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Recode Studios IPO Details

Bookbuilding IPO | ₹45 Cr | Listing at BSE SME | Tue, May 5, 2026 - Thu, May 7, 2026

Recode Studios IPO is a book build issue of ₹44.59 crores. The issue is a combination of fresh issue of 0.25 crore shares aggregating to ₹39.55 crores and offer for sale of 0.03 crore shares aggregating to ₹5.04 crores.

Recode Studios IPO opens for subscription on May 5, 2026 and closes on May 7, 2026. The allotment for the Recode Studios IPO is expected to be finalized on May 8, 2026. Recode Studios IPO will list on the BSE SME with a tentative listing date fixed as May 12, 2026.

Recode Studios IPO is set issue price band at ₹150 to ₹158 per share. The lot size for an application is 800 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,52,800 (1,600 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (2,400 shares), amounting to ₹3,79,200.

Seren Capital Pvt.Ltd. is the book running lead manager and Mudra RTA Ventures Private Limited is the registrar of the issue. The Market Maker of the company is Asnani Stock Broker Pvt.Ltd.

Refer to Recode Studios IPO RHP for detailed Information.

IPO Open

Tue, May 5, 2026

IPO Close

Thu, May 7, 2026

Price Band

₹150 to ₹158

Market Cap (Pre-IPO)

To be declared

IPO Details

IPO Date

5 to 7 May, 2026
Listing Date

Tue, May 12, 2026T
Face Value

₹10 per share
Price Band

₹150 to ₹158
Lot Size

800 Shares
Sale Type

Fresh capital cum OFS
Issue Type

Bookbuilding IPO
Listing At

BSE SME

Total Issue Size

28,22,400 shares (agg. up to ₹45 Cr)
Reserved for Market Maker

1,44,800 shares (agg. up to ₹2 Cr) Asnani Stock Broker Pvt.Ltd.
Fresh Issue (Ex Market Maker)

23,58,400 shares (agg. up to ₹37 Cr)
Offer for Sale

3,19,200 shares of ₹10 (agg. up to ₹5 Cr)
Net Offered to Public

26,77,600 shares (agg. up to ₹42 Cr)
Share Holding Pre Issue

81,41,144 shares
Share Holding Post Issue

1,06,44,344 shares

Recode Studios SME IPO Day-wise GMP Trend

GMP Date

IPO Price

GMP

Est. Listing Price

Est. Profit*

Last Updated
29-04-2026

₹158.00

₹0 ─

₹158 (0.00%)

₹0

29-Apr-2026 11:36

* Estimated Profit/Loss per lot. GMP × Market Lot.

IPO Live GMP NEW Comprehensive GMP History

IPO Timetable (Tentative)

IPO Open

Tue, May 5, 2026
Allotment

Fri, May 8, 2026
Credit of Shares

Mon, May 11, 2026

IPO Close

Thu, May 7, 2026
Refund

Mon, May 11, 2026
Listing

Tue, May 12, 2026

Issue Reservation

Recode Studios IPO comprises a total issue size of 28,22,400 shares. The net offer to the public is 26,77,600 shares, after excluding 1,44,800 shares allotted on a firm basis. Of the Net offer 13,36,800 are allocated to QIB, 4,03,200 (15.06%) allocated to NII 9,37,600 (35.02%) allocated to RII.

Investor Category	Shares Offered	% of Net Issue	% of Total Issue
QIB Shares Offered	13,36,800
NII (HNI) Shares Offered	4,03,200	15.06%	14.29%
Retail Shares Offered	9,37,600	35.02%	33.22%
Firm Reservations
Market Maker Shares Offered	1,44,800		5.13%
Total Shares Offered	28,22,400	100.00%	100.00%

IPO Lot Size

Investors can bid for a minimum of 1,600 shares and in multiples of 800 shares thereof.

