Recode Studios IPO
Trading • ₹44.59 Cr
Medium risk because:
- 5 material risk factors disclosed in DRHP
- High customer concentration flagged in the DRHP
- SME listing with thinner post-listing liquidity
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹158
Lot Size
800 shares
Issue Size
₹44.59 Cr
Open
05 May 2026
Close
07 May 2026
Subscription
218×
IPO Schedule
| Issue Open Date | 05 May 2026 |
| Issue Close Date | 07 May 2026 |
| Listing Date | 11 May 2026 |
About Recode Studios
Recode Studios is a beauty and personal care company operating in the cosmetics and personal care segment in India. The company is engaged in the branding, procurement, and distribution of products under the “Recode” brand, offering a portfolio of over 350 SKUs across categories such as face, eye, and lip make-up, skincare, body care, and beauty accessories. Its operations are supported by an omnichannel distribution network, which includes company-operated retail stores, franchise outlets, third-party e-commerce platforms, and its own website and mobile application. The company operates 22 physical retail stores, comprising both company-owned and franchisee-operated outlets, and manages six warehouses across India for storage and dispatch. Recode Studios does not own manufacturing facilities and sources its products through third-party manufacturers and imports, with a primary focus on product sourcing and distribution.
Company Details
Founders / Promoters
Mr Dheeraj Bansal
Founded
2021
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Recode Studios — IPOFins Verdict
QuantitativeDriven by QIB demand at 138.0x and moderate disclosed risk (6/10), Recode Studios listed at a premium of 34.9% to its issue price. SME listings are also thinner and more volatile after listing. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
- The company claims to operate an integrated omnichannel distribution network, combining company-owned, company-operated (COCO) stores, franchise-owned, franchise-operated (FOFO) outlets and multiple
- The company claims to have established a growing retail footprint across India, with 22 stores spread across 12 states, including COCO and FOFO formats. This mix of owned and franchise-operated stores
- The company offers a diversified product portfolio with over 350 stock-keeping units (SKUs) across categories such as face, eye, and lip make-up, skincare, body care, and beauty accessories. This rang
- The company has built a notable online presence through its website, mobile application, and social media platforms. As per the prospectus, its Instagram handle has around 4.57 lakh followers, indicat
- The company’s revenue mix is supported by multiple channels, including online sales, franchise stores, and B2B sales. Over the years, online sales have contributed a significant share of revenue, refl
Score breakdown — what drove this verdict
Moderate risk from DRHP → score -0.4
Institutional subscription → score +2.0
Strong retail interest → score +0.5
Actual listing outcome → score +1.5
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹158
Listing Price
₹213.1
Listing Gain/Loss
+34.87%
Listing Date
11 May 2026
Price Since Listing
Returns are measured against the ₹158 issue price.
Listing
₹213.1
+34.9%
1 Week
₹208.45
+31.9%
1 Month
₹183.15
+15.9%
Current
₹222.5
+40.8%
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FAQ
What is the price band of Recode Studios IPO?
The price band is ₹158 per share with a lot size of 800 shares. Minimum investment: ₹1,26,400.
What does Recode Studios do?
Recode Studios is a beauty and personal care company operating in the cosmetics and personal care segment in India. The company is engaged in the branding, procurement, and distribution of products under the “Recode” brand, offering a portfolio of over 350 SKUs across categories such as face, eye, and lip make-up, skincare, body care, and beauty accessories. Its operations are supported by an omnichannel distribution network, which includes company-operated retail stores, franchise outlets, third-party e-commerce platforms, and its own website and mobile application. The company operates 22 physical retail stores, comprising both company-owned and franchisee-operated outlets, and manages six warehouses across India for storage and dispatch. Recode Studios does not own manufacturing facilities and sources its products through third-party manufacturers and imports, with a primary focus on product sourcing and distribution.
Should I apply for Recode Studios IPO?
Recode Studios listed at ₹213.1 (+34.9% premium to the ₹158 issue price) after 217.8x subscription. IPOFins Score 8/10: Driven by QIB demand at 138.0x and moderate disclosed risk (6/10), Recode Studios listed at a premium of 34.9% to its issue price. SME listings are also thinner and more volatile after listing. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
Who founded Recode Studios?
Recode Studios was founded by Mr Dheeraj Bansal in 2021.