Recode Studios SME IPO GMP History
Recode Studios SME IPO has been listed on May 12, 2026 at a listing price of ₹213.10, against the issue price of ₹158 — a gain of ₹55.1 (+34.87%). The GMP peaked at ₹50 on 10 May 2026 and reached a low of ₹11 on 29 April 2026. The day-wise GMP trend below shows how grey market sentiment evolved from subscription to listing.
Recode Studios SME IPO raised ₹44.59 Cr. through its IPO at a price band of ₹150 to ₹158 per share, with a lot size of 800 shares. The IPO was open for subscription from 05 May 2026 to 07 May 2026.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
GMP trend
Grey market premium sampled three times a day (11 AM, 5 PM, 10 PM). Last updated 3 Sep, 2:08 PM IST.
Day-wise GMP
The last reading of each day, newest first. Arrows compare with the previous day.
| Date | GMP | ↑↓ | % | Kostak | Sub. Sauda |
|---|---|---|---|---|---|
| 11 May 2026 | ₹ 42 | ▼ | 27% | — | — |
| 10 May 2026 | ₹ 50 | ▲ | 32% | — | — |
| 09 May 2026 | ₹ 40 | ▼ | 25% | — | — |
| 08 May 2026 | ₹ 42 | — | 27% | — | — |
| 07 May 2026 | ₹ 42 | ▼ | 27% | — | — |
| 06 May 2026 | ₹ 44 | ▲ | 28% | — | — |
| 05 May 2026 | ₹ 42 | ▼ | 27% | — | — |
| 04 May 2026 | ₹ 47 | ▲ | 30% | — | — |
| 03 May 2026 | ₹ 45 | ▲ | 28% | — | — |
| 02 May 2026 | ₹ 35 | ▼ | 22% | — | — |
| 01 May 2026 | ₹ 40 | — | 25% | — | — |
| 30 Apr 2026 | ₹ 40 | ▲ | 25% | — | — |
| 29 Apr 2026 | ₹ 11 | — | 7% | — | — |
Recode Studios SME IPO dates
Key dates from opening to listing. Today is 30 October.
- Open 05 May 2026
- Close 07 May 2026
- Allotment 08 May 2026
- Refund/credit 11 May 2026
- Listing 12 May 2026
Recode Studios SME IPO actual listing price
How the grey market's final call compared with the listing-day open.
| Issue price | ₹158 |
|---|---|
| GMP-based estimate (pre-listing) | ₹200 (+26.6%) |
| Listing gain / loss | +₹55.1 per share |
| Listing date | 12 May, 2026 |
| Actual listing price | ₹213.10 (+34.87%) |
Is Recode Studios SME IPO GMP reliable?
Grey market premium for Recode Studios SME IPO should be interpreted with caution. The GMP is an unregulated, unofficial market not governed by SEBI. Here's how to read the current signal:
- 01Subscription rate matters: A high GMP paired with strong subscription — especially QIB (Qualified Institutional Buyer) oversubscription — is a more reliable bullish signal than GMP alone. Read our in-depth analysis: GMP vs Subscription Data — Which Predicts Listing Gains Better?
- 02Timing matters: GMP in the first 1–2 days of subscription is less reliable. GMP on the final subscription day and the day before listing tends to be the most accurate predictor.
- 03Grey market is thin: For smaller IPOs, even a handful of large orders can swing the GMP significantly. Treat low-volume GMP signals with extra caution.
- 04Cross-check before acting: Review the Recode Studios SME IPO full review for a fundamentals-based assessment before making any grey market trades.
Recode Studios SME IPO Kostak rate explained
Two ways the grey market trades an IPO application before listing.
The Kostak rate for Recode Studios SME IPO was not available during the subscription period. Kostak is the fixed amount a grey market buyer pays for an IPO application regardless of allotment outcome.
The Subject to Sauda price was not available for this IPO. Subject to Sauda only applies if allotment is confirmed — the buyer pays a premium on top of the issue price per lot allotted.
Grey market trading is unofficial and unregulated by SEBI. Proceed with full awareness of the associated risks.
About Recode Studios SME IPO
Recode Studios Limited is a beauty and personal care company incorporated on 16 June 2021 in Ludhiana, Punjab. The company operates under the “Recode” brand and focuses on offering makeup, skincare, body care and beauty accessories across multiple price points. Its portfolio includes more than 350 SKUs covering face, eye and lip products, along with other personal care items, with products largely manufactured through third-party vendors in India.
The company is promoted by Dheeraj Bansal, Rahul Sachdeva, Karan Bansal, Shalini Trehan, Shelly Bansal and Preeti Trehan. Recode follows an asset-light, omnichannel business model combining franchise stores, company-owned outlets and online marketplaces such as Amazon, Nykaa, Myntra and Flipkart, along with its own website and app. It sells through COCO and FOFO formats and focuses on branding, sourcing and distribution while expanding its retail presence across multiple states in India.
Frequently asked
What is the GMP of Recode Studios SME IPO?
The current Grey Market Premium (GMP) of Recode Studios SME IPO is ₹ 42.
What is the Kostak Price of Recode Studios SME IPO?
Kostak rate is the profit made by selling an IPO application before allotment. The current Kostak rate for Recode Studios SME IPO is not available.
What is the Subject to Sauda Price of Recode Studios SME IPO?
Subject to Sauda is the premium amount decided if the allotment is confirmed. The current Subject to Sauda rate is not available.
What was the actual listing price of Recode Studios SME IPO?
Recode Studios SME IPO listed on May 12, 2026 at ₹213.10, against the issue price of ₹158 — a gain of +34.87%.
How did the GMP of Recode Studios SME IPO trend before listing?
The GMP of Recode Studios SME IPO was falling in its final days before listing. The GMP peaked at ₹50 on 10 May 2026. View the day-wise table above for the complete GMP history.
Explore Recode Studios SME IPO further
The grey market is one signal. Read it alongside the demand, the reviews and the filings before you decide.
It has listed — go back to the fundamentals.
Category-wise demand from QIB, NII and retail investors, updated through the day.
What brokers and analysts are saying about this issue, in one place.
Check with your PAN whether shares were credited to your demat account.
The grey market called it. Now check the fundamentals.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Read the grey market alongside the subscription book and the offer document before you apply.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
