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Business Desk – Recode Studios IPO: Today is the last chance to invest in the IPO of Recode Studios. This company specializes in selling beauty and personal care products. This Rs 45 crore IPO has been subscribed more than 33 times in just two days, mainly due to retail investors.

Talking about the gray market, the IPO shares are currently trading at a premium of Rs 48 over the upper limit of the IPO price band, which shows a gray market premium (GMP) of 30.38%. However, according to market experts, the decision to invest in IPO should not be taken only on the basis of signals from the gray market, but on the basis of the health of the company’s fundamental business.

Subscription status by category

Qualified Institutional Buyers (QIB): 3.54 times
Non-Institutional Investors (NII): 56.41 times
Retail investors: 40.56 times
Total: 33.40 times

Recode Studios IPO details

Investments in the Rs 45 crore IPO of Recode Studios can be made within the price band of Rs 150–158, with a minimum lot size of 800 shares. In this issue, 50% shares will be given to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 35% to retail investors.

The allotment of shares under this IPO is going to be final on 8th May, after which it will be listed on BSE SME platform on 12th May. The registrar of this issue is Mudra RTA Ventures Private Limited. Under this IPO, 2,822,400 new shares will be issued, each of which will have a face value of Rs 10.

Of the funds raised from these shares, Rs 5.74 crore will be used to build a new warehouse in Ludhiana, Punjab. Rs 5.41 crore will be kept for marketing and advertising. Rs 19.50 crore will be used to meet the working capital requirements. The remaining amount will be used for general corporate purposes.

About Recode Studios

Recode Studios, started in 2021, is a beauty and personal care company working under the brand ‘Recode’. It sells its products through an omnichannel network. Under this model, the company runs both its own stores and franchised outlets. Additionally, it sells its products through third-party e-commerce platforms, as well as through its own website and mobile applications.

The company is currently running 24 stores in 14 states of India, out of which three are its own stores. Its product range includes makeup, skincare, body care and beauty accessories. According to the company’s IPO draft, it offers a portfolio of more than 350 SKUs (stock keeping units) across different categories and price points. The company’s products are manufactured by third-party vendors.

Talking about the financial situation, the company recorded a net profit of Rs 69 lakh in the financial year 2023. This figure decreased to Rs 27 lakh in the next financial year 2024, but after that it increased rapidly in the financial year 2025 and it reached Rs 3.30 crore.

During this period, there was a continuous increase in the total income of the company, which increased to Rs 47.94 crore at a compound annual growth rate (CAGR) of more than 46%. Looking at the most recent financial year April to December 2025 (part of FY26), the company reported a net profit of Rs 9.06 crore and total income of Rs 57.45 crore. As of the end of December 2025, the company’s reserves and surplus stood at Rs 9.70 crore.