{"id":81111,"date":"2026-05-04T00:15:00","date_gmt":"2026-05-03T18:45:00","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=81111"},"modified":"2026-05-03T21:19:12","modified_gmt":"2026-05-03T15:49:12","slug":"recode-studios-ipo-review-gmp-apply-or-avoid","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/","title":{"rendered":"Recode Studios IPO GMP and Review: Apply or Avoid"},"content":{"rendered":"<p><strong>Recode Studios IPO<\/strong> is open for bidding from 5 May 2026 to 7 May 2026. It is a BSE SME book-built issue of Rs 44.59 crore, comprising a fresh issue of Rs 39.55 crore (0.25 crore shares) and an offer for sale of Rs 5.04 crore (3,19,354 shares). The Recode Studios IPO will be listed on BSE SME on its tentative listing date, 12 May 2026. The Recode Studios IPO GMP as of 1 May 2026 stands at Rs 11 per share, indicating an expected listing gain of approximately 6.96 per cent over the upper price band of Rs 158.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Recode_Studios_IPO_Details\" title=\"Recode Studios IPO Details\">Recode Studios IPO Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Recode_Studios_IPO_Share_Reservation\" title=\"Recode Studios IPO Share Reservation\">Recode Studios IPO Share Reservation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Recode_Studios_IPO_GMP_Grey_Market_Premium_Trend\" title=\"Recode Studios IPO GMP: Grey Market Premium Trend\">Recode Studios IPO GMP: Grey Market Premium Trend<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Recode_Studios_IPO_GMP_Review\" title=\"Recode Studios IPO GMP Review\">Recode Studios IPO GMP Review<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Financial_Health_of_the_Recode_Studios_IPO_Company\" title=\"Financial Health of the Recode Studios IPO Company\">Financial Health of the Recode Studios IPO Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Recode_Studios_IPO_Key_Metrics_and_Valuation\" title=\"Recode Studios IPO: Key Metrics and Valuation\">Recode Studios IPO: Key Metrics and Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Recode_Studios_IPO_Subscription_Status\" title=\"Recode Studios IPO Subscription Status\">Recode Studios IPO Subscription Status<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#About_Recode_Studios_Limited\" title=\"About Recode Studios Limited\">About Recode Studios Limited<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Recode_Studios_IPO_Bidding_Requirements\" title=\"Recode Studios IPO Bidding Requirements\">Recode Studios IPO Bidding Requirements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Should_I_Invest_in_the_Recode_Studios_IPO\" title=\"Should I Invest in the Recode Studios IPO?\">Should I Invest in the Recode Studios IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#How_to_Apply_for_the_Recode_Studios_IPO\" title=\"How to Apply for the Recode Studios IPO?\">How to Apply for the Recode Studios IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#How_to_Check_the_Recode_Studios_IPO_Allotment_Status\" title=\"How to Check the Recode Studios IPO Allotment Status?\">How to Check the Recode Studios IPO Allotment Status?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Check_on_BSE\" title=\"Check on BSE\">Check on BSE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Check_on_the_Registrar_Portal\" title=\"Check on the Registrar Portal\">Check on the Registrar Portal<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Verdict_on_the_Recode_Studios_IPO\" title=\"Verdict on the Recode Studios IPO\">Verdict on the Recode Studios IPO<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#FAQs_on_the_Recode_Studios_IPO\" title=\"FAQs on the Recode Studios IPO\">FAQs on the Recode Studios IPO<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#How_is_the_Recode_Studios_IPO\" title=\"How is the Recode Studios IPO?\">How is the Recode Studios IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#What_is_the_Recode_Studios_IPO_price_band\" title=\"What is the Recode Studios IPO price band?\">What is the Recode Studios IPO price band?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Is_the_Recode_Studios_IPO_good\" title=\"Is the Recode Studios IPO good?\">Is the Recode Studios IPO good?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Who_is_the_registrar_of_the_Recode_Studios_IPO\" title=\"Who is the registrar of the Recode Studios IPO?