Recode Studios SME IPO Details 2026
All About Recode Studios IPO:
The Recode Studios size is ₹44.59 crore, including a fresh issue of ₹39.55 crore and an offer for sale of ₹5.04 crore. It is a fresh capital cum OFS issue. The IPO issue opens on May 5, 2026, and closes on May 7, 2026. The share allotment is expected on May 8, 2026, and the listing date is May 12, 2026. Recode Studios is based in Ludhiana, Punjab, and operates in the Beauty and Personal Care sector. It filed its DRHP on December 27, 2025, and will list its shares on the BSE SME. Mudra RTA Ventures Private Limited is the registrar, while Seren Capital Pvt.Ltd serves as the merchant banker for the offer.
IPO Highlights
IPO Reservation and Lot Size
The company has reserved shares for various investor categories. The Retail Shares reservation is 33.22% (9,37,600 shares), and QIB has 13,36,800 shares. Further, the minimum lot size is 800 shares. The anchor investor reservation is 8,01,600 shares, and the market maker reservation is 5.13% (1,44,800 shares).
IPO Issue Structure
QIB | 13,36,800 |
| Anchor Investor | 8,01,600 |
| QIB (Ex. Anchor) | 5,35,200 |
NII (HNI) | 4,03,200(15.06%) |
| bNII > ₹10L | 2,68,800 |
| sNII < ₹10L | 1,34,400 |
Retail | 9,37,600 (35.02%) |
Market Maker | 1,44,800 (5.13%) |
Total | 28,22,400 (Total Issue) |
On December 27, 2025, the company filed its Draft Red Herring Prospectus. The Red Herring Prospectus is available to understand the business operations, financials, and the risks involved.
IPO GMP
The Grey Market Premium indicates the extra price that people pay in the unofficial market. This value changes daily based on demand for the shares. Track live GMP Today here.
Financial Performance (₹ in Cr)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| 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 |
| Assets | 28.33 | 23.18 | 16.73 | 12.53 |
| Total Debt | – | 7.56 | 7.85 | 3.79 |
Key Performance Indicator
| Particulars | Dec 31, 2025 | Mar 31, 2025 | FY23 |
|---|---|---|---|
| EBITDA Margin (%) | 23.24 | 12.82 | – |
| PAT Margin (%) | 15.79 | 6.91 | – |
| EPS (₹) | – | – | – |
| ROE (%) | 68.11 | 46.37 | – |
| ROCE (%) | 59.85 | 34.47 | – |
| ROA (%) | – | – | – |
| Debt to Equity (x) | 0.19 | 0.86 | – |
To understand the above financial ratios / financial performance metrics as per the Draft Red Herring Prospectus, visit here.
Recode Studios SME IPO Review
You must assess the company’s financial position before deciding on investments. You can read our full review article here.
Disclaimer: The information provided on this website is for general informational purposes only. Before making any investment decisions, you must consult with a qualified financial adviser.
IPO Financial Snapshot
✅Strengths
⚠️Weaknesses
Listing Day TradingBSE SME
Quick Links
Recode Studios Company Details
Recode Studio began operations in 2021. The company operates in the Beauty and Personal Care sector. It manufactures make-up, skincare, body care, and beauty accessories for the India market. The team provides branding, sourcing, and product selling to clients. Its main office is in Ludhiana, Punjab. It sells over 350 SKUs across different categories. The company uses an omnichannel network with 24 stores across 14 states as of September 30, 2025. Products are manufactured by third-party manufacturers in India.
Main Offerings:
Key Strength:
Company Address: R-89, Phase V, Focal Point, Ludhiana, Punjab, 141010
You can contact the company via call or email.
0161- 4752672 / info@recodestudios.com
Intermediaries & Key Contacts
Frequently Asked Questions
The Recode Studios IPO is a BSE SME issue. It comprises a total of 28,22,400 equity shares. The issue size is approximately ₹45 crores. The company operates in the Beauty and Personal Care sector.
The issue price band is fixed at ₹150 to ₹158 per share. The face value is ₹10 per share.
The IPO will open for subscription on May 5, 2026 and will close on May 7, 2026.
A retail investor needs a minimum investment of ₹2,52,800. This amount buys 1,600 shares or 2 lots at the upper price band.
Mudra RTA Ventures Private Limited is the official registrar. They are responsible for the share allotment and refund process.
The allotment status is expected to be finalized on May 8, 2026. Investors can check the status online on the registrar’s website.
The shares of Recode Studios are expected to list on the BSE SME on May 12, 2026.
No comments yet. Be the first to share your thoughts!