Recode Studios Limited, a beauty and personal care company operating under the Recode brand in India, has launched its Book Built IPO to raise approximately ₹44.59 crore.

The IPO consists of a fresh issue and an offer for sale and will be listed on the BSE SME platform.

The issue opened for subscription on May 05, 2026, and closed on May 07, 2026. Investors are closely tracking the IPO due to the company’s presence in the fast-growing beauty and cosmetics segment.

About Recode Studios Limited

Recode Studios Limited operates in the beauty and personal care (BPC) sector in India.

The company is engaged in:

• Branding
• Marketing
• Procurement
• Distribution of cosmetics and skincare products

Its products are sold through multiple channels including:

• Online marketplaces
• Company-owned stores
• Franchise outlets
• Official website
• Mobile application

The company focuses on expanding its beauty and cosmetics brand presence across India.

Product Portfolio

Recode Studios offers a range of beauty and skincare products including:

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

The company caters to growing consumer demand in India’s beauty and personal care industry.

Asset-Light Business Model

Recode Studios follows an asset-light business model.

Under this approach:

• Manufacturing is outsourced to third-party manufacturers
• The company focuses on branding and distribution
• Capital expenditure requirements remain relatively lower

This model allows the company to concentrate on:

• Brand building
• Product marketing
• Retail expansion
• Customer acquisition

Asset-light strategies are increasingly common among consumer-focused brands seeking faster scalability.

Revenue Generation

The company primarily earns revenue through sales of:

• Cosmetics
• Skincare products
• Beauty accessories
• Personal care items

Its omni-channel distribution strategy supports both online and offline customer engagement.

Recode Studios IPO Details

The IPO size is approximately ₹44.59 crore.

The issue structure includes:

The proceeds from the fresh issue are expected to support business growth and expansion activities.

IPO Dates

The shares are proposed to be listed on the BSE SME Exchange.

Price Band And Valuation

The IPO price band has been fixed at:

• ₹150 to ₹158 per equity share

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

• ₹168.18 crore

Lot Size And Investment Requirement

The IPO lot size has been fixed at 800 shares.

Retail Investor Requirement

Retail investors are required to apply for a minimum of:

• 2 lots
• 1,600 shares
• Minimum investment of ₹2,52,800

HNI Requirement

High Net-Worth Individuals are required to invest in:

• 3 lots
• 2,400 shares
• Minimum investment of ₹3,79,200

Like many SME IPOs, the investment amount is relatively higher because of larger lot sizes.

IPO GMP Today

The Grey Market Premium (GMP) of Recode Studios IPO is currently estimated at around:

• ₹189

However, investors should note:

• Grey market trading is unofficial
• GMP does not guarantee listing performance
• No regulated price discovery takes place in grey market transactions

The GMP depends on demand and supply dynamics in the unorganised market and should only be viewed for informational purposes.

Lead Manager And Registrar

The IPO is being managed by:

• Seren Capital Private Limited as the Book Running Lead Manager

The registrar to the issue is:

• Mudra RTA Ventures Private Limited

These entities are responsible for managing the IPO process, allotment and investor-related services.

Growth In India’s Beauty And Personal Care Industry

India’s beauty and personal care sector has witnessed strong growth due to:

• Rising disposable income
• Increasing beauty awareness
• Social media influence
• Expansion of online retail
• Growing demand for skincare products

The industry continues to attract new brands and investors due to evolving consumer preferences.

Omnichannel Strategy Supports Expansion

Recode Studios uses a combination of:

• Online sales
• Company-owned stores
• Franchise-operated outlets
• Mobile-based commerce

This omnichannel model helps the company expand customer reach and improve brand visibility.

SME IPO Market Momentum Continues

The SME IPO segment in India has remained active with growing participation from consumer-focused businesses.

SME listings help companies:

• Raise capital for expansion
• Improve public visibility
• Enhance market credibility
• Expand investor participation

At the same time, investors often evaluate risks associated with liquidity and business scale before investing in SME IPOs.

Key Factors Investors May Watch

Investors tracking the IPO may focus on:

• Revenue growth
• Brand expansion
• Distribution network
• Product demand
• Competition in beauty industry
• Profitability trends

The beauty and personal care market remains highly competitive with both domestic and international brands operating in the sector.

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