Recode Studios Ltd is launching a book-built IPO worth about ₹44.59 crore, consisting of a fresh issue of 0.25 crore shares valued at ₹39.55 crore and an offer for sale of 0.03 crore shares worth ₹5.04 crore.
The IPO will open for subscription from May 5 to May 7, 2026. The basis of allotment is expected on May 8, and the shares are likely to list on the BSE SME on May 12, 2026.
The price band has been fixed at ₹150–₹158 per share, with a lot size of 800 shares. Retail investors must apply for a minimum of 1,600 shares, requiring an investment of ₹2,52,800 at the upper price band. For HNI investors, the minimum application is 3 lots (2,400 shares), amounting to ₹3,79,200.
The issue is being managed by Seren Capital Pvt. Ltd. as the book-running lead manager, while Mudra RTA Ventures Private Limited is the registrar. The market maker for the IPO is Asnani Stock Broker Pvt. Ltd..
Industry Outlook
- Recode Studios Ltd operates in India’s fast-growing beauty and personal care market, supported by a young population, rising disposable incomes, and increasing demand for online/D2C beauty products.
- Founded in 2021, the company sells cosmetics and skincare products under the “Recode” brand and offers a portfolio of more than 350 SKUs.
- A large portion of IPO proceeds (around ₹19.5 crore) will be used for working capital, expanding warehouse capacity, and strengthening its offline retail presence across 22+ stores.
- The beauty and personal care industry is highly competitive, with established players like Nykaa and Mamaearth. The company also depends on third-party manufacturers, which may create supply chain risks.
- The issue includes a fresh issue and an offer for sale, with retail investors required to apply for at least 2 lots (1,600 shares) worth ₹2,52,800.
Recode Studios IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Around ₹5.74 crore will be used to set up a new warehouse facility in Ludhiana, Punjab to strengthen logistics and storage capacity.
- About ₹5.41 crore is allocated for marketing and advertising to improve brand awareness and visibility.
- The largest portion, nearly ₹19.50 crore, will be used to meet the company’s working capital requirements and support day-to-day operations.
- The remaining funds will be used for general corporate purposes.
About Recode Studios Limited
Recode Studios Ltd, incorporated in 2021, is a beauty and personal care company operating under the “Recode” brand. The company focuses on branding, sourcing, and selling a wide range of beauty products across India through an omnichannel model that combines company-owned stores, franchise outlets, third-party e-commerce platforms, and its own website and mobile app. Its portfolio includes more than 350 SKUs covering makeup, skincare, body care, and beauty accessories across multiple price segments.
Customers can shop offline through COCO and FOFO stores or online via its digital platforms and marketplaces such as Amazon, Nykaa, Myntra, and Flipkart. As of September 30, 2025, the company operated 24 stores across 14 states, including 3 company-owned outlets and 21 franchise stores, while manufacturing is handled by third-party partners in India. Its key strengths include a strong omnichannel presence, a diverse product portfolio, growing digital engagement, and an experienced leadership team.
How To Check the Allotment Status of the Recode Studios IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Recode Studios IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Recode Studios IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Recode Studios IPO
Registered office: Recode Studios Ltd., Address- R-89, Phase V, Focal Point, Ludhiana, Punjab, 141010
Phone:0161- 4752672
Email:info@recodestudios.com
Recode Studios IPO Reservation
| Investor Category | Shares Offered | Allocation (%) |
| QIB Shares Offered | 13,36,800 | — |
| NII (HNI) Shares Offered | 4,03,200 | 15.06% (Net) / 14.29% (Total) |
| Retail Shares Offered | 9,37,600 | 35.02% (Net) / 33.22% (Total) |
| Firm Reservations | ||
| Market Maker Shares Offered | 1,44,800 | 5.13% (Total) |
| Total Shares Offered | 28,22,400 | 100% |
Recode Studios IPO Promoter Holding
The promoters of the company are Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan, and Karan Bansal.
| Share Holding Pre-Issue | 88.93% |
| Share Holding Post Issue | 65.01% |
Key Performance Indicators for Recode Studios IPO
| 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 | — |
Recode Studios IPO Prospectus
Recode Studios IPO Registrar and Lead Managers
Recode Studios IPO Lead Managers
- Seren Capital Pvt.Ltd
Registrar for Recode Studios IPO
Mudra RTA Ventures Private Limited
- Contact Number: +919870297591
- Email Address: ipo@mudrarta.com
Financial Performance of Recode Studios Limited
| Particulars | As of Dec 31 2025 | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
| Assets (₹ Cr) | 28.33 | 23.18 | 16.73 | 12.53 |
| Total Income (₹ Cr) | 57.45 | 47.94 | 36.93 | 22.44 |
| Profit After Tax (₹ Cr) | 9.06 | 3.30 | 0.27 | 0.69 |
| EBITDA (₹ Cr) | 13.34 | 6.13 | 1.67 | 1.44 |
| Net Worth (₹ Cr) | 17.84 | 8.77 | 5.47 | 5.20 |
| Reserves & Surplus (₹ Cr) | 9.70 | 8.76 | 5.46 | 5.19 |
| Total Borrowing (₹ Cr) | — | 7.56 | 7.85 | 3.79 |
Recode Studios Limited Peer Details Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹/Share) | P/E (x) | RoNW (%) | P/BV Ratio |
| Recode Studios Ltd. | 4.06 | 4.06 | 10.78 | — | 37.64 | — |
| Honasa Consumer Ltd. | 2.23 | 2.23 | 36.28 | 121.21 | 6.16 | 7.50 |
| FSN E-Commerce Ventures Ltd | 0.23 | 0.23 | 4.55 | 1,082.83 | 5.60 | 62.25 |
| Ravelcare Ltd. | 10.50 | 10.50 | 20.68 | 12.15 | 50.77 | 6.35 |
Strengths and Opportunities of Recode Studios IPO
- The company mainly focuses on branding, sourcing, and distribution while outsourcing manufacturing to third-party partners, helping reduce capital expenditure and enabling faster scaling.
- It operates a balanced mix of Company-Owned Company-Operated (COCO) stores, Franchise-Owned Franchise-Operated (FOFO) outlets, and online sales through its own platform as well as leading marketplaces such as Nykaa, Amazon, and Myntra.
- Profit After Tax rose sharply from ₹0.27 crore in FY24 to ₹3.30 crore in FY25, and further to ₹9.06 crore in the 9 months ended December 2025. Return on Net Worth stands above 37%, indicating strong profitability.
- The brand offers more than 350 SKUs across cosmetics, skincare, and beauty accessories, catering to a broad customer base.
- As of September 2025, the company operates 24 retail stores across 14 states, strengthening its physical presence alongside online channels.
Risks and Threats of Recode Studios IPO
- The company does not own production facilities and relies entirely on external manufacturers, which may lead to quality issues, supply disruptions, or regulatory risks.
- Any interruption at contract manufacturers could cause inventory shortages and impact sales and brand reputation.
- A large number of FOFO stores may make it difficult to maintain consistent service standards and compliance across locations.
- Dependence on courier and logistics partners could lead to delivery delays or issues in collecting cash-on-delivery payments.
- The beauty and personal care market includes strong players such as Nykaa and Mamaearth, putting pressure on margins and market share.
