Recode Studios was incorporated on June 16, 2021. The company operates in India’s beauty and personal care segment, focusing on branding, procurement, and distribution of products under the “Recode” brand through an omnichannel network of retail stores and digital platforms. It offers a diverse portfolio of over 350 SKUs across make-up, skincare, body care, and beauty accessories, catering to varied consumer needs and price points
| Bidding Dates |
|---|
| 05 May 2026 - 07 May 2026 |
| Subscription |
|---|
| 217.89x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,40,000 | 2 | 2 | 800 | 2.8 M | ₹150 - ₹158 | 65.02 % | ₹423.4 M - ₹445.9 M | RHP DOC |
Recode Studios IPO SUBSCRIPTION STATUS
07 May '26Recode Studios IPO overall subscription rate was 217.89 times the total available shares
Recode Studios IPO retail subscription rate was 287.19 times in the retail segment
Recode Studios IPO non-institutional investor subscription rate was 538.87 times in the non-institutional investor category
Recode Studios IPO Qualified Institutional Bidder subscription rate was 73.09 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
07 May 2026 (Day 3) | 287.19x | 538.87x | 73.09x |
06 May 2026 (Day 2) | 53.76x | 75.51x | 1.87x |
05 May 2026 (Day 1) | 12.11x | 13.42x | 1.86x |
Recode Studios FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| 9MFY26 | 57.4 | 9.1 | 6.0 | 4.5 | 23.2% |
| FY25 | 47.8 | 3.3 | 3.1 | 2.1 | 12.8% |
| FY24 | 36.8 | 0.3 | -1.6 | -3.4 | 4.5% |
| FY23 | 22.4 | 0.7 | -5.3 | -6.1 | 6.4% |
Recode Studios IPO SUBSCRIPTION STATUS DETAILS
Recode Studios had 2.8 M shares on offer
Recode Studios IPO offer price was in the range ₹150 - ₹158
Recode Studios IPO minimum Investment was ₹240000
Recode Studios IPO issue size was ₹ 423.4 M - ₹ 445.9 M
Recode Studios had a minimum lot size of 800 Shares per application
Recode Studios NUMBER OF SHARES ON OFFER
Recode Studios IPO IMPORTANT DATES
| Issue Open Date | 05 May 2026 |
| Issue close Date | 07 May 2026 |
| Allotment Date | 08 May 2026 |
| Refund Date | 11 May 2026 |
| Demat Account Credit Date | 11 May 2026 |
| Listing Date | 12 May 2026 |
| Listing on Exchange(s) | BSE |
| Recode Studios Allotment Status | Exchange/ Registrar |
Recode Studios IPO subscription opened on 05 May 2026, and closed on 07 May 2026
IPO allotment for Recode Studios was finalized on Friday, 08 May 2026
IPO listing for Recode Studios was on BSE on Tuesday, 12 May 2026
Recode Studios IPO LISTING GAINS
| Issue Price (adjusted) | 158.0 |
| Listing Open Price | 213.1 |
| Listing Close Price | 223.8 |
| Listing Gain% | 34.9% |
| Current Gain% | 44.0% |
Recode Studios Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Recode Studios Ltd. | 227.6 | 242.2 | 21.6 | 0.1 | 3 | 56 | 31.6 | 80.1 | 67 | 11.2 | 239.4 | 10.5 | 239.4 |
| Hindustan Unilever Ltd. | 2096 | 492474.3 | 32.9 | 0.9 | 7.4 | 30.8 | 18.8 | 65219 | 1.7 | 15040 | 41.2 | 63.7 | 38.6 |
| Marico Ltd. | 862 | 111920.9 | 59.3 | 4.5 | 7.8 | 41.8 | 17.5 | 13815 | 25.1 | 1762 | 8.2 | 14.5 | 13.1 |
| Godrej Consumer Products Ltd. | 1050 | 107447 | 56.2 | 17.5 | 6.7 | 14.7 | 8.7 | 15444.1 | 5.2 | 1861.5 | 0.5 | 18.7 | 3.2 |
| Dabur India Ltd. | 410 | 72732 | 36.9 | 3.4 | 5.4 | 16.6 | 10.8 | 13792.3 | 5.2 | 1895 | 7.2 | 11.1 | 10.7 |
| Colgate-Palmolive (India) Ltd. | 2030 | 55213.1 | 41 | -12.5 | 8.9 | 83.7 | 38.9 | 6124.2 | -0.9 | 1325.3 | -7.8 | 49.6 | -3.3 |
Recode Studios INFORMATION ON IPO ISSUE
About Recode Studios
Recode Studios was incorporated on June 16, 2021. The company operates in India’s beauty and personal care segment, focusing on branding, procurement, and distribution of products under the “Recode” brand through an omnichannel network of retail stores and digital platforms. It offers a diverse portfolio of over 350 SKUs across make-up, skincare, body care, and beauty accessories, catering to varied consumer needs and price points
Object of the Issue
