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Open
5 May 2026
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Close
7 May 2026
3
Allotment
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Listing
Tue, May 12, 2026
Price Band
₹150 to ₹158
Issue Size
28,22,400 shares (agg. up to ₹45 Cr)
Lot Size
800 Shares
Listing Date
Tue, May 12, 2026
Latest GMP
₹43
Est. Gain
27.22%
✦ AI Insight
GMP Trend
12-05-2026₹43Est. ₹201+27.22%
11-05-2026₹43Est. ₹201+27.22%
10-05-2026₹50Est. ₹208+31.65%
Live Subscription
| Category | Subscription (times) |
|---|---|
| Total | 160.62x |
Restated Financials (₹ Cr.)
| Period Ended | 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 |
| Amount in ₹ Crore |
Peer Comparison
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Ravelcare Ltd. | SME | ₹24.10 Cr | ₹130 | 12.38 | ₹190.95 | +46.88% | ₹113.05 (+0.04%) |
| Anondita Medicare Ltd. | SME | ₹69.50 Cr | ₹145 | 11.74 | ₹289.25 | +99.48% | ₹1,130.15 (-3.32%) |
| Medistep Healthcare Ltd. | SME | ₹16.10 Cr | ₹43 | 10.86 | ₹50.35 | +17.09% | ₹19.35 (+5.74%) |
| Aakaar Medical Technologies Ltd. | SME | ₹27.00 Cr | ₹72 | 12.43 | ₹71.25 | -1.04% | ₹72.00 (+1.41%) |
Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab | 5.74 |
| 2 | Marketing and advertisement expenses toward enhancing the awareness and visibility of brand | 5.41 |
| 3 | Utilization towards working capital requirements | 19.50 |
| 4 | General Corporate Purposes | 2.96 |
| 5 | Issue Expenses | 6.70 |
| Total | 40.31 |
About Recode Studios IPO
Incorporated in 2021, Recode Studio 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 our own website and mobile app. Its product range includes make-up, skincare, body care, and beauty accessories. As of the date of this DRHP, we offer 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 the products both offline and online. Offline sales take place through COCO and FOFO stores. 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. Its products are manufactured by third-party manufacturers in India. Competitive Streng
Contact Details
Recode Studios Ltd. AddressR-89, Phase VFocal PointLudhiana, Punjab, 1410100161- 4752672info@recodestudios.comVisit Website