How to Check Recode Studios IPO Allotment Status

Incorporated in 2021, Recode Studios is an Indian beauty and personal care company operating under the brand "Recode." Its business focuses on branding, sourcing, and selling beauty and personal care products across India.

The company sells its products through an omnichannel network, which includes company-owned stores (COCO), franchise stores (FOFO), third-party e-commerce platforms, and its own website and mobile app. Its product range includes make-up, skincare, body care, and beauty accessories, with over 350 SKUs across different categories and price points such as face, eye, and lip makeup, as well as face and body care products.

Customers can buy products both offline and online. Offline sales take place through COCO and FOFO stores, while online sales are made through its website and app, and through platforms like Amazon, Nykaa, Myntra, and Flipkart. As on September 30, 2025, the company operates a total of 24 stores across 14 states in India, comprising 3 Company-Owned Company-Operated (COCO) stores and 21 Franchisee-Owned Franchisee-Operated (FOFO) stores.

Recode Studios IPO is a book build issue of ₹44.59 crore, comprising a fresh issue of 0.25 crore shares aggregating to ₹39.55 crore and an offer for sale of 0.03 crore shares aggregating to ₹5.04 crore. The IPO opened on May 5, 2026, and closed on May 7, 2026. The allotment is expected on Friday, May 8, 2026. The share price band was set at ₹150 to ₹158 per share.

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Steps to Check Recode Studios IPO Allotment Status on Registrar Site

• Visit the Mudra RTA Ventures Private Limited
• Select "Recode Studios" from the dropdown menu on the allotment status page
• Enter your PAN ID, Demat Account Number, or Application Number in the designated field
• Complete the captcha verification process and click on the "Submit" button to view your allotment status

Steps to Check Recode Studios IPO Allotment Status on BSE

• Navigate to the BSE SME IPO Allotment Status Page
• Select the issue type: equity/debt
• Choose "Recode Studios" from the list of active IPOs in the dropdown menu
• Input your Application Number and PAN ID in the required fields
• Verify the captcha and click "Search" to check your allotment status

Recode Studios IPO Subscription Status

Recode Studios IPO subscribed 234.45 times overall. Here is the category-wise breakdown as of 4:54:35 PM on May 7, 2026:

• QIB Category (Ex Anchor): 137.99 times
• Non-Institutional Investors (NII): 404.70 times
• Individual Investors: 216.29 times

Recode Studios IPO Share Price and Investment Details

The minimum investment required was ₹2,52,800 for 2 lots (1,600 shares) for individual investors. The issue raised ₹12.67 crore from anchor investors. The issue includes a reservation of up to 1,44,800 shares for the market maker, Asnani Stock Broker Pvt. Ltd. The anchor investor lock-in period ends on June 7, 2026 for 50% of shares (30 days) and August 6, 2026 for the remaining shares (90 days). Given the overall subscription of 234.45 times with exceptional institutional interest at 137.99 times, robust NII participation at 404.70 times, and strong individual investor subscription at 216.29 times, the share price listing expectations remain highly positive.

Utilisation of IPO Proceeds

The proceeds will be utilised for funding capital expenditure towards setup of a new warehouse facility at Ludhiana, Punjab (₹5.74 crore), marketing and advertisement expenses towards enhancing the awareness and visibility of the brand (₹5.41 crore), working capital requirements (₹19.50 crore), and general corporate purposes.

Business Overview

Recode Studios Limited is engaged in the marketing of the personal care segment. The company is fully dependent on third-party supply of products. Bumper profits posted from FY25 onwards appear to be window dressing to fetch fancy pricing for the IPO.

The company demonstrated financial performance with total income of ₹47.94 crore for FY2025 and a net worth of ₹17.84 crore as of December 31, 2025. The company benefits from an omnichannel presence integrating offline and online platforms, a diverse product range across beauty and personal care categories, strong digital reach and online customer engagement, and an experienced board of directors and management team. However, investors should note the post-issue P/E ratio of 13.92 and Price to Book Value of 7.21.