\">Who is the registrar of the Recode Studios IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#What_is_the_Recode_Studios_IPO_listing_date\" title=\"What is the Recode Studios IPO listing date?\">What is the Recode Studios IPO listing date?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/univest.in\/blogs-2\/recode-studios-ipo-review-gmp-apply-or-avoid\/#Recent_Article\" title=\"Recent Article\">Recent Article<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recode_Studios_IPO_Details\"><\/span><strong>Recode Studios IPO Details<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>The Recode Studios IPO date is fixed between 5 May 2026 and 7 May 2026. The face value of the Recode Studios IPO shares is Rs 10 per share, and the IPO price band is set between Rs 150 and Rs 158 per share. Mudra RTA Ventures Pvt Ltd is the registrar of the Recode Studios IPO. Check out the latest Recode Studios IPO details in the table below.<\/p><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Parameter<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td>IPO Open Date<\/td><td>5 May 2026 (Monday)<\/td><\/tr><tr><td>IPO Close Date<\/td><td>7 May 2026 (Wednesday)<\/td><\/tr><tr><td>IPO Allotment Date<\/td><td>8 May 2026<\/td><\/tr><tr><td>Refund Initiation<\/td><td>9 May 2026<\/td><\/tr><tr><td>Share Credit to Demat<\/td><td>9 May 2026<\/td><\/tr><tr><td>Listing Date<\/td><td>12 May 2026 (BSE SME)<\/td><\/tr><tr><td>Issue Size<\/td><td>Rs 44.59 crore<\/td><\/tr><tr><td>Fresh Issue<\/td><td>Rs 39.55 crore (0.25 crore shares)<\/td><\/tr><tr><td>Offer for Sale (OFS)<\/td><td>Rs 5.04 crore (3,19,354 shares)<\/td><\/tr><tr><td>Face Value<\/td><td>Rs 10 per share<\/td><\/tr><tr><td>Lot Size<\/td><td>800 shares<\/td><\/tr><tr><td>Issue Price Band<\/td><td>Rs 150 to Rs 158 per share<\/td><\/tr><tr><td>Issue Type<\/td><td>SME Book-Built Issue<\/td><\/tr><tr><td>Listing Exchange<\/td><td>BSE SME<\/td><\/tr><tr><td>Registrar<\/td><td>Mudra RTA Ventures Pvt Ltd<\/td><\/tr><tr><td>Lead Manager<\/td><td>Seren Capital Pvt Ltd<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recode_Studios_IPO_Share_Reservation\"><\/span><strong>Recode Studios IPO Share Reservation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>The Recode Studios IPO is a BSE SME book-built issue. SEBI has specified the share reservation criteria for different investor categories in the Recode Studios IPO. Look at the table below to learn about the allocation structure.<\/p><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Investor Category<\/strong><\/td><td><strong>Shares Offered<\/strong><\/td><\/tr><tr><td>QIB Shares Offered<\/td><td>Not more than 50% of the Net Offer<\/td><\/tr><tr><td>Retail Shares Offered<\/td><td>Not less than 35% of the Net Offer<\/td><\/tr><tr><td>NII (HNI) Shares Offered<\/td><td>Not less than 15% of the Net Offer<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recode_Studios_IPO_GMP_Grey_Market_Premium_Trend\"><\/span><strong>Recode Studios IPO GMP: Grey Market Premium Trend<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>GMP is the gap between the price band of the issue and the price at which company shares are currently trading in the grey market. Do you want to get live updates on the Recode Studios IPO? If yes, check the table below to learn about the Recode Studios IPO GMP trends.<\/p><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>GMP Date<\/strong><\/td><td><strong>IPO Price<\/strong><\/td><td><strong>GMP<\/strong><\/td><td><strong>Est. Listing Price<\/strong><\/td><td><strong>Est. Listing Gains<\/strong><\/td><\/tr><tr><td>01-05-2026<\/td><td>Rs 158<\/td><td>Rs 11<\/td><td>Rs 169<\/td><td>+6.96%<\/td><\/tr><tr><td>30-04-2026<\/td><td>Rs 158<\/td><td>Rs 11<\/td><td>Rs 169<\/td><td>+6.96%<\/td><\/tr><tr><td>29-04-2026<\/td><td>Rs 158<\/td><td>Rs 11<\/td><td>Rs 169<\/td><td>+6.96%<\/td><\/tr><\/tbody><\/table><\/figure><p>As of 1 May 2026, the Recode Studios IPO GMP stands at Rs 11 per share, indicating an expected listing price of Rs 169 on its tentative listing date, 12 May 2026, representing a potential gain of approximately 6.96 per cent. GMP data is unofficial and subject to change based on market trends and sentiments. Check the live Recode Studios IPO GMP status before applying.