Recode Studios
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 12 May 2026 | ₹43 | +27.22% | ₹26,100 | ₹201 | ₹34,400 |
| 11 May 2026 | ₹43 | +27.22% | ₹26,100 | ₹201 | ₹34,400 |
| 10 May 2026 | ₹50 | +31.65% | ₹30,400 | ₹208 | ₹40,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 05 May 2026 – 07 May 2026
- Listing date
- 12 May 2026
- Face value
- ₹10 per share
- Price band
- ₹150 – ₹158
- Issue price
- ₹158 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹44.59 Cr
- Market cap at offer price
- ₹168 Cr
- Promoter holding
- 88.93% → 65.01% pre-issue → post-issue
- ISIN
- INE2B6701015
- Registrar
- Mudra RTA Ventures Private Limited
- Lead managers
- Seren Capital Pvt.Ltd.
- Registered office
- R-89, Phase V, Focal Point, Punjab
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,01,600 | — | — |
| Market maker | 1,44,800 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹158
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,26,400 |
| S-HNI (min) | 2 | 1,600 | ₹2,52,800 |
| S-HNI (max) | 7 | 5,600 | ₹8,84,800 |
| B-HNI (min) | 8 | 6,400 | ₹10,11,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹158 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.06 | 11.35 |
| P/E (×) | 38.92 | 13.92 |
| Price to book (×) | 14.66 | — |
| Market cap | — | ₹168 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 37.64%
- ROCE
- 34.47%
- Debt / equity
- 0.86
- PAT margin
- 6.91%
- EBITDA margin
- 12.82%
- NAV per share
- ₹10.78
- Price to book
- 14.66
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Recode Studios
Recode Studios Limited was incorporated as Recode Studios Private Limited on June 16, 2021 and converted into a public limited company on September 16, 2025; it is headquartered at R-89, Phase V, Focal Point, Ludhiana, Punjab. Per the Prospectus, it is a beauty and personal care ("BPC") company operating in the beauty, cosmetics and personal care segment in India, whose business primarily involves the branding, procurement and distribution of products under the single “Recode” brand; its portfolio spans Face Make-Up, Eye Make-Up, Lip Make-Up, Skin Care, Body Care and Other Accessories (including brushes, sponges and similar tools). The Company owns no manufacturing facilities — all products are produced by third-party contract manufacturers located across Indian states (Gujarat, Himachal Pradesh, Delhi, Uttarakhand, Jammu & Kashmir) and overseas (Germany, Taiwan, China and Thailand) — and its operations focus on product sourcing, branding, marketing and distribution. It earns revenue through an omni-channel model: Company-Owned Company-Operated (COCO) stores, Franchisee-Owned Franchisee-Operated (FOFO) stores (19 of its 22 retail stores), online sales via its proprietary website and mobile application and marketplaces such as Amazon, Flipkart and Myntra, and B2B sales to institutional customers, retailers, makeup artists and influencers. In FY 2024-25, online contributed 42.86% and B2B 31.81% of net product sales, while Face Make-Up alone contributed 52.32% of revenue from operations. Restated revenue from operations grew from ₹2,237.85 lakhs in FY 2022-23 to ₹3,681.95 lakhs in FY 2023-24 and ₹4,779.81 lakhs in FY 2024-25, reaching ₹5,739.29 lakhs in the nine months ended December 31, 2025, with PAT of ₹330.29 lakhs in FY 2024-25 and ₹906.18 lakhs in the nine-month period.
Company Analysis
from DRHPRecode Studios Limited is a beauty and personal care company that brands, sources and distributes colour cosmetics (face, eye and lip make-up), skin/body care and accessories under its single 'Recode' brand through an omni-channel network of company-owned stores, franchise stores, its own website/app, third-party e-commerce marketplaces and B2B channels, with all manufacturing outsourced to third parties.
