Recode Studios Limited, a beauty and personal care company operating under the:

Recode

brand, has launched its Initial Public Offering (IPO) to raise approximately:

₹44.59 crore

through a book-built issue.

The IPO has attracted strong attention in the SME market because of the company’s presence in India’s rapidly expanding:

• Beauty industry
• Cosmetics market
• Skincare segment
• Digital retail ecosystem

The company plans to list its shares on the BSE SME platform.

IPO Structure Includes Fresh Issue And OFS

The IPO structure consists of:

• Fresh issue of 0.25 crore shares aggregating to ₹39.55 crore
• Offer for sale of 0.03 crore shares aggregating to ₹5.04 crore

The total issue size stands at:

₹44.59 crore

The proceeds from the fresh issue are expected to support business expansion, branding initiatives, operational growth, and corporate purposes.

IPO Subscription And Listing Timeline

The subscription window for the IPO opened on:

May 5, 2026

and closes on:

May 7, 2026

The tentative IPO schedule includes:

• Allotment expected on May 8, 2026
• Proposed listing on May 12, 2026
• Shares to list on BSE SME

Investors are now closely tracking subscription demand and listing expectations.

Price Band Fixed At ₹150 To ₹158

The company fixed the IPO price band between:

₹150 and ₹158 per equity share

At the upper price band, the estimated market capitalisation of the company stands near:

₹168.18 crore

The valuation has become a key discussion point among investors evaluating growth opportunities in India’s beauty and personal care sector.

Retail Investment Requirement

The IPO lot size has been fixed at:

800 shares per lot

Retail investors are required to apply for a minimum of:

2 lots or 1,600 shares

requiring an investment of approximately:

₹2.52 lakh

For High-Net-Worth Individuals (HNIs), the minimum investment requirement stands at:

3 lots or 2,400 shares

amounting to nearly:

₹3.79 lakh

The application size reflects standard SME IPO participation norms.

Company Operates Under Recode Brand

Recode Studios Limited operates in the beauty and personal care industry through its:

Recode

brand.

The company focuses on:

• Branding
• Marketing
• Product procurement
• Distribution management

rather than manufacturing operations directly.

Its product portfolio includes:

• Make-up products
• Skincare items
• Body care products
• Beauty accessories

Asset Light Business Model

One of the major features of the company’s operational strategy is its:

Asset-light business model

Under this approach:

• Manufacturing is outsourced
• Third-party vendors produce products
• The company focuses on branding and distribution

This model helps reduce heavy manufacturing infrastructure investment while allowing greater focus on market expansion and customer acquisition.

Products Sold Through Multiple Channels

The company distributes products through several sales channels including:

• Online platforms
• COCO stores
• FOFO stores
• Official website
• Mobile application

This multi-channel strategy allows the brand to target both digital consumers and offline retail buyers.

Beauty Industry Growing Rapidly In India

India’s beauty and personal care market has witnessed strong growth over recent years due to:

• Rising disposable income
• Growing beauty awareness
• Social media influence
• Expanding e-commerce adoption

The cosmetics and skincare industry has become one of the fastest-growing consumer segments in the country.

Digital Beauty Brands Gaining Popularity

Digital-first beauty brands are increasingly attracting younger consumers through:

• Social media marketing
• Influencer collaborations
• Online campaigns
• E-commerce accessibility

Brands operating with strong digital presence are often able to scale rapidly in urban and semi-urban markets.

Recode Focuses On Brand Building

The company primarily concentrates on:

• Product branding
• Customer engagement
• Distribution growth
• Market positioning

Strong branding plays a major role in the beauty industry because customer loyalty and brand perception significantly influence repeat purchases.

GMP Indicates Strong Market Interest

According to available market information, the IPO’s:

Grey Market Premium (GMP)

was reported around:

₹189

The GMP being significantly higher than the IPO price band suggests strong unofficial market interest ahead of listing.

However, investors are regularly advised that grey market activity remains unofficial and does not guarantee actual listing performance.

Understanding IPO Grey Market Premium

Grey Market Premium reflects unofficial pre-listing investor sentiment.

It is influenced by factors such as:

• Subscription demand
• Sector popularity
• Brand recognition
• Market expectations

Because grey market trading remains unregulated, GMP values may fluctuate rapidly.

Investors are advised to evaluate IPOs based on broader business fundamentals rather than relying only on GMP activity.

Beauty Sector IPOs Attracting Investors

Beauty and lifestyle companies have increasingly attracted investor attention in Indian capital markets.

The sector benefits from:

• Consumer spending growth
• Premiumisation trends
• Digital commerce expansion
• Urban lifestyle changes

Investors often view scalable beauty brands as long-term consumption growth opportunities.

IPO Managed By Seren Capital

The book-running lead manager for the issue is:

Seren Capital Private Limited

while the registrar to the issue is:

Mudra RTA Ventures Private Limited

These institutions are responsible for IPO management, allotment processing, and related compliance activities.

Competition In Beauty Industry Intense

India’s beauty and cosmetics sector remains highly competitive with both domestic and international brands competing aggressively.

Companies must continuously focus on:

• Product innovation
• Marketing campaigns
• Customer retention
• Brand visibility

to maintain market share.

Online Beauty Sales Driving Industry Growth

E-commerce has transformed beauty product sales across India.

Consumers increasingly purchase cosmetics and skincare products through:

• Mobile applications
• Online marketplaces
• Brand websites

This shift has helped digitally active brands expand faster across multiple cities.

Investors Monitoring Subscription Response

Market participants are closely tracking:

• Retail subscription demand
• Institutional participation
• GMP movement
• Listing gain expectations

Strong subscription levels may positively influence investor sentiment ahead of listing.

SME IPO Segment Remains Active

The SME IPO market continues witnessing participation from businesses across:

• Consumer products
• Technology
• Retail
• Lifestyle sectors

Companies with scalable branding models often generate strong retail investor interest.

Consumer Trends Supporting Sector Growth

Several long-term consumer trends continue supporting India’s beauty market including:

• Increased grooming awareness
• Higher spending on self-care
• Growing online shopping habits
• Expansion of influencer marketing

These factors may continue driving demand for branded beauty products.

Conclusion

Recode Studios Limited launched its:

₹44.59 crore IPO

with shares priced between:

₹150 and ₹158

per equity share.

Key highlights include:

• Operations under the Recode beauty brand
• Asset-light outsourcing business model
• Strong focus on branding and distribution
• Proposed BSE SME listing on May 12, 2026
• Grey Market Premium reported around ₹189

The IPO has attracted significant market attention as India’s beauty and personal care industry continues expanding rapidly through digital commerce and rising consumer demand.

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