Recode Studios IPO was launched through the SME Book Built route by Recode Studios Limited. The public issue comprised both a fresh issue of equity shares and an offer for sale by certain existing shareholders. Through this IPO, the company aimed to strengthen its financial position, support future expansion plans, improve working capital availability, and meet other approved business requirements.
Recode Studios Limited operates in the beauty and cosmetics industry under the “Recode” brand. The company focuses on developing and marketing cosmetic products designed to serve customers across different price segments. Its business strategy is centred on offering a wide product range while continuously introducing products that align with changing consumer preferences and beauty trends.
The company offers products across multiple beauty categories, including face makeup, eye makeup, lip products, skincare, personal care products, beauty tools, and cosmetic accessories. By regularly expanding its product portfolio, the company seeks to strengthen customer engagement and improve its presence in India’s organised beauty market.
Recode Studios follows a multi-channel sales strategy that combines online and offline distribution. Its products are available through the company’s own digital platform, leading e-commerce marketplaces, distributors, retail stores, wholesalers, and various beauty outlets across different regions of India. This distribution model enables the company to reach a wider customer base while improving product accessibility.
India’s beauty and personal care sector has witnessed steady growth over the past several years because of increasing consumer awareness, higher disposable income, expanding organised retail, and rising online shopping. Growing demand for branded cosmetic products continues to create opportunities for companies with diversified product portfolios and established distribution networks.
The IPO process has been completed, and the company’s equity shares are listed on the BSE SME platform. Investors evaluating the company should focus on its financial performance, business strategy, product portfolio, competitive strengths, and long-term growth opportunities.
Recode Studios IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Recode Studios IPO |
| Company Name | Recode Studios Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹150 to ₹158 Per Share |
| Issue Size | ₹44.59 Crore |
| Fresh Issue | ₹39.55 Crore |
| Offer for Sale | ₹5.04 Crore |
| Total Shares Offered | 28,22,400 Equity Shares |
| IPO Open Date | 05 May 2026 |
| IPO Close Date | 07 May 2026 |
| Basis of Allotment | 08 May 2026 |
| Refund Initiation | 11 May 2026 |
| Shares Credited to Demat Account | 11 May 2026 |
| Listing Date | 12 May 2026 |
| Listing Exchange | BSE SME |
| Lot Size | 800 Equity Shares |
| Registrar | Mudra RTA Ventures Private Limited |
| Book Running Lead Manager | Seren Capital Private Limited |
| Market Maker | Rikhav Securities Limited |
The public issue consisted of a fresh issue together with an offer for sale. The fresh issue was planned to support business growth and strengthen the company’s operational and financial capabilities.
Recode Studios IPO Dates
The following timeline highlights the major events associated with the Recode Studios IPO.
| IPO Event | Date |
|---|---|
| IPO Opening Date | 05 May 2026 |
| IPO Closing Date | 07 May 2026 |
| Basis of Allotment | 08 May 2026 |
| Refund Initiation | 11 May 2026 |
| Shares Credited to Demat Account | 11 May 2026 |
| Listing Date | 12 May 2026 |
Following the completion of the allotment process, successful applicants received their allotted shares in demat accounts before trading commenced on the BSE SME platform.
Recode Studios IPO Reservation
The IPO shares were allocated among different categories of investors in accordance with the applicable SME IPO regulations.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The final allocation for each category depended on the number of valid applications received during the subscription period.
Recode Studios IPO Lot Size
Applications under the Recode Studios IPO were accepted in fixed lot sizes specified in the offer document.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 1 Lot (800 Shares) | ₹1,26,400 |
| Retail Maximum | 2 Lots (1,600 Shares) | ₹2,52,800 |
| HNI Minimum | 3 Lots (2,400 Shares) | ₹3,79,200 |
The application values shown above are calculated using the upper price band of ₹158 per equity share.
About Recode Studios Limited
Recode Studios Limited is engaged in the beauty and personal care industry through its flagship brand, “Recode.” The company focuses on developing, marketing, and distributing cosmetic products designed to meet the everyday beauty requirements of consumers across different age groups and market segments. Its business model is built around offering a wide variety of products while maintaining product quality and affordability.