<\/p><p><a href=\"https:\/\/univest.in\/screeners\">Track Live Recode Studios IPO GMP on Univest Screener<\/a><\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recode_Studios_IPO_GMP_Review\"><\/span><strong>Recode Studios IPO GMP Review<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Check out the Recode Studios IPO GMP review for a thorough understanding of its potential to deliver listing gains on 12 May 2026. The Recode Studios IPO GMP of Rs 11 (approximately 7 per cent over the upper band) reflects positive grey market sentiment for this beauty and personal care brand IPO, making it one of the more constructive GMP signals among BSE SME IPOs in the current market environment. The stability of the Recode Studios IPO GMP at Rs 11 across multiple days is a constructive signal compared to GMPs that spike and then collapse before listing.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Financial_Health_of_the_Recode_Studios_IPO_Company\"><\/span><strong>Financial Health of the Recode Studios IPO Company<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Assess the company&#8217;s financial performance to know about its ability to sustain a competitive edge in India&#8217;s beauty and personal care market. Understanding the growth margins and profitability trends is essential before applying for the Recode Studios IPO.<\/p><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Year Ended<\/strong><\/td><td><strong>FY25 (Rs Crore)<\/strong><\/td><td><strong>FY24 (Rs Crore)<\/strong><\/td><\/tr><tr><td>Revenue<\/td><td>47.94<\/td><td>36.93<\/td><\/tr><tr><td>Net Profit (PAT)<\/td><td>3.30<\/td><td>0.27<\/td><\/tr><tr><td>PAT Growth YoY<\/td><td>+1,122%<\/td><td>Base year<\/td><\/tr><tr><td>Revenue Growth YoY<\/td><td>+29.8%<\/td><td>Base year<\/td><\/tr><tr><td>Number of SKUs<\/td><td>350+<\/td><td>Growing<\/td><\/tr><\/tbody><\/table><\/figure><p>Recode Studios Limited&#8217;s revenue grew 29.8 per cent from Rs 36.93 crore in FY24 to Rs 47.94 crore in FY25, while PAT surged from Rs 0.27 crore to Rs 3.30 crore, a more than 12 times year-on-year increase. The Recode Studios IPO company was incorporated in 2021 and has demonstrated rapid scaling for a four-year-old beauty brand. The asset-light contract manufacturing model adopted by the Recode Studios IPO company enables strong operating leverage as revenue grows, as evidenced by the dramatic PAT improvement in FY25.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recode_Studios_IPO_Key_Metrics_and_Valuation\"><\/span><strong>Recode Studios IPO: Key Metrics and Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>A number of indicators are available to assess the Recode Studios IPO&#8217;s potential to deliver returns. Use the parameters mentioned below to analyse the key aspects of the Recode Studios IPO.<\/p><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Key Indicators<\/strong><\/td><td><strong>Value<\/strong><\/td><\/tr><tr><td>Price Band<\/td><td>Rs 150 to Rs 158 per share<\/td><\/tr><tr><td>Face Value<\/td><td>Rs 10 per share<\/td><\/tr><tr><td>Lot Size<\/td><td>800 shares<\/td><\/tr><tr><td>Market Capitalisation (at Rs 158)<\/td><td>Rs 70 to 75 crore approx<\/td><\/tr><tr><td>GMP (as of 1 May 2026)<\/td><td>Rs 11 (+6.96%)<\/td><\/tr><tr><td>Expected Listing Price<\/td><td>Rs 169 (GMP-based estimate)<\/td><\/tr><tr><td>Issue Type<\/td><td>100% Book-Built SME<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recode_Studios_IPO_Subscription_Status\"><\/span><strong>Recode Studios IPO Subscription Status<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>The Recode Studios IPO is set to open for bidding on 5 May 2026. The subscription status for the Recode Studios IPO will be announced from the opening day. Stay informed to check the live Recode Studios IPO subscription status during the bidding window.<\/p><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Investor Category<\/strong><\/td><td><strong>Shares Offered<\/strong><\/td><td><strong>Subscription Status<\/strong><\/td><\/tr><tr><td>QIB<\/td><td>Up to 50% of Net Offer<\/td><td>Opens 5 May 2026<\/td><\/tr><tr><td>Retail<\/td><td>Min 35% of Net Offer<\/td><td>Opens 5 May 2026<\/td><\/tr><tr><td>NII (HNI)<\/td><td>Min 15% of Net Offer<\/td><td>Opens 5 May 2026<\/td><\/tr><\/tbody><\/table><\/figure><p><em>Download the <\/em><a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\"><em>Univest iOS App<\/em><\/a><em> or the <\/em><a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\"><em>Univest Android App<\/em><\/a><em> to get daily IPO updates and expert research.