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Recode Studios IPO: GMP Today, Price Band & Full Review
Table of Contents
Recode Studios IPO- Company Analysis
Recode Studios IPO under the SME IPO category is a bookbuild issue of Rs. 44.59 Cr by Recode Studios Limited and is a beauty and personal care brand from India. It focuses on branding, sourcing and selling beauty and personal care products throughout India.
They sell products using a mix of retail and distribution. Stores include Company Owned, Franchise, and third party Ecommerce including our own site and app.
Their offerings include makeup, skincare, body care and accessories. As of this document, Recode sells over 350 SKUs across different categories and price points.
Recode products can be purchased online and offline. Offline, products are sold at its COCO and FOFO stores. Online, products are offered on our own site and app, and third party Ecommerce stores including Amazon, Nykaa, Myntra and Flipkart.
Recode Studios IPO Details
The Recode Studios IPO date of opening is 05 May 2026, its initial public offering will end on 07 May, IPO allotment on May 08 and refund initiation on May 11, 2026.
The Rs. 44.59 crore new SME IPO comprises a wholly combination of fresh issue of 0.25 Cr shares (Rs. 39.55 Cr) and offer for sale of 0.03 Cr shares (Rs. 5.04 Cr).
The Recode Studios IPO listing date (expected) might be on Tuesday, May 12, 2026, and listing at the BSE and SME.
The Recode Studios IPO price band is Rs. 150 to Rs. 158.
IPO Timetable (Tentative)
|
Events |
Date |
|
IPO Opening Date |
May 05, 2026 |
|
IPO Closing Date |
May 07, 2026 |
|
IPO Allotment Date |
May 08, 2026 |
|
Refund Initiation |
May 11, 2026 |
|
IPO Listing Date |
May 12, 2026 |
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Company Financials
(Amount in Cr)
|
Particulars |
31 Mar 2025 |
31 Mar 2024 |
31 Mar 2023 |
|
Assets |
23.18 |
16.73 |
12.53 |
|
Total Income |
47.94 |
36.93 |
22.44 |
|
Profit After Tax |
3.30 |
0.27 |
0.69 |
|
EBITDA |
6.13 |
1.67 |
1.44 |
|
Net Worth |
8.77 |
5.47 |
5.20 |
|
Reserves and Surplus |
8.76 |
5.46 |
5.19 |
|
Total Borrowing |
7.56 |
7.85 |
3.79 |
Cash Flows
(Amount in lac)
|
Net Cash Flow |
31 Mar 2025 |
31 Mar 2024 |
31 Mar 2023 |
|
Net Cash Flow Operating Activities |
313.97 |
(163.62) |
(526.67) |
|
Net Cash Flow Investing Activities |
(99.86) |
(183.75) |
(81.42) |
|
Net Cash Flow Financing Activities |
(148.42) |
319.18 |
612.11 |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The company desires to use the Net Proceeds from the Issue to fulfill its following goals:
-
Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab. ~Rs. 5.74 Cr.
-
Marketing and advertisement expenses toward enhancing the awareness and visibility of brand. ~ Rs. 5.41 Cr.
-
Utilization towards working capital requirements. ~ Rs. 19.50 Cr.
-
General Corporate Purposes.
Listed Peers of Recode Studios Ltd.
|
Name of the Company |
Face Value (Per Share) |
EPS (Rs) |
P/E Ratio |
|
Honasa Consumer Limited |
10 |
2.23 |
349.37 |
|
FSN E-Commerce Ventures Ltd. |
1 |
0.23 |
1151.91 |
|
Ravelcare Limited |
10 |
10.50 |
16.95 |
Valuation
|
KPI |
Value (Mar 31, 2025) |
|
ROE |
46.37% |
|
ROCE |
34.47% |
|
Debt/Equity |
0.86 |
|
RoNW |
37.64% |
|
PAT Margin |
6.91% |
|
EBITDA Margin |
12.82% |
Evaluation of P/E Ratio
Considering the period ended on FY 2025 with an EPS of Rs. 4.06 from the last year, the resulting P/E ratio is 38.91x.
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IPO's Strengths
-
Omnichannel presence that combines online and offline channels.
-
Wide selection of products in the areas of personal care and beauty.
-
Online customer engagement and digital reach.
-
Knowledgeable management team and board of directors.
IPO's Weaknesses
-
Brand dependence risk.
-
Changing consumer preferences risk.
-
Lack of long-term customer contracts.
Recode Studios IPO GMP (Grey Market Premium)
Recode Studios IPO GMP today is Rs. 50 as of 30 Apr 2026, while writing this information.
Recode Studios IPO Summary
|
IPO Opening & Closing Date |
05 May, 2026 to 07 May, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 150 to Rs. 158 per Share. |
|
Lot Size |
800 Shares |
|
Issue Size |
28,22,400 Shares (Rs. 45 Cr) |
|
Offer for Sale |
3,19,200 Shares (Rs. 5 Cr) |
|
Fresh Issue |
23,58,400 Shares (Rs. 37 Cr) |
|
Listing at |
BSE, SME |
|
Issue Type |
Bookbuild issue IPO |
|
Registrar |
Mudra RTA Ventures Private Limited |
IPO Lot Details
Retail investors can invest in a minimum and maximum of 2 Lots (1600 Shares) for Rs. 2,52,800, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (2400 Shares) for Rs. 3,79,200.
|
Minimum Lot Investment (Retail) |
2 Lots |
|
Maximum Lot Investment (Retail) |
2 Lots |
|
HNI (Min) |
3 Lots |
Recode Studios IPO Allotment Status
To check the Recode Studios IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Recode Studios Ltd.
-
Dheeraj Bansal
-
Rahul Sachdeva
-
Shelly Bansal
-
Shalini Trehan
-
Preeti Trehan
-
Karan Bansal
|
Pre-Issue Promoter Shareholding |
88.93% |
|
Post-Issue Promoter Shareholding |
65.01% |
IPO Lead Managers
Seren Capital Pvt. Ltd.
Dividend Policy
The company has not paid a dividend during the last three years.
Conclusion
Recode Studios IPO presents a growing beauty brand with improving financials and expanding market presence, making it a noteworthy SME IPO to track. However, investors should carefully evaluate valuation, risks, and competitive landscape before investing.
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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