- Funding of capital expenditure towards setup of a new warehouse at Ludhiana, Punjab
- Marketing and advertisement expenses towards enhancing the awareness and visibility of the brand
- Utilization towards working capital requirements
- General corporate purposes
Recode Studios - PROMOTERS
| Name |
|---|
| Dheeraj Bansal |
| Rahul Sachdeva |
| Shelly Bansal |
| Preeti Trehan |
| Shalini Trehan |
| Karan Bansal |
Recode Studios - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Dheeraj Bansal | Chairman & Managing Director |
| Karan Bansal | CEO & Whole Time Director |
| Shelly Bansal | Whole-time director |
| Shalini Trehan | Non-Executive Director |
| Manoj Kumar | Independent Director |
| Sarat Kumar Mishra | Independent Director |
| Naveen Gupta | Independent Director |
Recode Studios Book Running Lead Manager
Seren Capital Private Limited
info@serencapital.in
Recode Studios Registrar to the issue
Mudra RTA Ventures Private Limited
ipo@mudrarta.com
Recode Studios Strengths
Omnichannel business model
The company operates an integrated omnichannel model comprising COCO and FOFO stores, along with digital channels such as its website, mobile app, and third-party marketplaces. This approach enables wide distribution while ensuring consistency in branding, product assortment, and pricing across all channels
Diverse product range
The company offers a wide portfolio of over 350 SKUs across beauty, cosmetics, skincare, body care, and accessories, catering to both everyday users and professional make-up needs. Its range spans face, eye, and lip make-up, along with personal care products and tools, ensuring comprehensive coverage across multiple beauty segments and price points
Retail network
As of March 31, 2026, the company operates 22 stores across 12 states, including 3 COCO and 19 FOFO outlets. This retail network strengthens its offline distribution by ensuring product availability through physical stores across multiple regions in India
Recode Studios Risks
Depend on third-party manufacturers
The company relies entirely on third-party manufacturers in India and overseas, as it does not own any manufacturing facilities, exposing it to operational and supply chain risks. Any disruption, quality issues, cost fluctuations, or inability of these partners to meet requirements could adversely impact product availability, operations, and financial performance
Brand reputation
The company’s business depends heavily on the recognition and reputation of the “Recode” brand, which influences customer demand and purchasing decisions. Any negative publicity, quality concerns, or inconsistent customer experience could harm brand perception and adversely impact its business and financial performance
Regulatory risks
The company’s operations depend on obtaining and maintaining various statutory approvals, licenses, and registrations required under applicable laws. Any failure to comply with regulatory requirements or renew such approvals could adversely impact its business, financial condition, and results of operations
IPO FAQs
This IPO consists of an offer for sale of up to Rs 5.0 crore, of 319,200 shares. It also consists of a fresh issue of Rs 39.6 crore.
The promoters of the company are Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Preeti Trehan, Shalini Trehan and Karan Bansal.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 150.0 - 158.0.
The IPO application opens on May 05, 2026 and closes on May 07, 2026.
The minimum lot size for the IPO is 1600. The maximum lot size for the IPO is 1600.
For all category investors, the minimum application amount for this IPO is Rs. 240,000.0, the maximum value for this IPO is Rs 252,800.0.
This IPO will be allotted on May 08, 2026.
The refund will be credited to your account on May 11, 2026.
The allotted shares will be credited to your demat on May 11, 2026.
Recode Studios Ltd.’s shares listed on the stock exchanges on May 12, 2026.