Recode Studios IPO Description – Recode Studios operates in the beauty, cosmetics, and personal care (BPC) segment in India under the “Recode” brand, focusing on branding, procurement, and distribution of a diversified portfolio of beauty products. The business follows an omnichannel distribution model, combining offline retail stores, franchise networks, third-party e-commerce marketplaces, and the company’s own website and mobile application. As of 27 December 2025, the company offers 350+ SKUs across multiple categories, including face make-up, eye make-up, lip products, skincare, body care, and beauty accessories.
The company commenced its offline retail expansion in 2022 with its first franchise store in Raipur, and as of September 2025, the company operates 24 stores across 14 states, including 3 Company-Owned Company-Operated (COCO) stores and 21 Franchisee-Owned Franchisee-Operated (FOFO) stores. The company’s online channel remains a key growth driver, generating INR 20.02 crore revenue in FY25, supported by its proprietary digital platforms and marketplaces such as Amazon, Flipkart, Nykaa, and Myntra, alongside a growing franchise-led offline retail presence. As of 30 November 2025, the company’s sales, support and marketing team comprised 62 employees.
Promoters of Recode Studios – Dheeraj Bansal, Rahul Sachdeva, Karan Bansal, Shalini Trehan, Shelly Bansal, Preeti Trehan
Recode Studios IPO Details
| Recode Studios IPO Dates | Coming soon |
| Recode Studios Issue Price | Coming soon |
| Fresh Issue | 25,04,000 shares |
| Offer For Sale | 3,19,354 shares |
| Total IPO Size | 28,23,354 shares |
| Minimum Bid | Coming soon |
| Lot Size | Coming soon |
| Pre-issue Shares | *** shares |
| Face Value | INR 10 per share |
| Listing On | BSE SME |
Recode Studios IPO Category Allocation
Recode Studios Financial Performance
| FY 2023 | FY 2024 | FY 2025 | Q1 FY 2026 | |
| Revenue | 22.38 | 36.82 | 47.80 | 19.79 |
| Expenses | 21.51 | 36.55 | 43.50 | 16.65 |
| Net Income | 0.69 | 0.27 | 3.30 | 2.35 |
| Margin (%) | 3.08 | 0.73 | 6.90 | 11.87 |
Recode Studios Offer News
Recode Studios Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 | |
| EPS | 0.88 | 0.34 | 4.06 |
| PE Ratio | – | – | – |
| Price/Book Ratio | – | – | – |
| Current Ratio | 2.14 | 1.73 | 1.75 |
| Price/Sales Ratio | – | – | – |
| RONW (%) | 13.33 | 5.01 | 37.64 |
| NAV | 6.62 | 6.72 | 10.78 |
| ROCE (%) | 14.28 | 9.39 | 34.47 |
| EBITDA (%) | 6.43 | 4.54 | 12.82 |
| Debt/Equity | 0.73 | 1.43 | 0.86 |
Evaluate the quality of an IPO using these essential investing ratios to make an informed decision.
Recode Studios IPO Anchor Investors
Recode Studios raises () from anchor investors. Recode Studios Anchor bid date is ().
| Bid Date | Coming soon |
| Shares Offered | Coming soon |
| Anchor Portion (INR Cr.) | Coming soon |
| Anchor lock-in period end date for 50% shares (30 Days) | Coming soon |
| Anchor lock-in period end date for remaining shares (90 Days) | Coming soon |
Recode Studios Offer Objectives
The company proposes to utilize net proceeds from the issue towards the following objects:
- Funding of capital expenditure towards the setup of a new warehouse facility at Ludhiana, Punjab – INR 5.74 crore
- Marketing and advertisement expenses toward enhancing the awareness and visibility of the brand – INR 5.41 crore
- Utilisation towards working capital requirements – INR 21 crore
- General corporate purposes
Recode Studios IPO GMP Today
Recode Studios IPO Subscription – Live Updates
Coming soon
The market maker reservation portion of () shares and the anchor investor portion of () shares are not included in the above calculations.
Recode Studios IPO Allotment Status
You can check the Recode Studios IPO allotment status on Mudra RTA Ventures’ website. Click on this link to get the allotment status. Often not getting IPO allotment? Learn how to improve your IPO allotment chances.
Recode Studios IPO Dates & Listing Performance
| IPO Opening Date | Coming soon |
| IPO Closing Date | Coming soon |
| Finalization of Basis of Allotment | Coming soon |
| Initiation of refunds | Coming soon |
| Transfer of shares to demat accounts | Coming soon |
| IPO Listing Date | Coming soon |
| Opening Price on BSE SME | Coming soon |
| Closing Price on BSE SME | Coming soon |
Recode Studios Offer Lead Manager
SEREN CAPITAL PRIVATE LIMITED
Office no. 601 to 605, Raylon Arcade,
Kondivita, J.B. Nagar, Mumbai – 400059
Phone: +91- 22-46011058
Email: [email protected]
Website: www.serencapital.in
Recode Studios Offer Registrar
MUDRA RTA VENTURES PRIVATE LIMITED
B-117, 3rd Floor, DDA Shed,
Okhla Industrial Area Phase-1, New Delhi – 110020
Tel: 91-9958808069
E-mail: [email protected]
Website: www.mudrarta.com
RECODE STUDIOS LIMITED
R-89, Phase V, Focal Point,
Ludhiana, Punjab, India – 141010.
Phone: 0161- 4752672
E-mail: [email protected]
Website: www.recodestudios.com
IPO Resources
What is the Recode Studios offer size?
Recode Studios offer size is INR NA crores.
What is the Recode Studios offer price band?
Recode Studios public offer price is INR NA per share.
What is the lot size of the Recode Studios IPO?
Recode Studios offer lot size is NA shares.
What is the Recode Studios IPO GMP today?
Recode Studios IPO GMP today is INR NA per share.
What is the Recode Studios kostak rate today?
Recode Studios kostak rate today is INR NA per application.
What is the Recode Studios IPO Subject to Sauda rate today?
Recode Studios Subject to Sauda rate today is INR NA per application.
Krishna comes from a family of investors and financial analysts, She learnt wading through regulatory filings pretty early in her career. She has several years of experience in financial and industry analysis under her belt. At IPO Central, Krishna plays twin roles of Contributor and Head of research desk.
