Recode Studios IPO
Market Sentiment
IPO Details
IPO Reservation
Market Lot Size
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% |
Strengths & Risks
- Heavily oversubscribed — 217.8x overall (so far).
- Strong institutional (QIB) demand — 138.0x.
- 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.
No major red flags in the available data.
Auto-generated from live GMP, subscription, valuation and financial data. Informational only — not investment advice. Always read the RHP before applying.
Company Information
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).
| 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 stock listed with a 34.87% gain versus its issue price on May 12, 2026.
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.
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).
Grey market is quoting a premium of +Rs 42 (+26.6% over issue price), up Rs 31 from the previous session. Final subscription data records overall subscription at 217.83x, retail at 216.51x, QIB at 137.99x, NII at 298.06x.
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 are trading.
Our data-driven engine currently flags this issue as a Subscribe call — the composite picture tilts favourable, though not without some caveats. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
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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