Recode Studios Limited IPO

Recode Studios Limited IPO

SME BSE SME 100% Book Built Offer
Upcoming

Price Band

₹150 - ₹158

Total Issue

₹45 Cr

Bid Dates

05 May - 07 May

Subscription

-

Est. GMP

₹0 (0.00%)

Website RHP Check Allotment

Valuation

Market Cap

₹168.18 Cr

P/E Ratio

38.92x

P/B Ratio

14.66x

Recode Studios IPO Dates

Open
Close
Allotment
Refunds
Credit
Listing

Conflicting IPOs

IPOs with overlapping timeline

Kissht IPO

Apr 30 - May 05

Value 360 IPO

May 04 - May 06

Business Overview

Recode Studios Limited is a BPC (beauty and personal care) company incorporated in 2021, based in Ludhiana, Punjab, operating under the 'Recode' brand established in 2018. The company is engaged in branding, procurement, and omnichannel distribution of cosmetics and personal care products — make-up, skincare, body care, and beauty accessories — offering 350+ SKUs. Its distribution network comprises COCO stores, FOFO stores, and digital channels including Amazon, Nykaa, Myntra, Flipkart, and a proprietary website and mobile app. As of the RHP date, Recode operates 22 physical stores (3 COCO, 19 FOFO) across India. Products are sourced from third-party manufacturers.

Recode Studios IPO Lot Size

Lot Information for Recode Studios IPO
Category Lots Shares Amount
Ind (Min) 2 1,600 ₹2,52,800
Ind (Max) 2 1,600 ₹2,52,800
S-HNI (Min) 3 2,400 ₹3,79,200
S-HNI (Max) 7 5,600 ₹8,84,800
B-HNI (Min) 8 6,400 ₹10,11,200
Market Maker
₹1.45 L
Employee
₹0.00
Shareholder
₹0.00

Recode Studios IPO Size

Total ₹44.59 Cr
Fresh Issue
₹40 Cr (0.25 Cr Shares)
Offer For Sale
₹5 Cr (0.03 Cr Shares)
Promoters₹5 Cr

Objects of the Issue

Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab

₹5.74 Cr

Marketing and Advertisement expenses toward enhancing the awareness and visibility of its brand

₹5.41 Cr

Utilization towards Working Capital Requirements

₹19.50 Cr

General corporate purposes & issue expenses

₹8.90 Cr

Recode Studios IPO GMP

GMP ₹0
Est. Price ₹158
Est. Gain 0.00%

Peer Comparison

(Rs. in crores)

Recode Studios IPO Peer Comparison Table
Particulars Recode Honasa Consumer FSN E-Commerce Ravelcare
Revenue 47.80 2,066.95 7,949.82 24.98
PAT 3.30 72.69 72.07 5.26
EPS (₹) 4.06 2.23 0.23 10.50
NAV (₹) 10.78 36.28 4.55 20.68
RONW 37.64% 6.16% 5.60% 50.77%
EBITDA 12.82% 3.30% 6.00% 27.30%
PAT Mrgn 6.91% 3.50% 0.90% 21.04%
PE Ratio 38.92 349.37 1,151.91 16.95

All information pertains to FY 2024-25. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of April 21, 2024 for Peers

Financials

(Rs. in crores)

Financial Performance Metrics for Recode Studios IPO
Particulars Sep-25 Mar-25 Mar-24 Mar-23
Revenue 57.39 47.80 36.82 22.38
PAT 9.06 3.30 0.27 0.69
Net Worth 17.84 8.77 5.47 5.20
Borrowings 3.43 7.56 7.85 3.79
Assets 28.33 23.18 16.73 12.53
NAV (₹) 21.91 10.78 6.72 6.62
EPS (₹) 11.13 4.06 0.34 0.88

KPIs

EBITDA

12.82%

PAT

6.91%

ROE

46.37%

ROCE

34.47%

Debt to Equity

0.86

Promoter Holding

Promoter

88.93%

Public

11.07%

Dheeraj Bansal 9.13%
Rahul Sachdeva 10.97%
Shelly Bansal 6.72%
Preeti Trehan 15.85%
Shalini Trehan 15.86%
Others 30.40%

Management

Dheeraj Bansal CMD
Karan Bansal CEO & WTD
Narinder Singh CFO

Registrar & Lead Managers

Registrar

Mudra RTA Ventures Private Limited

Mudra RTA Ventures Private Limited

Lead Managers (1)

Seren Capital Seren Capital

Company Details

Name: Recode Studios Limited

Address: R-89, Phase V, Focal Point, Ludhiana, Punjab, India - 141010

Number: 0161-4752672

Email: info@recodestudios.com

Website: https://shop.recodestudios.com

Frequently Asked Questions

What is Recode Studios IPO?
Recode Studios IPO is a SME IPO having an issue size of ₹45 Crs. Recode Studios IPO is priced at ₹150 - ₹158 per share. The issue opens on 05 May 26 and closes on 07 May 26.
When will Recode Studios IPO open?
Recode Studios IPO opens on 05 May 26 and closes on 07 May 26.
What is the GMP of Recode Studios IPO?
The estimated Grey Market Premium of Recode Studios IPO is ₹0 per share (0.00%).
What is the lot size of Recode Studios IPO?
The minimum lot size of Recode Studios IPO is 800 shares & the minimum application amount is Rs. 126400.
When is the allotment of Recode Studios IPO?
The allotment date of Recode Studios IPO is 08 May 26.
What is the listing date of Recode Studios IPO?
The listing date of Recode Studios IPO is 12 May 26.
What is the subscription of Recode Studios IPO?
Recode Studios IPO is subscribed -.
What is the price band of Recode Studios IPO?
Recode Studios IPO is priced at ₹150 - ₹158 per share.
How to check allotment status of Recode Studios IPO?
Click the allotment link on Recode Studios IPO page of IPO360.
How to apply Recode Studios IPO in Zerodha?
  1. Go to Kite App → Tap on Bids → Tap on IPO
  2. Select the IPO → Tap on apply → Enter UPI ID
  3. Enter Qty and Price
  4. Submit the application
  5. Approve the UPI Mandate on your UPI app
How to apply Recode Studios IPO in Groww?
  1. Go to Groww App → Stocks Section → Select IPO option
  2. Select the IPO you want to apply
  3. Enter your bid details and price
  4. Enter UPI ID & submit
  5. Approve the UPI Mandate on your UPI app
How to apply Recode Studios IPO using ASBA?
  1. Log in to your bank's net banking portal.
  2. Navigate to the 'IPO' or 'ASBA' section.
  3. Select Recode Studios IPO from the list of available IPOs.
  4. Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
  5. Submit the application.
  6. Money will remain blocked till the refund date