Valuation
Market Cap
₹168.18 Cr
P/E Ratio
38.92x
P/B Ratio
14.66x
Recode Studios IPO Dates
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.
Lots & IPO Size
Recode Studios IPO Lot Size
| 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 |
Recode Studios IPO Size
Objects of the Issue
Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab
Marketing and Advertisement expenses toward enhancing the awareness and visibility of its brand
Utilization towards Working Capital Requirements
General corporate purposes & issue expenses
Recode Studios IPO Live Subscription
Updated as on 5/7/2026 6:59:25 PM
| Category | Sub (x) | Offered | Bids | Amount(Cr) |
|---|---|---|---|---|
| QIB | 137.99x | 5,35,200 | 7,38,49,600 | 1,166.82 |
| NII | 404.76x | 4,03,200 | 16,31,98,400 | 2,578.53 |
| bHNI | 485.52x | 2,68,800 | 13,05,08,800 | 2,062.04 |
| sHNI | 243.23x | 1,34,400 | 3,26,89,600 | 516.50 |
| Individual | 216.65x | 9,37,600 | 20,31,28,000 | 3,209.42 |
| Total | 234.64x | 18,76,000 | 44,01,76,000 | 6,954.78 |
Updated as on 5/7/2026 6:59:25 PM
Recode Studios IPO Details Live GMP
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 12 May | ₹43 (27.2%) | ₹201 |
| 11 May | ₹42 (26.6%) | ₹200 |
| 10 May | ₹51 (32.3%) | ₹209 |
| 09 May | ₹48 (30.4%) | ₹206 |
| 08 May | ₹44 (27.8%) | ₹202 |
| 07 May | ₹43 (27.2%) | ₹201 |
| 06 May | ₹47 (29.7%) | ₹205 |
| 05 May | ₹42 (26.6%) | ₹200 |
| 04 May | ₹49 (31%) | ₹207 |
| 03 May | ₹46 (29.1%) | ₹204 |
| 02 May | ₹37 (23.4%) | ₹195 |
| 01 May | ₹40 (25.3%) | ₹198 |
| 30 Apr | ₹36 (22.8%) | ₹194 |
| 29 Apr | ₹11 (7%) | ₹169 |
Recode Studios IPO Peer Comparison
(Rs. in crores)
| 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
Recode Studios IPO Financial Performance
(Rs. in crores)
| 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 |
Key Performance Indicators (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%
Management
Registrar & Lead Managers
Registrar
Mudra RTA Ventures Private Limited
Lead Managers (1)
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
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Frequently Asked Questions (FAQs)
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How to apply Recode Studios IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Recode Studios IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Recode Studios IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Recode Studios IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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