· SME · BSE
Price Band
₹150–158
Lot Size
800 shares
Issue Size
₹45 Cr
Min. Investment
₹1,26,400
Indicative, updates through the day
Cap price plus current GMP: ₹158 — arithmetic, not a forecast
Subscription data will appear once bidding opens.
Recode Studios IPO is an SME issue that listed on BSE on 12 May 2026. The issue price band is fixed at ₹150–₹158 per equity share with a minimum market lot size of 800 shares, bringing the total issue size to ₹45 Cr. At the upper price band, the minimum retail application requires one lot amounting to ₹1,26,400.
No meaningful grey market premium is actively quoted for Recode Studios IPO at this stage. For an SME issue at this point in the timeline, this is standard until anchor book allocations and institutional bids build volume. A missing premium is not negative sentiment; it reflects lower off-market liquidity. Read our complete guide to IPO GMP mechanics.
The minimum investment for retail investors is one lot of 800 shares (approx. ₹1,26,400 at the cut-off price). Applications must be submitted using ASBA via Net Banking or the UPI Mandate route through registered stockbrokers (Zerodha, Groww, Angel One, Upstox).
The official registrar appointed for this issue is Mudra RTA Ventures Pvt. Ltd., with the basis of allotment finalised on 8 May 2026 and listing completed on 12 May 2026. Once declared, you can check your allotment status on our IPO Allotment Checker using your PAN or Application Number. If you are not allotted shares, the ASBA block on your bank funds is automatically released by T+2 day.
Issue Price
₹158
Listed At
₹213.1
Current Price
₹223.75
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.
Recode Studios IPO raises ₹12.67 crore from anchor investors. Recode Studios IPO Anchor bid date is May 4, 2026.
| 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% |
| 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 |
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
₹129Cr.
| 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 |
Recode Studios Ltd. Address
Mudra RTA Ventures Pvt. Ltd.