Recode Studios Limited was incorporated as Recode Studios Private Limited on June 16, 2021 and converted into a public limited company on September 16, 2025; it is headquartered at R-89, Phase V, Focal Point, Ludhiana, Punjab. Per the Prospectus, it is a beauty and personal care ("BPC") company operating in the beauty, cosmetics and personal care segment in India, whose business primarily involves the branding, procurement and distribution of products under the single “Recode” brand; its portfolio spans Face Make-Up, Eye Make-Up, Lip Make-Up, Skin Care, Body Care and Other Accessories (including brushes, sponges and similar tools). The Company owns no manufacturing facilities — all products are produced by third-party contract manufacturers located across Indian states (Gujarat, Himachal Pradesh, Delhi, Uttarakhand, Jammu & Kashmir) and overseas (Germany, Taiwan, China and Thailand) — and its operations focus on product sourcing, branding, marketing and distribution. It earns revenue through an omni-channel model: Company-Owned Company-Operated (COCO) stores, Franchisee-Owned Franchisee-Operated (FOFO) stores (19 of its 22 retail stores), online sales via its proprietary website and mobile application and marketplaces such as Amazon, Flipkart and Myntra, and B2B sales to institutional customers, retailers, makeup artists and influencers. In FY 2024-25, online contributed 42.86% and B2B 31.81% of net product sales, while Face Make-Up alone contributed 52.32% of revenue from operations. Restated revenue from operations grew from ₹2,237.85 lakhs in FY 2022-23 to ₹3,681.95 lakhs in FY 2023-24 and ₹4,779.81 lakhs in FY 2024-25, reaching ₹5,739.29 lakhs in the nine months ended December 31, 2025, with PAT of ₹330.29 lakhs in FY 2024-25 and ₹906.18 lakhs in the nine-month period.
Objects of the Issue
- Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab (total estimated project cost ₹628.10 lakhs, including land acquisition of ₹259.25 lakhs and civil construction of ₹339.95 lakhs; balance funded from internal accruals) ₹574.20 lakhs p.96
- Marketing and Advertisement expenses towards enhancing the awareness and visibility of our brand (approved expenditure for April 2026 to March 2027, inclusive of GST) ₹540.90 lakhs p.99
- Utilization towards Working Capital Requirements (₹1,600.00 lakhs in FY 2026-27 and ₹350.00 lakhs in FY 2027-28) ₹1,950.00 lakhs p.101
- General Corporate Purposes ₹295.63 Lakhs p.102
Issue Structure
- Total Issue
- 28,22,400 Equity Shares of face value ₹10 each at ₹158 per share, aggregating to ₹4,459.39 Lakhs (constituting 26.52% of post-Offer paid-up capital)
- Fresh Issue
- 25,03,200 Equity Shares aggregating to ₹3,955.06 Lakhs
- Offer for Sale
- 3,19,200 Equity Shares aggregating to ₹504.34 Lakhs by Promoter Selling Shareholders Rahul Sachdeva, Karan Bansal and Preeti Trehan (1,06,400 shares each)
- Price Band
- Floor Price ₹150 – Cap Price ₹158 per equity share; Offer Price fixed at ₹158 (including premium of ₹148)
- Lot Size
- 800 equity shares (and in multiples of 800 equity shares thereafter)
- Face Value
- ₹10 each
Business Model
Earns revenue from the sale of beauty and personal care products under the “Recode” brand through four channels: (i) COCO (company-owned company-operated) stores, (ii) FOFO (franchisee-owned franchisee-operated) stores, (iii) online sales through its own website and mobile application and third-party e-commerce platforms (Amazon, Flipkart, Myntra), and (iv) B2B sales to institutional customers, retailers, makeup artists and influencers who may further sell to end consumers. Manufacturing is entirely outsourced to third-party contract manufacturers in India and abroad, so the Company's economics rest on sourcing, branding, marketing and distribution rather than production.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dheeraj Bansal | Promoter | 9.13% | 6.99% |
| Rahul Sachdeva | Promoter (Promoter Selling Shareholder in the Offer for Sale) | 10.97% | 7.40% |
| Shelly Bansal | Promoter | 6.72% | 5.14% |
| Preeti Trehan | Promoter (Promoter Selling Shareholder in the Offer for Sale) | 15.85% | 11.12% |
| Shalini Trehan | Promoter | 15.86% | 12.13% |
| Karan Bansal | Promoter (Promoter Selling Shareholder in the Offer for Sale) | 5.95% | 3.55% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.