Recode Studios IPO Day 2 Subscription: Price Band, GMP and Key Details

Mumbai | 6 May 2026 

Recode Studios IPO is on day two of subscription, after opening on Tuesday, 5 May 2026. The SME issue is priced in a band of ₹150 to ₹158 per share. The cosmetics company is raising ₹44.6 crore through a mix of fresh issue and offer for sale, with listing scheduled on the BSE SME platform on 12 May 2026. The grey market premium stands at around 25 per cent ahead of listing. 

What is the Recode Studios IPO Issue Size? 

The total issue size is ₹44.6 crore. This includes a fresh issue of ₹39.6 crore and an offer for sale of ₹5 crore. At the upper end of the price band of ₹158, the company is set to command a post-issue market capitalisation of ₹168.18 crore. 

The subscription window remains open until 7 May 2026. Listing is proposed on the BSE SME platform on 12 May 2026. 

Recode Studios raised ₹12.7 crore from anchor investors on 4 May 2026, ahead of the public issue opening. 

Post-IPO, the company’s paid-up equity capital will rise from ₹8.14 crore to ₹10.64 crore. 

 Key IPO Details at a Glance 

What Does Recode Studios Do? 

Founded in 2021, Recode Studios operates in India’s beauty and personal care segment under the “Recode” brand. The company handles branding, sourcing and selling of cosmetics, skincare and body care products. 

Its distribution runs across physical stores, franchise outlets, owned digital platforms and third-party marketplaces. Products are listed on Amazon, Nykaa, Myntra and Flipkart. 

As of September 2025, the company operated 24 stores across 14 states. This included three company-owned outlets and 21 franchise stores. Recode currently offers over 350 stock-keeping units across makeup, skincare, body care and beauty accessories, targeting value-conscious consumers. 

How Are Recode Studios’ Financials? 

For the nine months ended 31 December 2025, Recode Studios reported total income of ₹57.45 crore and net profit of ₹9.06 crore. 

Across the previous three financial years, the company reported the following figures. 

How Will the IPO Proceeds Be Used? 

The company plans to deploy the IPO proceeds across four areas: 

• Setting up a new warehouse in Ludhiana 

• Investing in marketing and brand building 

• Meeting working capital requirements 

• Supporting general corporate purposes 

Outlook 

The Recode Studios IPO closes on 7 May 2026, with allotment expected ahead of the BSE SME listing on 12 May 2026. Investor demand across retail, non-institutional and qualified institutional categories will be visible through the subscription period. Track the Recode Studios IPO subscription status and details on PL Capital. 

Stay updated on Indian equity and commodity markets. Read more market news on PL Capital.  

Disclaimer: Investments in securities market are subject to market risks, read all the related documents carefully before investing.

This is a knowledge-sharing initiative by PL Capital. The information provided is only for educational purposes and should not be considered as financial advice & has no influence on the investment/trading decisions of any investors.

For detailed disclaimers/disclosure and Mandatory terms and conditions please visit our website https://www.plindia.com/regulatory-content/