<\/em><\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_Recode_Studios_Limited\"><\/span><strong>About Recode Studios Limited<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Recode Studios Limited, the Recode Studios IPO company, was incorporated on 16 June 2021 in Ludhiana, Punjab, and is promoted by Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan and Karan Bansal. The company operates under the &#8220;Recode&#8221; brand in the Indian beauty and personal care market, focusing on makeup, skincare, body care and beauty accessories. The Recode Studios IPO company follows an asset-light business model, with products manufactured through third-party contract manufacturers and distributed through online platforms including e-commerce marketplaces and a growing network of franchise retail stores across India. Its portfolio covers over 350 SKUs across face, eye and lip products along with personal care items.<\/p><p>The Rs 7.00 crore allocation from the Recode Studios IPO fresh issue proceeds will be invested in Irida Interactive Private Limited, which operates the ClanConnect influencer marketing platform, enabling the Recode Studios IPO company to build its own influencer marketing infrastructure. The Recode Studios IPO company&#8217;s product-led, content-driven growth model is well-suited to India&#8217;s social commerce era, where influencer discovery drives beauty brand consideration and conversion.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recode_Studios_IPO_Bidding_Requirements\"><\/span><strong>Recode Studios IPO Bidding Requirements<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Investors can bid for a minimum of 800 shares in multiples thereof in the Recode Studios IPO. The table below represents the minimum and maximum investments by retail investors and HNI in the Recode Studios IPO:<\/p><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Application<\/strong><\/td><td><strong>Lots<\/strong><\/td><td><strong>Shares<\/strong><\/td><td><strong>Amount<\/strong><\/td><\/tr><tr><td>Retail (Min)<\/td><td>2<\/td><td>1,600<\/td><td>Rs 2,52,800<\/td><\/tr><tr><td>Retail (Max)<\/td><td>13<\/td><td>10,400<\/td><td>Rs 16,43,200<\/td><\/tr><tr><td>S-HNI (Min)<\/td><td>14<\/td><td>11,200<\/td><td>Rs 17,69,600<\/td><\/tr><tr><td>B-HNI (Min)<\/td><td>68<\/td><td>54,400<\/td><td>Rs 85,95,200<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Should_I_Invest_in_the_Recode_Studios_IPO\"><\/span><strong>Should I Invest in the Recode Studios IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><strong>Pros of the Recode Studios IPO:<\/strong><\/p><ul class=\"wp-block-list\"><li><strong>Positive GMP Signal: <\/strong>The Recode Studios IPO GMP of Rs 11 (approximately 7 per cent) is a constructive pre-subscription grey market signal, reflecting investor appetite for the beauty sector growth theme.<\/li>\n\n<li><strong>High-Growth Revenue: <\/strong>The Recode Studios IPO company grew revenue 29.8 per cent in FY25 with a PAT jump from Rs 0.27 crore to Rs 3.30 crore, demonstrating the business has crossed its operating leverage inflection point.<\/li>\n\n<li><strong>Asset-Light Model: <\/strong>Contract manufacturing allows the Recode Studios IPO company to launch new products rapidly without capex, supporting faster scaling and improved margins as revenue grows.<\/li>\n\n<li><strong>India Beauty Market Tailwind: <\/strong>India&#8217;s colour cosmetics and personal care market is growing rapidly on the back of social media beauty awareness, rising disposable incomes and increasing premiumisation of mid-market beauty products.<\/li>\n\n<li><strong>ClanConnect Influencer Platform: <\/strong>The strategic investment in the ClanConnect influencer marketing platform positions the Recode Studios IPO company to own its marketing infrastructure rather than pay third-party influencer aggregators.<\/li><\/ul><p><strong>Cons of the Recode Studios IPO:<\/strong><\/p><ul class=\"wp-block-list\"><li><strong>Short Operating History: <\/strong>The Recode Studios IPO company was incorporated in June 2021 with only four years of operating history. FY25 is effectively the first year of meaningful profitability at Rs 3.30 crore PAT, making the durability of earnings harder to validate.