Recode Studios SME IPO Details, Financials, Valuation & Peers
Explore Recode Studios SME IPO details, including IPO dates, financial statements, valuation, peer comparison and more.
Overview
Recode Studio is an Indian beauty and personal care company, incorporated in 2021 and operating under the brand “Recode.” The company's core business revolves around branding, sourcing, and selling a diverse range of beauty and personal care products throughout India.
Recode Studio offers a comprehensive product line encompassing makeup, skincare, body care, and beauty accessories, with over 350 SKUs available across various categories and price points, including face, eye, and lip makeup, as well as face and body care products.
Key highlights of Recode Studio include:
- Omnichannel Presence: The company leverages an integrated network of offline and online platforms for sales.
- Diverse Product Portfolio: Recode Studio provides a wide array of products across multiple beauty and personal care categories.
- Extensive Distribution Network: Products are sold through company-owned stores (COCO), franchise stores (FOFO), third-party e-commerce platforms (Amazon, Nykaa, Myntra, Flipkart), and the company's own website and mobile app.
- Nationwide Reach: As of September 30, 2025, the company operates 24 stores across 14 states in India.
- Digital Engagement: Recode Studio emphasizes its digital reach and online customer engagement strategies.
Objects of the Issue
- 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
- Total
IPO Details
Discover essential information crucial for understanding an IPO, including the Price Band, Fresh Issue, Offer For Sale, Total IPO Size and more. Explore these key details to gain insight into the company's public offering.
| Fields | Details |
|---|---|
| IPO Dates | 05 May - 07 May 2026 |
| IPO Price Band | ₹150 - ₹158 per share |
| Fresh Issue | ₹37.26 crore |
| Offer For Sale | ₹5.04 crore |
| Total IPO Size | ₹44.59 crore |
| Face Value | ₹10 |
| Listing On | BSE SME |
IPO Timeline
Explore important dates like IPO opening, closing, listing and others, outlining the journey of the Public Offering. This will help you grasp the entire IPO journey effortlessly.
| Event | Date |
|---|---|
| IPO Opening Date | 05 May 2026 |
| IPO Closing Date | 07 May 2026 |
| Basis Of Allotment | 08 May 2026 |
| Refunds | 11 May 2026 |
| Demat Transfer | 11 May 2026 |
| IPO Listing Date | 12 May 2026 |
Financial Statements
Explore a comprehensive financial data table showcasing key metrics including revenue, expenses, net income, and others. Gain valuable insights about the company's financial performance at a glance, facilitating informed decision-making and strategic planning for subscribing to the IPO.
| Period Ended | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|---|
| Assets | 12.53 | 16.73 | 23.18 | 28.33 |
| Total Income | 22.44 | 36.93 | 47.94 | 57.45 |
| Profit After Tax | 0.69 | 0.27 | 3.30 | 9.06 |
| EBITDA | 1.44 | 1.67 | 6.13 | 13.34 |
| NET Worth | 5.20 | 5.47 | 8.77 | 17.84 |
| Reserves and Surplus | 5.19 | 5.46 | 8.76 | 9.70 |
| Total Borrowing | 3.79 | 7.85 | 7.56 |
* NPM represents the net profit margin, calculated as a percentage. All other figures are presented in crore (₹cr)
Peer Comparison
Compare key financial metrics with industry peers to gain valuable insights into the company's performance compared to its competitors.
| Name | P/E | EPS | RoNW | NAV |
|---|---|---|---|---|
| Recode Studios Ltd. | 38.92 | 4.06 | 37.64% | 10.78 |
| Ravelcare Ltd. | 12.15 | 10.5 | 50.77% | 20.68 |
| FSN E-Commerce Ventures Ltd | 1082.83 | 0.23 | 5.6% | 4.55 |
| Honasa Consumer Ltd. | 121.21 | 2.23 | 6.16% | 36.28 |
* Revenue in (₹cr), RoNW in (%), EPS, NAV in (₹). P/E ratio is based on the highest price from the IPO price band.
IPO Reservation
| Investor Type | Shares Offered |
|---|---|
| Qualified Institutional Buyer (QIB) | 13,36,800 |
| Non-Institutional Investor (NII/HNI) | 4,03,200 |
| Retail Individual Investor (RII) | 9,37,600 |
Subscription Data from NSE and BSE
| Investor Type | Subscribed |
|---|---|
| Qualified Institutional Buyer (QIB) | 137.99 |
| Non-Institutional Investor (NII/HNI) | 404.76 |
| Retail Individual Investor (RII) | 216.64 |
| Total | 234.63 |
* All figures represent multiples of the subscription. Check subscriptions for other ongoing issues here.
IPO Registrar
MUFG Intime India Private Limited (Formerly known as Link Intime India Private Limited)
Phone: + 91 810 811 4949
Email: ipo.helpdesk@linkintime.co.in
Website: https://linkintime.co.in/
Lead Managers
- 1Seren Capital Pvt.Ltd.
Company Address
Recode Studios Ltd.R-89, Phase V,
Focal Point,
Ludhiana, – 141010https://www.shop.recodestudios.com/0161- 4752672info@recodestudios.com
FAQs
- What is the issue size of the Recode Studios SME IPO?The Recode Studios SME IPO has an issue size of ₹44.59 crore. This includes a fresh issue of ₹37.26 crore and an offer for sale (OFS) of ₹5.04 crore.
- What is the price band of the Recode Studios IPO?The price band for the Recode Studios IPO is ₹150 - ₹158 per share.
- What are the bidding dates for the Recode Studios IPO?The Recode Studios IPO will open for bidding on 05 May 2026 and close on 07 May 2026.
- What is the allotment date for the Recode Studios IPO?The allotment date for the Recode Studios IPO is 08 May 2026.
- What is the minimum lot size and investment required for the Recode Studios IPO?The minimum lot size for the Recode Studios IPO is 800 shares and the minimum investment required is ₹1,26,400.
- What is the listing date for the Recode Studios IPO?The listing date for the Recode Studios IPO is 12 May 2026.
- What is the Recode Studios IPO grey market premium?The grey market premium (GMP) for the Recode Studios IPO is currently at ₹43, with an expected listing gain of approximately 27.22%. Remember, the grey market premium is not an official indicator, but it reflects market perception and demand for the IPO shares.