R

Recode Studios Ltd.

LISTED

SME

GMP-

Subscription217.89×Overall

Min. Investment₹1,20,0001 lot × 800 shares

IPO Details

Issue Size₹1,566.47 Cr

Price Band₹150 – ₹158Per equity share

Lot Size800 SharesMin 1 lot (Retail)

Face Value₹10 / sharePaid-up equity

Total Shares9.91 CrOffered to public

Market Cap₹128.63 CrAt upper price band

QIB Quota4.31%Qualified Inst. Buyers

Retail Quota7.57%Non-inst. investors

IPO Timeline

Issue Opens5 May 2026

IPO subscription begins

Issue Closes7 May 2026

Last day to apply

Basis of Allotment8 May 2026

Allotment finalization

Listing Date12 May 2026

Trading begins on BSE & NSE

About & Business

Background
Industry
Promoters

Our Company was incorporated as “Recode Studios Private Limited” on June 16, 2021, under the provisions of the Companies Act, 2013, pursuant to a Certificate of Incorporation issued by Registrar of Companies, Central Registration Centre. Our Company was converted from a private limited company to a public limited company, pursuant to a special resolution passed by the shareholders of the Company at the Extraordinary General Meeting held on August 27, 2025 and the name of our Company was changed from “Recode Studios Private Limited” to “Recode Studios Limited” vide fresh certificate of incorporation dated September 16, 2025 issued by the Registrar of Companies, Central Processing Centre. The Corporate identification number of our Company is U74999PB2021PLC053619.

Major Events & Milestones

2021

Incorporation of our Company as “Recode Studios Private Limited” under the Companies Act, 2013.

2022

Opened its first franchisee store in Raipur, Chhattisgarh to extend its direct-to-consumer experience and enhance customer accessibility.

2023

Featured on Shark Tank India Season 2.

Opened its first company-owned store in Ludhiana to establish a direct-to-consumer retail presence and offer a fully branded experience.

On-boarded its first Brand Ambassador – renowned actress Swara Bhaskar to strengthen the brand’s reach and relatability among Indian consumers.

Recognised for Brand excellence by Femina Power Brands for the FY 2022-23.

2024

Crossed revenue of 35 Crores in the FY 2023-24.

Awarded as Beauty, Cosmetics and personal care Brand of the year by Retail reboot awards, 2024.

2025

Winner at the e4m D2C Awards 2025 in the category ‘Best Use of Social Media Platforms (Instagram)’.

Conversion of Recode Studios Private Limited to Recode Studios Limited.

Objectives of the Issue

01Funding of Capital expenditure towards setup of a new Warehouse at Ludhiana, Punjab
02Marketing and Advertisement expenses towards enhancing the awareness and visibility of our brand
03Utilization towards working capital requirements
04General corporate purposes

Agencies & Documents

Book Running Lead Managers (BRLMs)

Seren Capital Pvt. Ltd.

Registrar to the Issue

Mudra RTA Ventures Pvt. Ltd.9958808069

IPO CalculatorListed

Price Band150 – 158Cut-off: ₹158 per share

Closes7 May 20265:00 PM IST

Select Lots

1

Shares800 shares

Price per share₹158 (cut-off)

Total Investment₹1,26,400

Subscription Status

217.89× Overall

Category	Subscribed	Shares Offered
Retail Individual Investors	216.64×	9,37,600
Non Institutional Investors	298.07×	5,48,000
Qualified Institutional Buyers	137.99×	5,35,200

Last updated: 29 Apr 2026, 03:12 PM IST