Recode Studios SME IPO
Recode Studios IPO — date, price band, GMP & allotment 2026
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.
Stock price
Recode Studios is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 September.
- Open 05 May 2026
- Close 07 May 2026
- Allotment 08 May 2026
- Refund/credit 11 May 2026
- Listing 12 May 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 5 to 7 May, 2026 |
|---|---|
| Price Band | ₹150 – ₹158 |
| Face Value | ₹10 |
| Lot Size | 800 Shares |
| Issue Size | ₹44.59 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE SME |
| Registrar | Mudra RTA Ventures Private Limited |
| Min Investment | ₹ 2,52,800 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 800 shares at the ₹158 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 1,600 | ₹2,52,800 |
| Retail (max) | 2 | 1,600 | ₹2,52,800 |
| HNI (min) | 3 | 2,400 | ₹3,79,200 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Omnichannel presence with both offline stores and online platforms working together — so they reach customers everywhere.
- 02Mix of COCO (company-owned) and FOFO (franchise-owned) retail network — gives them wide store reach without spending too much.
- 03Diverse product range across beauty and personal care categories — so they don't depend on only one product to make money.
- 04Strong digital reach and good online customer engagement — useful in today's social media-driven beauty market.
- 05Led by experienced promoters and management team — Dheeraj Bansal, Rahul Sachdeva and Shelly Bansal running the show.
Risks · 5
- 01Business is fully dependent on recognition and acceptance of the "Recode" brand — if brand image gets damaged, sales will fall.
- 02Heavy 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.
- 03They have limited control over franchise-operated (FOFO) stores — any wrongdoing by franchisee can hurt brand name.
- 04No long-term agreements with customers — meaning customers can stop ordering anytime without notice.
- 05Revenues are significantly dependent on recurring orders from B2B and online customers — losing even few big buyers can badly hit their topline.
Three years of numbers
All figures in ₹ crore, as reported in the Recode Studios offer document.
| Metric | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 28.33 | 23.18 | 16.73 | 12.53 |
| Total Income | 57.45 | 47.94 | 36.93 | 22.44 |
| Profit After Tax | 9.06 | 3.30 | 0.27 | 0.69 |
| EBITDA | 13.34 | 6.13 | 1.67 | 1.44 |
| NET Worth | 17.84 | 8.77 | 5.47 | 5.20 |
| Reserves and Surplus | 9.70 | 8.76 | 5.46 | 5.19 |
| Total Borrowing | 3.43 | 7.56 | 7.85 | 3.79 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Recode Studios RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Recode Studios IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Post-Issue |
|---|---|
| EPS (₹) | ₹11.35 |
| P/E Ratio (x) | 13.92 |
| Market Cap at Offer Price (₹ Cr) | ₹126.12 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹158 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹40.31 Cr of the issue is earmarked to named objects.
Recode Studios IPO Anchor Investors
5 anchor investors across 5 fund houses committed ₹12.67 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| Sanshi Fund-I | Sanshi | 253,600 | 4.01 | 31.64% |
| Mint Focused Growth Fund Pcc-Cell 1 | Mint Focused | 240,800 | 3.80 | 30.04% |
| Shrem Investments Pvt.ltd. | Shrem Investments | 115,200 | 1.82 | 14.37% |
| Fortune Hands Growth Fund-Fortune Hands Growth Fund Scheme I | Fortune Hands | 96,000 | 1.52 | 11.98% |
| Aarth AIF Growth Fund | Aarth | 96,000 | 1.52 | 11.98% |
| Total anchor allocation | 12.67 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
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.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
0161- 4752672
Meet the promoters
View all →
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Seren Capital Pvt. Ltd.
4 issues handledBest listing: Susan Electricals India (+33.9%). Weakest: Rajnandini Fashion India (0.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Recode Studios?
The current Grey Market Premium is ₹42, or 27% over the issue price.
What is the Recode Studios IPO price band?
₹150 to ₹158, on a face value of ₹10.
When is the allotment?
The basis of allotment is 8 May 2026, with listing on 12 May 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Mudra RTA Ventures Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