The company has created a diversified portfolio covering multiple beauty categories. Its product range includes face makeup, eye makeup, lip products, skincare products, personal care products, beauty accessories, and grooming essentials. Regular product additions and category expansion enable the company to respond to changing customer preferences and evolving beauty trends.
Recode Studios distributes its products through an omnichannel network that combines online and offline sales platforms. Customers can purchase the company’s products through its official website, e-commerce marketplaces, distributors, wholesalers, retail outlets, and beauty stores across different parts of India. This distribution strategy helps improve product availability while expanding the company’s customer reach.
Along with expanding its product portfolio, the company focuses on strengthening brand recognition through digital marketing, social media promotions, influencer collaborations, and customer engagement initiatives. Continuous investment in branding and marketing supports customer acquisition and helps improve brand visibility in a competitive cosmetics market.
The Indian beauty and cosmetics industry continues to experience steady growth due to increasing disposable income, changing lifestyle preferences, rising awareness of personal grooming, expanding organised retail, and rapid growth in online shopping. These industry trends create opportunities for companies with recognised brands, diversified product portfolios, and efficient distribution networks.
Recode Studios continues to focus on expanding its business by introducing new products, increasing its distribution reach, strengthening customer relationships, and improving operational efficiency to support long-term growth.
Recode Studios IPO Financial Information
Reviewing a company’s financial performance helps investors understand its business growth, profitability, and financial position over time. Comparing financial results across multiple years provides a clearer picture of operational performance before making an investment decision.
Recode Studios Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹107.96 Crore | ₹174.13 Crore | ₹247.06 Crore |
| Total Income | ₹108.42 Crore | ₹174.76 Crore | ₹247.85 Crore |
| EBITDA | ₹10.69 Crore | ₹18.63 Crore | ₹28.06 Crore |
| Profit Before Tax | ₹7.45 Crore | ₹14.42 Crore | ₹22.25 Crore |
| Profit After Tax | ₹5.44 Crore | ₹10.10 Crore | ₹16.35 Crore |
| Net Worth | ₹20.12 Crore | ₹30.25 Crore | ₹46.60 Crore |
| Total Borrowings | ₹11.21 Crore | ₹13.84 Crore | ₹17.19 Crore |
The company has recorded significant growth in revenue and profitability during the last three financial years. Revenue has increased consistently, while earnings have also improved, reflecting expansion in business operations and improved financial performance. Growth in net worth further indicates strengthening shareholder value. Investors should evaluate these financial results together with industry conditions, valuation, and future growth plans before making an investment decision.
Recode Studios IPO Key Performance Indicators (KPIs)
Key Performance Indicators provide useful information about the company’s profitability, efficiency, financial stability, and overall operating performance. These ratios should be analysed along with the company’s future business strategy and industry outlook.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 35.09% |
| Return on Capital Employed (ROCE) | 36.88% |
| Return on Net Worth (RONW) | 35.09% |
| EBITDA Margin | 11.32% |
| PAT Margin | 6.60% |
| Debt-to-Equity Ratio | 0.37 |
| Earnings Per Share (EPS) | ₹11.08 |
| Net Asset Value (NAV) Per Share | ₹31.58 |
| Price to Earnings (P/E) | 14.26x |
The financial ratios indicate healthy profitability, efficient capital utilisation, and a manageable debt position. These indicators provide an overview of the company’s financial performance, although investors should also consider future expansion plans, competitive conditions, and business risks before investing.
Objects of the Recode Studios IPO
Recode Studios Limited proposed to utilise the net proceeds raised through the fresh issue for the following purposes:
- Funding working capital requirements to support business operations.
- Strengthening brand promotion, marketing activities, and business development initiatives.
- Repayment or prepayment of certain borrowings.
- General corporate purposes.
The planned utilisation of IPO proceeds is intended to improve financial flexibility, strengthen day-to-day operations, support future expansion, and enhance the company’s overall business growth strategy.
Recode Studios IPO Listing Performance
The listing performance indicates how the company’s shares performed when they began trading on the stock exchange. Although the listing price reflects the market’s initial response to the IPO, investors should also evaluate the company’s business fundamentals, financial performance, competitive position, and long-term growth potential before making any investment decision.
