The Rs 44.6 crore SME issue will remain open till May 7, with the company looking to list on the BSE SME platform on May 12. The IPO has been priced in the range of Rs 150 to Rs 158 per share.
Recode Studios is raising money through a combination of fresh issue and offer for sale. The IPO comprises a fresh issue of Rs 39.6 crore and an offer for sale of Rs 5 crore, taking the total issue size to Rs 44.6 crore. At the upper price band, the company will command a post-issue market capitalisation of about Rs 168 crore.
Ahead of the issue opening, the company raised Rs 12.7 crore from anchor investors on May 4, offering some institutional validation before the public subscription window opened.
Founded in 2021, Recode Studios operates in India’s beauty and personal care segment under the “Recode” brand. The company focuses on branding, sourcing and selling cosmetics, skincare and body care products through a mix of physical stores, franchise outlets, its own digital platforms and third-party e-commerce marketplaces.
Its products are available across platforms such as Amazon, Nykaa, Myntra and Flipkart, while offline expansion is being driven through a mix of company-owned and franchise stores. As of September 2025, Recode operated 24 stores across 14 states, including 3 company-owned outlets and 21 franchise stores, highlighting its early retail scale in a highly fragmented category.
The company currently offers over 350 stock-keeping units, spanning makeup, skincare, body care and beauty accessories, targeting value-conscious consumers through both online and offline channels.Financially, the company has shown sharp improvement. For the nine months ended December 2025, Recode reported total income of Rs 57.5 crore and net profit of Rs 9.1 crore, compared with revenue of Rs 47.9 crore and profit of Rs 3.3 crore in FY25.
The company plans to use the IPO proceeds to set up a new warehouse facility in Ludhiana, spend on marketing and brand building, meet working capital needs and for general corporate purposes.
On Tue, May 5, 2026 at 5:07 AM Akash
Recode Studios IPO opens today. GMP among key things to know before subscription
The IPO of Recode Studios, a fast-growing beauty and personal care company, opens for subscription on Tuesday with investors eyeing a business that is trying to build an omnichannel cosmetics brand in a market dominated by larger players. Grey market sentiment, however, remains muted, with the stock commanding a zero premium, indicating expectations of a flat listing for now.
The Rs 44.6 crore SME issue will remain open till May 7, with the company looking to list on the BSE SME platform on May 12. The IPO has been priced in the range of Rs 150 to Rs 158 per share. A zero grey market premium, or GMP, suggests the stock is currently expected to list close to its upper issue price of Rs 158, offering little indication of immediate listing gains.
Recode Studios is raising money through a combination of fresh issue and offer for sale. The IPO comprises a fresh issue of Rs 39.6 crore and an offer for sale of Rs 5 crore, taking the total issue size to Rs 44.6 crore. At the upper price band, the company will command a post-issue market capitalisation of about Rs 168 crore.
Ahead of the issue opening, the company raised Rs 12.7 crore from anchor investors on May 4, offering some institutional validation before the public subscription window opened.
Founded in 2021, Recode Studios operates in India’s beauty and personal care segment under the “Recode” brand. The company focuses on branding, sourcing and selling cosmetics, skincare and body care products through a mix of physical stores, franchise outlets, its own digital platforms and third-party e-commerce marketplaces.
Its products are available across platforms such as Amazon, Nykaa, Myntra and Flipkart, while offline expansion is being driven through a mix of company-owned and franchise stores. As of September 2025, Recode operated 24 stores across 14 states, including 3 company-owned outlets and 21 franchise stores, highlighting its early retail scale in a highly fragmented category.
The company currently offers over 350 stock-keeping units, spanning makeup, skincare, body care and beauty accessories, targeting value-conscious consumers through both online and offline channels.
Financially, the company has shown sharp improvement. For the nine months ended December 2025, Recode reported total income of Rs 57.5 crore and net profit of Rs 9.1 crore, compared with revenue of Rs 47.9 crore and profit of Rs 3.3 crore in FY25.
The company plans to use the IPO proceeds to set up a new warehouse facility in Ludhiana, spend on marketing and brand building, meet working capital needs and for general corporate purposes.
