Recode Studios IPO
Bookbuilding IPO | ₹45.00 Cr | Listing at BSE SME
Closed
IPO Open
Tue, May 05, 2026
IPO Close
Thu, May 07, 2026
Price Band
₹150.00 to ₹158.00
Market Cap (Pre-IPO)
₹168.18 Cr
IPO Details
| IPO Date | May 05, 2026 to May 07, 2026 |
| Listing Date | May 12, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹150.00 to ₹158.00 |
| Lot Size | 800 Shares (Minimum: ₹126,400.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Issue Size | ₹45.00 Crores |
| Total Shares Offered | 2,822,400 shares |
| Fresh Issue | 2,358,400 shares |
| Offer For Sale | 319,200 shares |
Recode Studios IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 13,36,800 |
| Retail Shares Offered | 28,22,400 |
| NII Shares Offered | 4,03,200 |
Recode Studios IPO Lot Size
Investors can bid for a minimum of 1,600 shares and in multiples of 800 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,600 | ₹252,800 |
| Retail (Max) | 2 | 1,600 | ₹252,800 |
| S-HNI (Min) | 3 | 2,400 | ₹379,200 |
| S-HNI (Max) | 7 | 5,600 | ₹884,800 |
| B-HNI (Min) | 8 | 6,400 | ₹1,011,200 |
Recode Studios Financial Information (Restated Consolidated)
| 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 | - | 7.56 | 7.85 | 3.79 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 46.37% |
| ROCE (Return on Capital Employed) | 34.47% |
| Debt/Equity | 0.86 |
| RoNW (Return on Net Worth) | 37.64% |
| PAT Margin (Profit After Tax Margin) | 6.91% |
| EBITDA Margin | 12.82% |
| Price to Book Value | 14.66 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 4.06 | 11.35 |
| P/E (x) | 38.94 | 13.92 |
| Promoter Holding | 88.93% | 65.01% |
Company Promoters
- The company promoters are Dheeraj Bansal
- Rahul Sachdeva
- Shelly Bansal
- Shalini Trehan
- Preeti Trehan
- and Karan Bansal
Company Overview
Recode Studio – Company Overview
- Incorporated in 2021, Recode Studio is an Indian beauty and personal care company operating under the brand “Recode”.
Core Segments
- Make-up Products: Face, eye, and lip cosmetics
- Skincare & Body Care: Face care and body care products
- Beauty Accessories: Tools and related products
- The company follows an omnichannel business model, selling through:
- COCO Stores (Company-Owned)
- FOFO Stores (Franchise-based)
- Online platforms like Amazon, Nykaa, Myntra, Flipkart
- Own website and mobile app
- The company offers 350+ SKUs across different categories and price points.
- As of September 30, 2025, it operates 24 stores across 14 states (3 COCO + 21 FOFO).
- Products are manufactured through third-party manufacturers, following an asset-light model.
- The company focuses on brand building, wide distribution, and affordable beauty products for Indian consumers.
Company Strengths
- Omnichannel presence integrating offline and online platforms.
- Diverse product range across beauty and personal care categories.
- Digital Reach and Online Customer Engagement.
- Experienced Board of Directors and Management Team.
Use of Proceeds
| 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 | |
| Total | 30.65 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Recode Studios IPO Peer Comparison
Recode Studios peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Recode Studios Ltd. | 4.06 | 4.06 | 10.78 | - | 37.64 | - | - |
| Honasa Consumer Ltd. | 2.23 | 2.23 | 36.28 | 121.21 | 6.16 | 7.50 | - |
| FSN E-Commerce Ventures Ltd | 0.23 | 0.23 | 4.55 | 1,082.83 | 5.60 | 62.25 | - |
| Ravelcare Ltd. | 10.50 | 10.50 | 20.68 | 12.15 | 50.77 | 6.35 | - |
Quick Info
| Sector | Beauty and Personal Care (BPC) |
| Exchange | BSE SME |
| Market Cap (Pre-IPO) | ₹168.18 Cr |
Important Dates
| IPO Open | May 05, 2026 |
| IPO Close | May 07, 2026 |
| Allotment Date | May 08, 2026 |
| Credit to Demat | May 11, 2026 |
| Listing Date | May 12, 2026 |
Lead Manager(s)
Seren Capital Pvt.Ltd.
Registrar
Description
- IPO Type: Book build issue aggregating to ₹44.59 crores.
- Issue Structure: Combination of:
- Fresh Issue: 0.25 crore shares aggregating to ₹39.55 crores
- Offer for Sale (OFS): 0.03 crore shares aggregating to ₹5.04 crores
- IPO Dates: The issue opens on May 5, 2026 and closes on May 7, 2026.
- Allotment Date: Expected to be finalized on May 8, 2026.
- Listing Details: Shares are proposed to be listed on the SME platform of BSE Limited (BSE SME) with a tentative listing date of May 12, 2026.
- Retail Investment Requirement: Minimum 2 lots (1,600 shares) amounting to approximately ₹2,52,800 (at upper price band).
- HNI Investment Requirement: Minimum 3 lots (2,400 shares) totaling around ₹3,79,200.
- IPO Price Band: ₹150 to ₹158 per equity share.
- Lot Size: 800 shares per lot.
This IPO offers investors an opportunity to participate in the media, content, and creative production industry, subject to market risks.