<\/li>\n\n<li><strong>Intense Competition: <\/strong>India&#8217;s beauty and personal care market is intensely competitive with Mamaearth, Nykaa, Sugar Cosmetics and international brands all investing heavily in digital channels that the Recode Studios IPO company also relies on.<\/li>\n\n<li><strong>OFS Component: <\/strong>The Recode Studios IPO includes an OFS of Rs 5.04 crore, indicating partial promoter or early investor exit through the IPO.<\/li>\n\n<li><strong>ClanConnect Investment Risk: <\/strong>The Rs 7.00 crore allocation from the Recode Studios IPO proceeds to ClanConnect represents a significant bet that if the platform does not scale, could become a sunk cost.<\/li>\n\n<li><strong>BSE SME Liquidity: <\/strong>BSE SME listed stocks carry structurally lower post-listing liquidity than mainboard stocks, making large position exits potentially difficult for Recode Studios IPO investors.<\/li><\/ul><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Apply_for_the_Recode_Studios_IPO\"><\/span><strong>How to Apply for the Recode Studios IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><ol class=\"wp-block-list\"><li>Conduct thorough research on the Recode Studios IPO GMP, subscription status, issue size, lot size and financial details<\/li>\n\n<li>Open a demat account on Univest or log in to your existing demat account and navigate to the IPO section<\/li>\n\n<li>Search for the Recode Studios IPO and select the number of lots (minimum 2 lots or 1,600 shares at Rs 2,52,800 for retail investors)<\/li>\n\n<li>Enter your UPI ID and bid at the cut-off price of Rs 158 for the best allotment probability in the Recode Studios IPO<\/li>\n\n<li>Approve the UPI mandate request from your payments app (GPay, PhonePe, BHIM or Paytm) within the mandate window<\/li><\/ol><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Check_the_Recode_Studios_IPO_Allotment_Status\"><\/span><strong>How to Check the Recode Studios IPO Allotment Status?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>You can check whether the Recode Studios IPO allotment is done through the following methods:<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Check_on_BSE\"><\/span><strong>Check on BSE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><ul class=\"wp-block-list\"><li>Visit the BSE official website at bseindia.com<\/li>\n\n<li>Navigate to the IPO allotment status section<\/li>\n\n<li>Select Equity as the issue type and choose the Recode Studios IPO<\/li>\n\n<li>Enter your PAN or application number and submit to view your Recode Studios IPO allotment status<\/li><\/ul><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Check_on_the_Registrar_Portal\"><\/span><strong>Check on the Registrar Portal<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><ol class=\"wp-block-list\"><li>Visit the Mudra RTA Ventures registrar portal<\/li>\n\n<li>Click on the allotment option and fill in the required details<\/li>\n\n<li>Submit your PAN or application number to view your Recode Studios IPO allotment status<\/li><\/ol><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Verdict_on_the_Recode_Studios_IPO\"><\/span><strong>Verdict on the Recode Studios IPO<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>The Recode Studios IPO is a moderately attractive BSE SME issue for investors comfortable with the beauty sector&#8217;s competitive dynamics and the early-stage growth risks of a four-year-old brand. The GMP of Rs 11 (approximately 7 per cent) and 29.8 per cent revenue growth in FY25 alongside the PAT surge from Rs 0.27 crore to Rs 3.30 crore are constructive signals for the Recode Studios IPO. Well-informed investors may apply for a selective allocation in the Recode Studios IPO for both listing gain potential and medium-term growth in India&#8217;s beauty and personal care market. Consult a financial advisor before investing in the Recode Studios IPO.<\/p><p><a href=\"https:\/\/univest.in\/user\/log-in\">Open a demat account on Univest to apply for the Recode Studios IPO<\/a><\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs_on_the_Recode_Studios_IPO\"><\/span><strong>FAQs on the Recode Studios IPO<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_is_the_Recode_Studios_IPO\"><\/span><strong>How is the Recode Studios IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Ans. Currently, the Recode Studios IPO GMP stands at Rs 11, indicating an estimated listing price of approximately Rs 169 per share. It is a BSE SME book-built issue of Rs 44.59 crore comprising a fresh issue of Rs 39.55 crore and an OFS of Rs 5.04 crore. The Recode Studios IPO opens on 5 May 2026 and closes on 7 May 2026.