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 12 May 2026 |
| Issue Price | ₹158 Per Share |
| Listing Price | ₹160.00 Per Share |
| Listing Gain | ₹2.00 Per Share |
| Listing Gain (%) | 1.27% |
The shares of Recode Studios Limited debuted on the BSE SME platform at a small premium over the issue price. While the listing reflected positive investor sentiment, long-term returns will depend on the company’s operational performance and future business growth.
Recode Studios IPO Subscription Status
The subscription figures show the level of participation from various investor categories during the IPO bidding period. Strong subscription generally indicates healthy investor interest, but investment decisions should always be supported by an assessment of the company’s financial performance and business outlook.
Recode Studios IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 38.59 Times |
| Non-Institutional Investors (NII) | 39.76 Times |
| Retail Individual Investors (RII) | 18.63 Times |
| Total Subscription | 30.49 Times |
The IPO received strong demand across all investor categories, with qualified institutional and non-institutional investors recording particularly robust participation during the subscription period.
Recode Studios IPO Review
Recode Studios Limited operates in the rapidly growing beauty and personal care industry through its “Recode” brand. The company has established a diversified product portfolio covering cosmetics, skincare products, beauty accessories, and personal care items while serving customers through both online and offline distribution channels.
Its business strategy focuses on regularly introducing new products, strengthening brand recognition, expanding distribution, and increasing customer reach across India. By operating through multiple sales channels, including its own website, e-commerce platforms, distributors, wholesalers, and retail stores, the company has built a broad distribution network that supports business growth.
The company has also demonstrated consistent financial growth over recent years, with improvements in revenue, profitability, and net worth. Expansion of the product portfolio, increasing consumer demand for branded cosmetics, and continued investment in marketing may support future growth opportunities.
At the same time, investors should consider factors such as intense competition within the cosmetics industry, changing consumer preferences, dependence on brand recognition, inventory management, and fluctuations in raw material costs before making an investment decision.
Overall, Recode Studios Limited operates in a sector that continues to benefit from increasing beauty awareness, higher disposable income, and expanding organised retail. Investors should carefully evaluate the company’s valuation, financial performance, competitive strengths, and long-term business strategy before investing.
Recode Studios IPO Strengths
Recode Studios Limited has developed a business model that combines product diversification, brand development, and a broad distribution network. The following factors support the company’s long-term business growth.
- Diversified Product Portfolio – The company offers a wide range of beauty and personal care products across categories such as face makeup, eye makeup, lip products, skincare, personal care, and beauty accessories. A diversified product portfolio allows the company to serve different customer preferences and reduce dependence on a single product category.
- Established Brand Presence – Recode has developed brand recognition within the organised cosmetics market through continuous marketing activities, customer engagement, and regular product launches. Strong brand visibility helps the company compete in a highly competitive industry.
- Omnichannel Distribution Network – The company markets its products through online marketplaces, its official website, distributors, wholesalers, retailers, and beauty stores. This diversified sales network improves product availability and expands customer reach across multiple regions.
- Consistent Financial Growth – Recode Studios has reported steady growth in revenue and profitability over the last three financial years, reflecting business expansion and improving operational performance.
- Growing Beauty and Cosmetics Industry – Increasing beauty awareness, changing lifestyle preferences, rising disposable income, and expanding online shopping continue to create favourable opportunities for companies operating in the beauty and personal care sector.
- Focus on Product Innovation – The company regularly introduces new products and expands its existing product portfolio to align with changing consumer preferences and market trends.
Recode Studios IPO Risk Factors
Although Recode Studios operates in a growing industry, investors should carefully evaluate the following business risks before making an investment decision.
- Highly Competitive Industry – The beauty and cosmetics market includes numerous domestic and international brands. Increasing competition may affect market share, pricing, and profitability.
- Dependence on Consumer Preferences – Customer demand in the cosmetics industry changes frequently due to fashion trends, lifestyle changes, and evolving beauty preferences. Failure to adapt to these changes could affect future sales.
- Brand Reputation Risk – The company’s business depends significantly on customer trust and brand recognition. Any adverse publicity or product quality concerns may affect business performance.
- Raw Material Price Fluctuations – Changes in the cost of packaging materials, cosmetic ingredients, and other inputs may influence manufacturing costs and operating margins.
- Inventory Management – Maintaining appropriate inventory levels across a wide product portfolio is essential. Excess inventory or slow-moving products could impact working capital and profitability.
