Bookbuilding IPO | ₹[.] Cr | Listing at BSE SME |
Recode Studios Ltd. IPO is a Book Build Issue of 0.28 crore equity shares consisting of a fresh issue of upto 0.25 crore equity shares and an offer for sale (OFS) of upto 0.03 crore equity shares.
The equity shares are proposed to be listed on the BSE SME. Seren Capital Pvt.Ltd. is the book running lead manager and Mudra RTA Ventures Private Limited is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Recode Studios IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 28,23,354 shares (agg. up to ₹[.] Cr) |
| Fresh Issue | 25,04,000 shares (agg. up to ₹[.] Cr) |
| Offer for Sale | 3,19,354 shares of ₹10 (agg. up to ₹[.] Cr) |
| Share Holding Pre Issue | 81,41,144 shares |
| Share Holding Post Issue | 1,06,45,144 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Sat, Dec 27, 2025 |
| SEBI/Exchange approval received | Thu, Feb 26, 2026 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net offer |
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 Strengths
Recode Studios Ltd.'s revenue increased by 30% and profit after tax (PAT) rose by 1104% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 27.59 | 23.18 | 16.73 | 12.53 |
| Total Income | 19.80 | 47.94 | 36.93 | 22.44 |
| Profit After Tax | 2.35 | 3.30 | 0.27 | 0.69 |
| EBITDA | 3.52 | 6.13 | 1.67 | 1.44 |
| NET Worth | 11.12 | 8.77 | 5.47 | 5.20 |
| Reserves and Surplus | 11.11 | 8.76 | 5.46 | 5.19 |
| Total Borrowing | 7.35 | 7.56 | 7.85 | 3.79 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | 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 our brand | 5.41 |
| 3 | Utilization towards Working Capital Requirements | 21.00 |
| 4 | General Corporate Purposes |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 46.37% |
| ROCE | 34.47% |
| Debt/Equity | 0.86 |
| RoNW | 37.64% |
| PAT Margin | 6.91% |
| EBITDA Margin | 12.82% |
| Pre IPO | Post IPO | |
|---|---|---|
| Promoter Holding | 88.93% |
Lead Manager Reports
Recode Studios IPO is a SME IPO of 28,23,354 equity shares of the face value of ₹10 aggregating up to ₹[.] Crores. The issue is priced at To be declared. The minimum order quantity is .
The Recode Studios IPO open and close dates are not available as of now.
Mudra RTA Ventures Private Limited is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Recode Studios IPO using UPI as a payment gateway. Zerodha customers can apply in Recode Studios IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Recode Studios IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Recode Studios IPO dates are not announced. Please check back again after some time.
Recode Studios IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Recode Studios IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Recode Studios IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Recode Studios IPO allotment status.
The Recode Studios IPO listing date is not yet announced. The tentative date of listing is .
