Issue Price
₹158
Per Share
GMP
+₹48
+30.38% Grey Market
Est. Listing
₹206
Expected Price
Min. Application
₹252,800
2 lots × 800 shares
Incorporated in 2021, Recode Studio is an Indian beauty and personal care company operating under the brand “Recode.” Its business focuses on branding, sourcing and selling beauty and personal care products across India.The company sells its products through an omnichannel network, which includes company-owned stores (COCO), franchise stores (FOFO), third-party e-commerce platforms, and our own website and mobile app.Its product range includes make-up, skincare, body care, and beauty accessories. As of the date of this DRHP, we offer over 350 SKUs across different categories and price points, such as face, eye and lip makeup, as well as face and body care products.Customers can buy the products both offline and online. Offline sales take place through COCO and FOFO stores. Online sales are made through its website and app, and through platforms like Amazon, Nykaa, Myntra and Flipkart.As on September 30, 2025, the company operates a total of 24 stores across 14 states in India, comprising 3 Company-Owned Company-Operated (COCO) stores and 21 Franchisee-Owned Franchisee-Operated (FOFO) stores.Its products are manufactured by third-party manufacturers in India.Competitive StrengthsOmnichannel presence integrating offline and online platforms.Diverse product range across beauty and personal care categories.Digital Reach and Online Customer Engagement.Experienced Board of Directors and Management Team.
Recode Studios Ltd proposes to utilise the net proceeds from the Issue for the following objects:
| Category | Shares Offered | % Issue | Amount (₹ Cr)* | Subscription |
|---|---|---|---|---|
| QIB (Ex Anchor) | 535,200 | — | ₹8.46 Cr | 137.99x |
| NII / HNI | 403,200 | — | ₹6.37 Cr | 404.76x |
| Retail (RII) | 937,600 | — | ₹14.81 Cr | 216.65x |
| Market Maker | 144,800 | — | ₹2.29 Cr | — |
| TOTAL | 1,876,000 | 100.00% | ₹29.64 Cr | 234.64x |
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 800 | ₹126,400 |
| Retail (Max) | 13 | 10,400 | ₹1,643,200 |
| sNII (Min) | 14 | 11,200 | ₹1,769,600 |
| bNII (Min) | 68 | 54,400 | ₹8,595,200 |
| Particulars | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue from Operations | 57.45 | 47.94 | 36.93 |
| EBITDA | 13.34 | 6.13 | 1.67 |
| Profit After Tax (PAT) | 9.06 | 3.30 | 0.27 |
| Net Worth | 17.84 | 8.77 | 5.47 |
| Total Assets | 28.33 | 23.18 | 16.73 |
| Reserves & Surplus | 9.70 | 8.76 | 5.46 |
| Total Borrowings | N/A | 7.56 | 7.85 |