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

“Recode” brand

has launched its:

Book Built IPO

worth approximately:

₹44.59 crore

The IPO consists of:

• A fresh issue of 0.25 crore shares aggregating to ₹39.55 crore
• An offer for sale (OFS) of 0.03 crore shares aggregating to ₹5.04 crore

The IPO subscription opens on:

May 05, 2026

and closes on:

May 07, 2026

The allotment is expected to be finalized on:

May 08, 2026

while the tentative listing date on the:

BSE

is scheduled for:

May 12, 2026

The IPO is drawing market attention amid strong growth in India’s:

• Beauty industry
• Cosmetics market
• Online skincare segment
• Direct-to-consumer (D2C) retail ecosystem

About Recode Studios Limited

Recode Studios Limited operates in the:

Beauty and Personal Care (BPC) sector

The company markets and distributes a wide range of beauty products under the:

Recode brand

Its product portfolio includes:

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

The company focuses on:

• Brand development
• Marketing
• Product procurement
• Distribution management

while outsourcing manufacturing operations to third-party manufacturers.

Asset-Light Business Model

Recode Studios follows an:

Asset-light business model

Under this model:

• Product manufacturing is outsourced
• The company focuses on branding and sales
• Capital expenditure requirements remain relatively lower

This strategy allows the company to concentrate on:

• Product positioning
• Customer acquisition
• Distribution expansion
• Marketing efficiency

Asset-light models are increasingly common among modern consumer brands, especially in the beauty and personal care industry.

Distribution Channels of the Company

The company sells products through multiple online and offline channels.

Online Platforms

Products are sold through:

• E-commerce marketplaces
• Digital retail platforms

Company-Owned Stores (COCO)

The company operates:

COCO (Company-Owned Company-Operated) stores

to directly engage with customers.

Franchise Stores (FOFO)

The company also operates:

FOFO (Franchise-Owned Franchise-Operated) stores

which help expand geographic reach.

Website and Mobile App

Direct-to-consumer sales are also generated through the company’s:

• Official website
• Mobile application

Growing Beauty and Cosmetics Market in India

India’s beauty and personal care market has been expanding rapidly due to:

• Rising disposable incomes
• Urbanization
• Social media influence
• Increasing beauty awareness
• Growth of online shopping

Demand for:

• Cosmetics
• Skincare products
• Personal grooming products

continues to rise among younger consumers and digitally active customers.

IPO Details

IPO Size

The total IPO size stands at:

₹44.59 crore

Fresh Issue

The fresh issue component aggregates to:

₹39.55 crore

Offer For Sale

The OFS component aggregates to:

₹5.04 crore

Price Band

The IPO price band has been fixed at:

₹150 to ₹158 per equity share

Market Capitalisation

At the upper price band of ₹158 per share, the estimated market capitalization of the company will be approximately:

₹168.18 crore

Lot Size and Investment Requirements

IPO Lot Size

The IPO lot size is:

800 shares

Retail Investor Requirement

Retail investors are required to apply for a minimum of:

2 lots

equivalent to:

1,600 shares

The minimum investment amount for retail investors is approximately:

₹2,52,800

HNI Requirement

High-Net-Worth Individuals (HNIs) are required to apply for a minimum of:

3 lots

or:

2,400 shares

requiring an investment of approximately:

₹3,79,200

The relatively high investment requirement may limit smaller retail participation.

IPO Management and Registrar

The IPO is being managed by:

Seren Capital Private Limited

which is acting as the:

Book Running Lead Manager

The registrar to the issue is:

Mudra RTA Ventures Private Limited

Grey Market Premium (GMP) Analysis

According to available market information, the:

Grey Market Premium (GMP)

for the Recode Studios IPO is currently estimated at:

₹0

This suggests neutral sentiment in the unofficial grey market.

Understanding GMP

Grey Market Premium is an unofficial indicator reflecting estimated listing sentiment before shares officially trade on stock exchanges.

However:

• GMP is unregulated
• It depends on market demand and supply
• It does not guarantee listing performance

Investors are generally advised to evaluate company fundamentals and industry prospects rather than depending only on GMP movements.

Strengths of Recode Studios

Presence in Fast-Growing Beauty Market

The company operates in India’s rapidly growing beauty and cosmetics industry.

The sector is benefiting from:

• Digital commerce growth
• Rising consumer spending
• Expanding beauty awareness

Asset-Light Model

The outsourced manufacturing strategy may help reduce operational costs and capital expenditure requirements.

This can potentially improve scalability and operational flexibility.

Multi-Channel Distribution Network

The company uses a combination of:

• Online channels
• Company-owned stores
• Franchise outlets
• Mobile app sales

which may support broader customer reach.

Brand-Focused Strategy

Consumer product companies with strong branding capabilities can potentially build customer loyalty and repeat purchases over time.

Risks Associated With the IPO

Intense Industry Competition

The beauty and personal care market is highly competitive with participation from:

• Global cosmetic brands
• Domestic beauty companies
• D2C startups
• Online-first beauty labels

Competitive pricing and marketing costs may impact profitability.

Dependence on Consumer Trends

Beauty and cosmetic demand can change rapidly based on:

• Fashion trends
• Consumer preferences
• Social media influence

Failure to adapt product offerings may affect growth.

Outsourcing Risks

Since manufacturing is outsourced, the company may face risks related to:

• Product quality control
• Supplier dependency
• Manufacturing disruptions

SME Listing Risks

As the IPO is proposed to be listed on the:

BSE SME platform

investors should consider:

• Lower liquidity
• Higher volatility
• Limited institutional participation

compared to larger listed companies.

India’s D2C Beauty Segment Expanding Rapidly

Direct-to-consumer beauty brands have witnessed significant growth due to:

• Smartphone penetration
• Social commerce
• Influencer marketing
• Online beauty content

Consumers increasingly prefer digitally discoverable beauty brands with strong online engagement.

Role of Digital Marketing in Beauty Industry

Beauty companies heavily rely on:

• Social media promotion
• Influencer partnerships
• Online advertising
• Content-driven branding

Digital engagement often plays a major role in customer acquisition and brand recall.

Use of IPO Proceeds

The company is expected to utilize the fresh issue proceeds for:

• Brand expansion
• Working capital requirements
• Marketing initiatives
• Distribution growth
• General corporate purposes

Investors generally monitor how effectively companies deploy IPO proceeds post listing.

IPO Timeline

Investor Considerations

Investors evaluating the Recode Studios IPO may consider:

• Growth potential in beauty and personal care sector
• Brand positioning
• Distribution network expansion
• Competitive intensity
• Consumer trend dependency
• SME market risks

Consumer-focused businesses can offer long-term growth opportunities, but brand sustainability and execution remain important factors.

Key Takeaways From Recode Studios IPO

₹44.59 Crore IPO Size

The issue includes both fresh issue and offer for sale components.

Beauty and Personal Care Focus

The company sells cosmetics, skincare, and beauty products under the Recode brand.

Asset-Light Business Model

Manufacturing is outsourced while the company focuses on branding and distribution.

GMP Currently Neutral

The grey market premium is estimated at ₹0.

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