Recode Studios IPO
Recode Studios IPO Listing Day Performance
Recode Studios listed on BSE SME on 12 May 2026 at ₹213.10, a 34.87% premium over the issue price of ₹158. A retail investor allotted the minimum application of 1,600 shares (2 lots) gained ₹88,160 at the listing price.
GMP vs actual listing
| Last GMP before listing | ₹42 (+26.6%) |
| GMP-implied listing | ₹200 |
| Actual listing | ₹213.10 |
| Difference | +₹13.1 (+6.6%) |
Demand going into listing
| Subscribed overall | 164.39× |
| QIB | 55.24× |
| NII | 405.1× |
| Retail | 216.51× |
Market Sentiment
The overall score is a weighted average of the parts below, so one weak part can sit inside a strong overall reading.
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 3.51x | 3.54x | 55.24x |
| NII | 7.42x | 41.77x | 405.10x |
| Retail | 9.13x | 40.56x | 216.51x |
| Total | 7.18x | 31.08x | 164.39x |
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| Metric | 2023 | 2024 | 2025 | Jun 2025 |
|---|---|---|---|---|
| Revenue | 22.44 | 36.93 | 47.94 | 19.80 |
| Expense | 21.51 | 36.55 | 43.50 | 16.65 |
| Profit (PAT) | 0.69 | 0.27 | 3.30 | 2.35 |
| Total Assets | 12.53 | 16.73 | 23.18 | 27.59 |
Peer Comparison
| Company | EPS | P/E | Market Cap (Cr) |
|---|---|---|---|
| Honasa Consumer Limited | 2.23 | 121.21 | 6 |
| FSN E-Commerce Ventures Ltd | 0.23 | 1,082.83 | 6 |
| Ravelcare Limited | 10.50 | 12.15 | 51 |
Promoters & Holding Pattern
Promoters: Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan, and Karan Bansal
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 81,41,144 | 88.93% |
| Promoter Holding Post Issue | 1,06,44,344 | 65.01% |
Strengths & Risks
- Heavily oversubscribed — 164.4x overall (so far).
- Strong institutional (QIB) demand — 55.2x.
- Revenue grew 30% in the latest reported year.
- Strong return on equity — 46%.
- Mostly fresh capital — proceeds fund the company's growth, not an exit.
- Lists on the exchange's SME platform, where trading is usually thinner than on the main board — selling at your price can be harder.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
About Recode Studios
Recode Studio was founded in 2021 and is known as an Indian beauty and personal care brand. They focus on creating great branding, sourcing top-notch products and selling them all across India. Further, they lineup covers makeup, skincare, body care, and beauty tools. They have around 350 products in various categories and prices, like face, eye and lip categories and lip makeup. Plus face and body essentials. As of September 30, 2025, they’ve got 24 stores up and running across 14 states in India. That’s 3 company-owned and run spots (COCO) plus 21 franchise-owned and operated ones (FOFO).
Company Contact Information
Recode Studios Ltd., R-89, Phase V,, Focal Point,, Ludhiana, Punjab, 141010
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab | 5.74 |
| Marketing and Advertisement expenses toward enhancing the awareness and visibility of our brand | 5.41 |
| Utilization towards Working Capital Requirements | 21.00 |
| General Corporate Purposes | - |
Resources & Documents
Anchor Investors
Recode Studios IPO - Quick Take
Recode Studios has set a price band of Rs 150–Rs 158 per share for an issue size of Rs 45 crore. The stock listed with a 34.87% gain versus its issue price on May 12, 2026.
The issue is promoted by Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan, and Karan Bansal with Seren Capital Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab (Rs 6 crore) and marketing and Advertisement expenses toward enhancing the awareness and visibility of our brand (Rs 5 crore).
On fundamentals, the company is posting revenue growth of 29.8%, a profit margin of 6.9%, return on equity of 46.4% in its most recent reported period. Listed peers in this segment include Ravelcare Limited (P/E 12.15x, market cap Rs 51 crore) and Honasa Consumer Limited (P/E 121.21x, market cap Rs 6 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read strong — the composite picture tilts positive, though not without some caveats. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Frequently Asked Questions
Recode Studios IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed. Its last GMP before listing was 26.6%. Of the 32 SME IPOs we have tracked with a final GMP of 25% or more, 32 listed above, 0 flat and 0 below the issue price; Recode Studios listed 34.9% above its issue price.
See the full Recode Studios GMP history and trend, or learn how grey market premium works and how reliable it is.
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