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Recode_Studios_IPO_price_band\"><\/span><strong>What is the Recode Studios IPO price band?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Ans. The Recode Studios IPO price band is Rs 150 to Rs 158 per share. The face value is Rs 10 per share. Retail investors can apply for a minimum of 2 lots (1,600 shares) at Rs 2,52,800 in the Recode Studios IPO. The Recode Studios IPO lot size is 800 shares.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_the_Recode_Studios_IPO_good\"><\/span><strong>Is the Recode Studios IPO good?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Ans. The Recode Studios IPO has a positive GMP of Rs 11, and the company&#8217;s revenue grew 29.8 per cent in FY25 while PAT surged from Rs 0.27 crore to Rs 3.30 crore. Investors can analyse the financials, GMP trend and risks mentioned above before deciding on the Recode Studios IPO.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_is_the_registrar_of_the_Recode_Studios_IPO\"><\/span><strong>Who is the registrar of the Recode Studios IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Ans. Mudra RTA Ventures Pvt Ltd is the registrar of the Recode Studios IPO, responsible for managing the allotment process and refund initiation. The Recode Studios IPO allotment date is 8 May 2026.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Recode_Studios_IPO_listing_date\"><\/span><strong>What is the Recode Studios IPO listing date?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Ans. The Recode Studios IPO listing date is 12 May 2026 on the BSE SME platform. The subscription window for the Recode Studios IPO is from 5 May to 7 May 2026, with allotment expected on 8 May 2026.<\/p><p><em>Disclaimer: This article is purely for informational and educational purposes and should not be construed as investment advice or a recommendation to subscribe or avoid any IPO. Investments in the securities market are subject to market risk. Please read all related documents including the Red Herring Prospectus carefully before investing. Univest is a SEBI-registered Research Analyst (INH000009677).<\/em><\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recent_Article\"><\/span><strong>Recent Article<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><a href=\"https:\/\/univest.in\/blogs\/vrl-logistics-q4-results-2026-2\">VRL Logistics Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/vraj-iron-and-steel-q4-results-2026\">Vraj Iron and Steel Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/voltas-q4-results-2026\">Voltas Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/voltamp-transformers-q4-results-2026\">Voltamp Transformers Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/vodafone-idea-q4-results-2026\">Vodafone Idea Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><\/p>","protected":false},"excerpt":{"rendered":"<p>Recode Studios IPO is open for bidding from 5 May 2026 to 7 May 2026. It is a BSE SME book-built issue of Rs 44.59 crore, comprising a fresh issue of Rs 39.55 crore (0.25 crore shares) and an offer for sale of Rs 5.04 crore (3,19,354 shares). The Recode Studios IPO will be listed<\/p>\n","protected":false},"author":23,"featured_media":81112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1281],"tags":[4111],"class_list":["post-81111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-ipo-gmp-and-review"],"metadata":{"_edit_lock":["1777823448:23"],"_last_editor_used_jetpack":["block-editor"],"rank_math_internal_links_processed":["1"],"rank_math_primary_category":["1281"],"rank_math_seo_score":["79"],"rank_math_robots":["a:2:{i:0;s:8:\"nofollow\";i:1;s:7:\"noindex\";}"],"rank_math_title":["Recode Studios IPO GMP and Review: Apply or Avoid"],"rank_math_description":["Recode Studios IPO opens 5 May 2026. Price band Rs 150 to Rs 158, GMP Rs 11, lot size 800. Full review of beauty brand IPO: financials, GMP trend, subscription, risks and verdict."],"rank_math_focus_keyword":["Recode Studios 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