Recode Studios IPO- Company Analysis
Recode Studios IPO falls under the SME IPO category and is a book-built issue of Rs. 44.59 Cr by Recode Studios Limited. The company is an India-based beauty and personal care brand focused on branding, sourcing, and selling a wide range of products across the country.
Recode operates through a hybrid distribution model, combining retail and distribution channels. Its retail presence includes Company-Owned Company-Operated (COCO) stores and Franchise-Owned Franchise-Operated (FOFO) outlets, along with third-party e-commerce platforms and its own website and mobile application.
The company offers a diverse product portfolio that includes makeup, skincare, body care, and beauty accessories. As of now, Recode Studios has more than 350 SKUs across multiple categories and price segments, catering to a broad customer base.
Recode products are available through both online and offline channels. Offline sales are driven through its COCO and FOFO stores, while online distribution includes its own digital platforms as well as leading e-commerce marketplaces such as Amazon, Nykaa, Myntra, and Flipkart.
Overall, the company’s omnichannel presence, wide product range, and scalable distribution strategy position it well in India’s growing beauty and personal care market.
Recode Studios IPO Details
The Recode Studios IPO is scheduled to open today on 05 May 2026 and will close on 07 May 2026. The IPO allotment is expected on 08 May, with refund initiation on 11 May 2026.
This Rs. 44.59 crore SME IPO consists of a combination of a fresh issue of 0.25 crore shares (Rs. 39.55 crore) and an offer for sale of 0.03 crore shares (Rs. 5.04 crore).
The listing of the Recode Studios IPO is expected on Tuesday, 12 May 2026, on the BSE SME platform.
The price band for the Recode Studios IPO is set at Rs. 150 to Rs. 158.
IPO Timetable (Tentative)
Click here to open your free demat account and apply for the IPO now.
Company Financials
(Amount in Cr)
Cash Flows
(Amount in lac)
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The company intends to utilise the Net Proceeds from the Issue for the following objectives:
Funding capital expenditure for setting up a new warehouse facility at Ludhiana, Punjab — approximately Rs. 5.74 Cr.
Marketing and advertisement expenses to enhance brand awareness and visibility — approximately Rs. 5.41 Cr.
Meeting the working capital requirements of the company — approximately Rs. 19.50 Cr.
General corporate purposes.
Listed Peers of Recode Studios Ltd.
Valuation
Evaluation of P/E Ratio
Considering the financial year ended FY 2025, with an EPS of Rs. 4.06 for the last year, the resulting P/E ratio comes to 38.91x.
IPO's Strengths
Strong omnichannel presence combining both online and offline sales channels.
Diverse product portfolio across beauty and personal care segments.
High customer engagement through digital platforms and online reach.
Experienced management team and board of directors.
IPO's Weaknesses
Dependence on brand perception and positioning.
Exposure to changing consumer preferences.
Absence of long-term customer contracts.
Recode Studios IPO GMP (Grey Market Premium)
Recode Studios IPO GMP today is Rs. 40 as of 5 May 2026, while writing this information.
Recode Studios IPO Summary
IPO Lot Details
Retail investors can apply for a minimum of 2 lots (1600 shares) amounting to Rs. 2,52,800, and in multiples thereafter. HNI investors are required to apply for a minimum of 3 lots (2400 shares) amounting to Rs. 3,79,200.
Recode Studios IPO Allotment Status
To check the Recode Studios IPO allotment status, you can visit the official Registrar’s website or the BSE website. Below are the direct options for your convenience:
Using BSE Website - BSE IPO allotment status
Promoters And Management of Recode Studios Ltd.
Dheeraj Bansal
Rahul Sachdeva
Shelly Bansal
Shalini Trehan
Preeti Trehan
Karan Bansal
IPO Lead Managers
Seren Capital Pvt. Ltd.
Dividend Policy
The company has not paid a dividend during the last three years.
Conclusion
Recode Studios IPO represents a growing beauty and personal care brand with improving financial performance and an expanding market presence, making it a noteworthy SME IPO to watch.
However, investors should carefully assess factors such as valuation, brand dependency, changing consumer preferences, and the competitive landscape before making an investment decision.
Overall, the IPO may appeal to investors looking for exposure to India’s fast-growing beauty and personal care segment, provided it aligns with their risk appetite and investment goals.
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And read the prospectus of the company by clicking here to download the DRHP.
DISCLAIMER: This blog does not constitute any buy or sell recommendation. No investment or trading advice is being provided. The content is intended solely for educational and informational purposes. Investors should consult a qualified financial advisor before making any investment decisions.
