Recode Studios
· SME · BSE
Price Band
₹150–158
Lot Size
800 shares
Issue Size
₹45 Cr
Min. Investment
₹1,26,400
Grey Market Premium
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Estimated listing price: ₹158
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About Recode Studios
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.
Issue Objectives
- Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab
- Marketing and advertisement expenses toward enhancing the awareness and visibility of brand
- Utilization towards working capital requirements
- General Corporate Purposes
- Issue Expenses
Anchor Investors
Recode Studios IPO raises ₹12.67 crore from anchor investors. Recode Studios IPO Anchor bid date is May 4, 2026.
Reservation
| Category | Shares Offered | % |
|---|---|---|
| QIB | 13,36,800 | 49.93% |
| − Anchor Investor | 8,01,600 | 0% |
| − QIB (Ex. Anchor) | 5,35,200 | 0% |
| NII (HNI) | 4,03,200 | 15.06% |
| − bNII > ₹10L | 2,68,800 | 0% |
| − sNII < ₹10L | 1,34,400 | 0% |
| Retail | 9,37,600 | 35.02% |
| Market Maker | 1,44,800 | 0% |
- QIB49.9%
- − Anchor Investor0.0%
- − QIB (Ex. Anchor)0.0%
- NII (HNI)15.1%
- − bNII > ₹10L0.0%
- − sNII < ₹10L0.0%
- Retail35.0%
- Market Maker0.0%
Market Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 1600 | ₹2,52,800 |
| Individual investors (IND) (Max) | 2 | 1600 | ₹2,52,800 |
| S-HNI (Min) | 3 | 2400 | ₹3,79,200 |
| S-HNI (Max) | 7 | 5600 | ₹8,84,800 |
| B-HNI (Min) | 8 | 6400 | ₹10,11,200 |
Financials (₹ Cr)
Valuations
EPS (Pre IPO)
4.06
EPS (Post IPO)
11.35
ROE
50.80%
P/E (Pre IPO)
38.94
P/E (Post IPO)
13.92
Price / Book
7.21
Market Cap
₹168.18 Cr.
Peers Comparison
| Company | P/E | ROE | Revenue |
|---|---|---|---|
| Ravelcare Ltd. | 12.38 | ₹24.10 Cr | |
| Anondita Medicare Ltd. | 11.74 | ₹69.50 Cr | |
| Medistep Healthcare Ltd. | 10.86 | ₹16.10 Cr | |
| Aakaar Medical Technologies Ltd. | 12.43 | ₹27.00 Cr |
Contact Details
Recode Studios Ltd. Address
- 1410100161- 4752
- info@recodestudios.com
- https://www.shop.recodestudios.com/
Registrar Contact Details
Link Intime India Pvt. Ltd.
- +91 22 4918 6270
- ipo.helpdesk@linkintime.co.in
- https://linkintime.co.in
- C-101, 247 Park, LBS Marg, Vikhroli West, Mumbai – 400083
Frequently Asked Questions
Key Dates
- Open Date
- 05 May 2026
- Close Date
- 07 May 2026
- Listing Date
- 12 May 2026
Issue Details
- Registrar
- Link Intime India
- Lead Manager(s)
- Exchange
- BSE