Recode Studios
UPCOMINGIPO Date: 5 May - 7 May 2026
Listing Date: 12 May 2026
Price Range
Rs.150 - Rs.158
Issue Size
45 Cr
Min Investment
₹1,20,000
Lot Size
800 Shares
Schedule of Recode Studios
Issue open date
5 May 2026
Issue close date
7 May 2026
UPI mandate deadline
7 May 2026 (5 PM)
Allotment finalization
8 May 2026
Share credit
11 May 2026
Listing date
12 May 2026
Mandate end date
22 May 2026
Issue size
| Funds Raised in the IPO | Amount |
|---|---|
| Overall | 45 Cr |
| Fresh Issue | 39.55 Cr |
| Offer for Sale | 5.04 Cr |
Allotment DetailsNew
| Allotment Timeline | Details |
|---|---|
| Allotment Date | 8 May 2026 |
| Allotment Link | {Link} |
Grey Market PremiumNew
Grey Market Premium (GMP) is the premium at which the shares are traded in the grey market. It gives a fair idea about the listing price of the IPO shares. The GMP can be positive or negative based on the demand and supply of the shares in the grey market.
| Date | Ipo Price | GMP | Estimated Listing Price |
|---|---|---|---|
| 3 May 2026 | ₹158 | ₹45 | ₹203 (28.48%) |
| 2 May 2026 | ₹158 | ₹45 | ₹203 (28.48%) |
| 1 May 2026 | ₹158 | ₹40 | ₹198 (25.32%) |
| 30 Apr 2026 | ₹158 | ₹35 | ₹193 (22.15%) |
| 29 Apr 2026 | ₹158 | ₹11 | ₹169 (6.96%) |
Performance Recode Studios
| Issue Price | Listing Gain | Current Market Price | P/L |
|---|---|---|---|
| Rs.150 - Rs.158 | .... | .... | .... |
About Recode Studios
Recode Studios is a beauty and personal care company operating in the cosmetics and personal care segment in India. The company is engaged in the branding, procurement, and distribution of products under the “Recode” brand, offering a portfolio of over 350 SKUs across categories such as face, eye, and lip make-up, skincare, body care, and beauty accessories. Its operations are supported by an omnichannel distribution network, which includes company-operated retail stores, franchise outlets, third-party e-commerce platforms, and its own website and mobile application. The company operates 22 physical retail stores, comprising both company-owned and franchisee-operated outlets, and manages six warehouses across India for storage and dispatch. Recode Studios does not own manufacturing facilities and sources its products through third-party manufacturers and imports, with a primary focus on product sourcing and distribution.
| Founded in | 2021 |
| Managing director | Mr Dheeraj Bansal |
| Parent organization |
Financial Overview
Strengths
- Omnichannel model with presence across retail stores, website and major e-commerce platforms.
- Wide product portfolio with 350+ SKUs across make-up, skincare, body care and accessories.
- Asset-light model focusing on branding, marketing and distribution instead of manufacturing.
- Established brand “Recode” with presence across multiple categories and price points.
- Growing offline presence with COCO and franchise stores supported by warehouses across India.
Risks
- High dependence on third-party manufacturers for product supply and quality control.
- Any disruption in manufacturing partners can affect product availability and operations.
- Business depends heavily on brand reputation, and any damage can reduce demand.
- Risk of counterfeit products or misuse of the brand impacting customer trust.
- Trademark disputes or pending approvals may restrict brand usage and affect business.
Subscription Figures
| Category | Subscription (No. of times) |
|---|---|
| Qualified Institutional Buyers (QIBs) | N/A |
| Non-Institutional Investors (NIIs) | N/A |
| Retail Individual Investors (RIIs) | N/A |
| Employee | N/A |
| Total | N/A |