| NII (HNI) Shares Offered | 4,03,200 |
| − bNII > ₹10L | 2,68,800 |
| − sNII < ₹10L | 1,34,400 |
| Retail Shares Offered | 9,37,600 |
| Market Maker Shares Offered | 1,44,800 |
| Total Shares Offered | 28,22,400 |
QIB Shares Offered
13,36,800
− Anchor Investor Shares Offered
8,01,600
− QIB (Ex. Anchor) Shares Offered
5,35,200
NII (HNI) Shares Offered
4,03,200
− bNII > ₹10L
2,68,800
− sNII < ₹10L
1,34,400
Retail Shares Offered
9,37,600
Market Maker Shares Offered
1,44,800
Total Shares Offered
28,22,400
Information about company
Incorporated in 2021, Recode Studio is an Indian beauty and personal care company operating under the brand “Recode.” Its business focuses on branding, sourcing and selling beauty and personal care products across India.
The company sells its products through an omnichannel network , which includes company-owned stores (COCO), franchise stores (FOFO), third-party e-commerce platforms, and our own website and mobile app.
Its product range includes make-up, skincare, body care, and beauty accessories . As of the date of this DRHP, we offer over 350 SKUs across different categories and price points, such as face, eye and lip makeup, as well as face and body care products.
Customers can buy the products both offline and online . Offline sales take place through COCO and FOFO stores. Online sales are made through its website and app, and through platforms like Amazon, Nykaa, Myntra and Flipkart .
As on September 30, 2025, the company operates a total of 24 stores across 14 states in India, comprising 3 Company-Owned Company-Operated (COCO) stores and 21 Franchisee-Owned Franchisee-Operated (FOFO) stores.
Its products are manufactured by third-party manufacturers in India.
Competitive Strengths
Objectives of IPO
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
#: Issue Objects
1: Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab
2: Marketing and advertisement expenses toward enhancing the awareness and visibility of brand
3: Utilization towards working capital requirements
4: General Corporate Purposes
: Total
Disclaimer
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