Application	Lots	Shares	Amount
Individual investors (Retail) (Min)	2	1,600	₹2,52,800
Individual investors (Retail) (Max)	2	1,600	₹2,52,800
S-HNI (Min)	3	2,400	₹3,79,200
S-HNI (Max)	7	5,600	₹8,84,800
B-HNI (Min)	8	6,400	₹10,11,200

IPO Subscription Details

About Recode Studios Ltd.

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.

Competitive Strengths

Omnichannel presence integrating offline and online platforms.
Diverse product range across beauty and personal care categories.
Digital Reach and Online Customer Engagement.
Experienced Board of Directors and Management Team.

Company Financials (Restated)

Recode Studios Ltd.’s revenue increased by 20% and profit after tax (PAT) rose by 174% between the financial year ending with March 31, 2026 and March 31, 2025.

Period Ended	31 Mar 2026	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	28.33	23.18	16.73	12.53
Total Income	57.45	47.94	36.93	22.44
Profit After Tax	9.06	3.30	0.27	0.69
EBITDA	13.34	6.13	1.67	1.44
NET Worth	17.84	8.77	5.47	5.20
Reserves and Surplus	9.70	8.76	5.46	5.19
Total Borrowing		7.56	7.85	3.79
Amount in ₹ Crore

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

# Issue Objects

Est Amt (₹ Cr.)
1 Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab

5.74
2 Marketing and advertisement expenses toward enhancing the awareness and visibility of brand

5.41
3 Utilization towards working capital requirements

19.50
4 General Corporate Purposes
Total

30.65

Key Performance Indicator (KPI)

KPI	Dec 31, 2025	Mar 31, 2025
ROE	68.11%	46.37%
ROCE	59.85%	34.47%
Debt/Equity	0.19	0.86
RoNW	50.80%	37.64%
PAT Margin	15.79%	6.91%
EBITDA Margin	23.24%	12.82%
Price to Book Value	7.21

Check IPO Peer Comparison here.

	Pre IPO	Post IPO
Promoter Holding	96.66%

Mr. Pradeep Kumar Lohia, Mr. Rakesh Kumar Lohia and Mr. Vikash Kumar Lohia are the company promoters.

IPO Registrar

Mudra RTA Ventures Private Limited

+919870297591
ipo@mudrarta.com
Visit Website

IPO Lead Manager(s)

Seren Capital Pvt.Ltd. (Past IPO Performance)

Lead Manager Reports

Lead Manager Performance Summary
Lead Manager Performance Tracker

Contact Details

Recode Studios Ltd. Address

R-89, Phase V,

Focal Point,

Ludhiana, Punjab, 141010

0161- 4752672
info@recodestudios.com
Visit Website

IPO FAQs

What is the Recode Studios IPO?

Recode Studios IPO is a SME IPO of 28,22,400 equity shares of the face value of ₹10 aggregating up to ₹45 Crores. The issue is priced at ₹150 to ₹158. The minimum order quantity is 800.

The IPO opens on Tue, May 5, 2026, and closes on Thu, May 7, 2026.

Mudra RTA Ventures Private Limited is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

How to apply in Recode Studios IPO through Angel One?

Angel One customers can apply online in Recode Studios IPO using UPI as a payment gateway. Angel One customers can apply in Recode Studios IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Recode Studios IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Recode Studios IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

When Recode Studios IPO will open?

The Recode Studios IPO opens on Tue, May 5, 2026 and closes on Thu, May 7, 2026.

What is the lot size of Recode Studios IPO?

Recode Studios IPO lot size is 800, and the minimum amount required for application is ₹2,52,800, with 2 lots being the minimum application size.

How to apply for Recode Studios IPO?

You can apply in Recode Studios IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

When is Recode Studios IPO allotment?

The finalization of Basis of Allotment for Recode Studios IPO will be done on Friday, May 8, 2026, and the allotted shares will be credited to your demat account by Mon, May 11, 2026. Check the Recode Studios IPO allotment status.

When is Recode Studios IPO listing date ?

The Recode Studios IPO listing date is not yet announced. The tentative date of listing is Tue, May 12, 2026.