Recode Studios SME IPO Details
Recode Studios Limited is an Indian beauty and cosmetics company incorporated in 2021 and headquartered in Ludhiana, Punjab. The company operates under the “Recode” brand and follows an asset-light business model focused on branding, sourcing, and distribution of makeup, skincare, and personal care products through online platforms and franchise retail stores across India. The SME IPO is proposed on the BSE SME platform, with DRHP filed in December 2025 and approval received in February 2026.
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IPO Summary
What is the Recode Studios IPO Timetable?
Track the IPO schedule and key events.
| Event | Date | Day |
|---|---|---|
| IPO Open Date | 05 May, 2026 Tue | Tuesday |
| IPO Close Date | 07 May, 2026 Thu | Thursday |
| Basis of Allotment | 08 May, 2026 Fri | Friday |
| Refunds Initiated | 11 May, 2026 Mon | Monday |
| Credit to Demat | 11 May, 2026 Mon | Monday |
| Listing Date | 12 May, 2026 Tue | Tuesday |
What is the Recode Studios IPO Lot Size?
Bidding in multiples of 800 shares.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1600 | ₹2,52,800 |
| Retail (Max) | 2 | 1600 | ₹2,52,800 |
| HNI (Min) | 3 | 2400 | ₹3,79,200 |
About Recode Studios
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.
Objects of the Issue
| Issue Object | Estimate Amount |
|---|---|
Strengths & Risks
Strengths
- ✓ Omnichannel presence with both offline stores and online platforms working together — so they reach customers everywhere.
- ✓ Mix of COCO (company-owned) and FOFO (franchise-owned) retail network — gives them wide store reach without spending too much.
- ✓ Diverse product range across beauty and personal care categories — so they don't depend on only one product to make money.
- ✓ Strong digital reach and good online customer engagement — useful in today's social media-driven beauty market.
- ✓ Led by experienced promoters and management team — Dheeraj Bansal, Rahul Sachdeva and Shelly Bansal running the show.
Risks
- ⚠ Business is fully dependent on recognition and acceptance of the "Recode" brand — if brand image gets damaged, sales will fall.
- ⚠ Heavy reliance on online retail channels and third-party e-commerce platforms exposes them to risks like platform policy changes, pricing pressure and bad customer reviews going viral.
- ⚠ They have limited control over franchise-operated (FOFO) stores — any wrongdoing by franchisee can hurt brand name.
- ⚠ No long-term agreements with customers — meaning customers can stop ordering anytime without notice.
- ⚠ Revenues are significantly dependent on recurring orders from B2B and online customers — losing even few big buyers can badly hit their topline.
Company Financials
Summary of financial performance including revenue, profit, and debt levels will be populated here.
Promoters and Shareholding Details
| Particular | % Share |
|---|---|
| Promoter Holding Pre Issue | 88.93 |
| Promoter Holding Post Issue | 65.01 |
Frequently Asked Questions
What is the GMP of Recode Studios?
The current Grey Market Premium (GMP) of Recode Studios is ₹ 35.
What is the Recode Studios IPO Price Band?
The price band for Recode Studios IPO is 158.
When is the Recode Studios IPO Allotment?
The allotment date for Recode Studios IPO is May 8, 2026.
How to check Recode Studios IPO Allotment Status?
You can check the allotment status on the IPO Allotment Status page or on the registrar's website (MUDRA RTA VENTURES PVT LTD).
Registrar
MUDRA RTA VENTURES PVT LTD
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