SME
IPO ·
BSE SME
Recode Studios Ltd
Listed
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 Indi
Issue details
Price band
₹150 – ₹158
Face value
₹10
Lot size
800 shares
Minimum investment
₹2,52,800
Issue size
₹44.59 Cr
Fresh issue
₹37.26 Cr
Offer for sale
₹5.04 Cr
Issue type
Book Built
Exchange
BSE SME
Key dates
Opens
5 May 2026
Closes
7 May 2026
UPI mandate cut-off
5:00 PM on 7 May 2026
Allotment
8 May 2026
Refunds
11 May 2026
Shares in demat
11 May 2026
Listing
12 May 2026
Subscription and listing
Subscription
160.62x
Listing price
₹213.10
Registrar
Mudra RTA Ventures Private Limited
Lead manager
Seren Capital
Subscription by category
Total
160.62x
Total applications
1,56,867
Anchor investors
Amount raised
₹12.67 Cr
Bid date
4 May 2026
50% lock-in ends
7 Jun 2026
Rest lock-in ends
6 Aug 2026
Listing day
Issue price
₹158
Open
₹213.10
High
₹223.75
Low
₹213.10
Day close
₹223.75
Listing gain at open
+34.87%
Issue structure
Shares reserved per category and share of the total issue
QIB Shares Offered
13,36,800
47.36%
Anchor Investor Shares Offered
8,01,600
28.40%
QIB (Ex. Anchor) Shares Offered
5,35,200
18.96%
NII Shares Offered
4,03,200
14.29%
bNII > ₹10L
2,68,800
9.52%
sNII < ₹10L
1,34,400
4.76%
Retail Shares Offered
9,37,600
33.22%
Market Maker Shares Offered
1,44,800
5.13%
Total Shares Offered
28,22,400
100.00%
Finaccle’s quick read
Apply
FY25 income up 30%, PAT up 1122%, ROE 68.11%, D/E 0.19, post-issue P/E 13.92x.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
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 .
Founded
Promoters
Promoter holding
Financial performance
Period
PAT
ROE
68.11%
ROCE
59.85%
Debt / equity
0.19
PAT margin
15.79%
P/E post issue
13.92
Market cap
₹168.18 Cr
Use of IPO money
Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab
₹5.74 Cr
Marketing and advertisement expenses toward enhancing the awareness and visibility of brand
₹5.41 Cr
Utilization towards working capital requirements
₹19.50 Cr
General Corporate Purposes
₹2.96 Cr
Issue Expenses
₹6.70 Cr
Strengths
✓
Omnichannel presence integrating offline and online platforms
✓
Diverse product range across beauty and personal care categories
✓
Revenue up 30% in FY25 to ₹47.94 Cr
✓
PAT up 1122% in FY25 to ₹3.30 Cr
✓
PAT margin of 15.79%
Risks to watch
!
SME platform: large lot size and thinner trading liquidity
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.