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Recode Studios IPO
Price Band
₹150.0–158.0
Issue Size
₹44.59 Cr
Lot Size
800 shares
Min Investment
₹252,800
2 LOTS MIN
GMP
+₹43.0 (27.22%)
Issue Price
₹158.0
Recode Studios IPO AI Summary
- Recode Studios IPO is listed on BSE SME in the Personal Care sector.
- Price band: ₹150.0–₹158.0 per share, lot size 800 shares (min. investment ₹252,800, 2 lots minimum).
- Subscription window: 05 May–07 May 2026, listing on 12 May 2026.
- Current GMP is +₹43.0 (27.22%), an estimated listing price of ₹201 — unofficial and can change daily.
Recode Studios is poised to enter the market with a focus on the beauty and personal care sector, leveraging its omnichannel sales strategy and diverse product offerings. With a strong growth trajectory in revenue and profitability, the upcoming IPO presents an opportunity for investors, although they should consider the associated risks and their own investment profiles.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Recode Studios IPO Grey Market Premium (GMP) Today
GMP
+₹43.0
GMP %
+27.22%
Est. Listing
₹201.0
Updated: 14 Jul 2026 15:52
About the 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 Omnichannel presence integrating offline and online platforms. Diverse product range across beauty and personal care categories. Digital Reach and Online Customer Engagement. Experienced Board of Directors and Management Team.
Company Financials (₹ Cr)
As of 2025-12-31
| 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 |
Key Ratios
EPS
₹4.06
NAV
₹10.78
ROE
46.37%
ROCE
34.47%
RoNW
37.64%
P/B Value
14.66
P/E Ratio
38.94
Market Cap
₹168.18 Cr
PAT Margin
6.91%
Debt/Equity
0.86
Promoters
Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan and Karan Bansal
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab 5.74 2 Marketing and advertisement expenses toward enhancing the awareness and visibility of brand 5.41 3 Utilization towards working capital requirements 19.50 4 General Corporate Purposes 2.96 5 Issue Expenses 6.70 Total 40.31
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income grew from ₹22.44 Cr in the period ending 31 Mar 2023 to ₹36.93 Cr by 31 Mar 2024, and further increased to ₹47.94 Cr by 31 Mar 2025. By 31 Dec 2025, total income reached ₹57.45 Cr, indicating a consistent upward trend in revenue over these periods.
Profit Trend
Profit After Tax (PAT) rose from ₹0.69 Cr in the period ending 31 Mar 2023 to ₹0.27 Cr by 31 Mar 2024, then increased to ₹3.30 Cr by 31 Mar 2025. The PAT reached ₹9.06 Cr by 31 Dec 2025, showcasing significant growth in profitability over the periods.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected price movement of an IPO on its listing day compared to its issue price. A positive GMP suggests that the stock is likely to list at a higher price than the issue price, while a negative GMP indicates the opposite. Investors often look at GMP as a gauge of market sentiment towards the IPO.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. It's important to consider the company's growth potential, market conditions, and personal financial situation before making investment decisions.
Who May Want to Wait
Investors who prefer stable, low-risk investments may want to avoid IPOs like this, which can be subject to high volatility and uncertainty in the early trading days. Those with a low risk tolerance or a short investment horizon should carefully evaluate their options.
IPO Timeline, Explained
The IPO process for Recode Studios includes an open date of May 5, 2026, and a close date of May 7, 2026. Allotment of shares is expected by May 8, 2026, with the listing date set for May 12, 2026.
Listing Gains — The Risk
Listing-day gains can be unpredictable and are influenced by various factors, including market conditions, investor sentiment, and the company's performance leading up to the listing. While some IPOs may see significant gains on their first day of trading, others may not perform as well. Investors should be cautious and not solely rely on listing gains as a strategy.
This evaluation is generated from Recode Studios's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Recode Studios IPO GMP today?
Recode Studios IPO GMP today is +₹43.0 (27.22%), indicating an estimated listing price of ₹201. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Recode Studios IPO?
The price band of Recode Studios IPO is ₹150.0–₹158.0 per share.
When does Recode Studios IPO open and close?
Recode Studios IPO opens on 05 May 2026 and closes on 07 May 2026.
When does Recode Studios IPO list on the stock exchange?
Recode Studios IPO listed on 12 May 2026 at ₹201.0.
What is the lot size for Recode Studios IPO?
The lot size for Recode Studios IPO is 800 shares, requiring a minimum investment of ₹252,800 (2 lots).
What is the price band for the Recode Studios IPO?
The price band for the Recode Studios IPO is ₹150.0 to ₹158.0.
What is the minimum investment required?
The minimum investment required is ₹252,800.
What is the lot size for the IPO?
The lot size for the Recode Studios IPO is 800 shares.
When is the listing date for the IPO?
The listing date for the Recode Studios IPO is May 12, 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected price movement of an IPO on its listing day.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
05 May 2026
Close
07 May 2026
Allotment
08 May 2026
Listing
12 May 2026
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