Recode Studios IPO
Recode Studios IPO Details
-
Open Date
05 May 2026
-
Close Date
07 May 2026
- IPO Price Range
₹ 150 to ₹158
- IPO Size
₹ 44.59 Cr
Recode Studios IPO Timeline
Recode Studios IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 05-May-2026 | 3.51 | 10.09 | 9.13 | 7.74 |
| 06-May-2026 | 3.54 | 56.41 | 40.56 | 33.40 |
| 07-May-2026 | 137.99 | 404.76 | 216.64 | 234.63 |
Last Updated: 07 May 2026 6:38 PM by 5paisa
Recode Studio is an Indian beauty and personal care brand operating under “Recode,” focused on branding, sourcing, and selling products across India. It offers over 350 SKUs across makeup, skincare, body care, and accessories. The company follows an omnichannel model, selling through COCO and FOFO stores, its website and app, and platforms like Amazon, Nykaa, Myntra, and Flipkart.
Established in: 2021
Managing Director: Mr. Dheeraj Bansal.
Peers:
Honasa Consumer Limited
FSN E-Commerce Ventures Ltd
Ravelcare Limited
Recode Studios Objectives
1. Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab (₹5.74 Cr)
2. Marketing and advertisement expenses toward enhancing the awareness and visibility of brand (₹5.41 Cr)
3. Utilization towards working capital requirements. (19.50 Cr)
4. Funds will support general corporate purposes.
Recode Studios IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹44.59 Cr |
| Offer For Sale | ₹5.04 Cr |
| Fresh Issue | ₹39.55 Cr |
Recode Studios IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 1,600 | 2,40,000 |
| Retail (Max) | 2 | 1,600 | 2,52,800 |
| S - HNI (Min) | 3 | 2,400 | 3,60,000 |
| S - HNI (Max) | 7 | 5,600 | 8,84,800 |
| B - HNI (Min) | 8 | 6,400 | 9,60,000 |
Recode Studios IPO Reservation
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| QIB (Ex Anchor) | 137.99 | 5,35,200 | 7,38,49,600 | 1,166.82 |
| Non-Institutional Buyers | 404.76 | 4,03,200 | 16,31,98,400 | 2,578.53 |
| BNII | 485.52 | 2,68,800 | 13,05,08,800 | 2,062.04 |
| SNII | 243.23 | 1,34,400 | 3,26,89,600 | 516.50 |
| Individual Investors (IND category bidding for 2 Lots) | 216.64 | 9,37,600 | 20,31,24,800 | 3,209.37 |
| Total** | 234.63 | 18,76,000 | 44,01,72,800 | 6,954.73 |
*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Revenue | 22.38 | 36.82 | 47.80 |
| EBITDA | 1.44 | 1.67 | 6.13 |
| PAT | 0.69 | 0.27 | 3.30 |
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Total Assets | 12.53 | 16.73 | 23.18 |
| Share Capital | 0.01 | 0.01 | 0.01 |
| Total Liabilities | 12.53 | 16.73 | 23.18 |
| Cash Flows (₹ Crores) | FY23 | FY24 | FY25 |
| Net Cash Generated From / (used in) Operating Activities | -5.27 | -1.64 | 3.14 |
| Net Cash Generated From / (used in) Investing Activities | -0.81 | -1.84 | -0.99 |
| Net Cash Generated From / (used in) Financing Activities | 6.12 | 3.19 | -1.48 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 0.04 | -0.28 | 0.66 |
Strengths
1. Wide product range across multiple beauty categories
2. Omnichannel presence including offline and online platforms
3. Asset-light model using third-party manufacturing partners
4. Growing franchise network enabling scalable retail expansion
Weaknesses
1. Limited number of company-owned stores reduces control
2. Dependence on third-party manufacturers for product quality
3. Relatively smaller brand compared to established competitors
4. Concentration in domestic market limits global diversification
Opportunities
1. Rising demand for affordable beauty products in India
2. Expansion of franchise stores across untapped regions
3. Increasing online beauty consumption through e-commerce platforms
4. Potential to introduce new categories and premium products
Threats
1. Intense competition from established beauty and D2C brands
2. Changing consumer preferences impacting product demand trends
3. Supply chain disruptions affecting third-party manufacturing operations
4. Heavy reliance on marketplaces impacting pricing and margins
1. Strong growth in affordable beauty products segment
2. Asset-light model supports scalable and capital-efficient expansion
3. Expanding omnichannel presence across online and offline markets
4. Growing franchise network enabling rapid retail footprint expansion
Recode Studios operates in India’s fast-growing beauty and personal care market, driven by rising disposable incomes, urbanisation, and increasing beauty awareness. The shift towards affordable yet quality products benefits its positioning. Its omnichannel presence and expanding franchise network support deeper market penetration. With increasing online adoption and demand for diverse product offerings, the company is well placed to capture growth opportunities across both tier I and emerging tier II and III markets.
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FAQs
Recode Studios IPO opens from May 5, 2026 to May 7, 2026.
The size of Recode Studios IPO is ₹44.59 Cr.
The price band of Recode Studios IPO is fixed at ₹150 to ₹158 per share.
To apply for Recode Studios IPO, follow the steps given below:
● Login to your 5paisa demat account and select the issue in the current IPO section
● Enter the number of lots and the price at which you wish to apply for the Recode Studios. IPO.
● Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.
You will receive a mandate notification to block funds in your UPI app.
The minimum lot size of Recode Studios IPO is of 1,600 shares and the investment required is ₹2,40,000.
The share allotment date of Recode Studios IPO is May 8,2026
The Recode Studios IPO will likely be listed on May 12, 2026.
Seren Capital Pvt.Ltd is the book running lead managers for Recode Studios IPO.
Recode Studios IPO plans to utilise the raised capital from the IPO for:
1. Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab (₹5.74 Cr)
2. Marketing and advertisement expenses toward enhancing the awareness and visibility of brand (₹5.41 Cr)
3. Utilization towards working capital requirements. (19.50 Cr)
4. Funds will support general corporate purposes.