Recode Studios IPO
Market Sentiment
Market Lot Size
Return Estimator (GMP*)
IPO Details
IPO Reservation
Financial Analysis
| 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 |
| Company | P/E | EPS | Market Cap (Cr) |
|---|---|---|---|
| Honasa Consumer Limited | 121.21 | 2.23 | 6 |
| FSN E-Commerce Ventures Ltd | 1,082.83 | 0.23 | 6 |
| Ravelcare Limited | 12.15 | 10.50 | 51 |
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% |
Company Information
| 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
Recode Studios Ltd., R-89, Phase V,, Focal Point,, Ludhiana, Punjab, 141010
Recode Studios has set a price band of Rs 150–Rs 158 per share for an issue size of Rs 45 crore. The SME issue is scheduled to open for subscription on May 05, 2026 — 6 days from now.
Current grey market activity shows a flat premium, indicating muted unofficial demand.
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.
Our data-driven engine currently flags this issue as a Neutral stance — the data is mixed and the risk-reward is balanced rather than one-sided. All figures below — GMP history, subscription tiers, financials and peers — are aggregated from public disclosures. Always apply through your own broker after reading the RHP.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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