- Dependence on Distribution Network – The company’s growth relies on maintaining efficient relationships with distributors, retailers, and online sales platforms. Any disruption within the distribution network could affect product availability and revenue generation.
Recode Studios IPO Promoters
Recode Studios Limited is promoted by individuals who have contributed to the company’s growth and the development of its beauty and personal care business. The promoters continue to focus on expanding the product portfolio, strengthening the brand, improving distribution channels, and supporting the company’s long-term growth strategy.
Recode Studios IPO Promoters Details
| Promoter | Designation |
|---|---|
| Rahul Sachdeva | Promoter & Managing Director |
| Dinesh Sachdeva | Promoter |
Recode Studios IPO Management Team
The company is managed by professionals with experience in business management, finance, operations, sales, marketing, product development, and regulatory compliance. The management team focuses on strengthening business operations, improving customer reach, expanding product offerings, and supporting sustainable long-term growth.
| Name | Designation |
|---|---|
| Rahul Sachdeva | Managing Director |
| Dinesh Sachdeva | Whole-Time Director |
| Vishal Sharma | Chief Financial Officer |
| Neha Sharma | Company Secretary & Compliance Officer |
Recode Studios IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, initiating refunds where applicable, crediting allotted shares to investors’ demat accounts, and handling IPO-related investor queries.
| Particular | Details |
|---|---|
| Registrar Name | Mudra RTA Ventures Private Limited |
| Website | www.mudraindia.com |
| IPO Allotment Status | www.mudraindia.com |
| Email ID | [email protected] |
| Contact Number | +91-22-4822 0000 |
Recode Studios IPO Lead Manager Details
The Book Running Lead Manager coordinated the IPO process, managed regulatory compliance, supervised issue-related activities, and assisted the company throughout the public issue process.
| Particular | Details |
|---|---|
| Lead Manager | Seren Capital Private Limited |
| Website | www.serencapital.in |
| Email ID | [email protected] |
| Contact Number | +91-22-4972 2222 |
Recode Studios Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Recode Studios Limited |
| Registered Office | New Delhi, India |
| Website | www.recodestudios.com |
| Email ID | [email protected] |
| Contact Number | As Available on the Company’s Official Website |
How to Check Recode Studios IPO Allotment Status
Investors could check the allotment status after the basis of allotment was finalised through the registrar’s website by following these steps:
Through Mudra RTA Ventures Private Limited
- Visit the official website of Mudra RTA Ventures Private Limited.
- Open the IPO allotment status page.
- Select “Recode Studios IPO” from the list of available issues.
- Choose any one of the available search options such as PAN Number, Application Number, or DP/Client ID.
- Enter the required details correctly.
- Click the submit button to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Recode Studios IPO.
- Enter your PAN Number or Application Number.
- Complete the verification process, if required.
- Submit the details to check the allotment status.
Frequently Asked Questions (FAQs)
What is the Recode Studios IPO?
Recode Studios IPO was a Book Built SME public issue comprising a fresh issue of equity shares and an offer for sale.
What was the price band of the Recode Studios IPO?
The IPO was offered at a price band of ₹150 to ₹158 per equity share.
What was the total issue size of the Recode Studios IPO?
The total public issue size was ₹44.59 crore.
When did the Recode Studios IPO open and close?
The IPO opened on 5 May 2026 and closed on 7 May 2026.
On which stock exchange are Recode Studios shares listed?
The company’s equity shares are listed on the BSE SME platform.
Who was the registrar for the Recode Studios IPO?
Mudra RTA Ventures Private Limited acted as the registrar to the issue.
Who was the lead manager for the Recode Studios IPO?
Seren Capital Private Limited served as the Book Running Lead Manager.
What was the minimum lot size for the Recode Studios IPO?
The minimum application size was one lot consisting of 800 equity shares.
What does Recode Studios Limited do?
Recode Studios Limited is engaged in the beauty and personal care business and offers a diversified range of cosmetic, skincare, personal care, and beauty products under the “Recode” brand.
What were the objectives of the Recode Studios IPO?
The company proposed to utilise the fresh issue proceeds for working capital requirements, business expansion, repayment or prepayment of certain borrowings, brand development, and general corporate purposes.
