Recode Studios IPO Day 1 SME IPO Opens Today Check GMP Subscription Status and Other Details

Recode Studios Limited is a fast-growing Indian beauty and personal care company incorporated in June 2021 in Ludhiana, Punjab, operating under the brand name Recode. The company has over 350 product categories called SKUs across makeup, skincare, body care, and beauty accessories, and sells through company-owned stores, franchise stores, and major e-commerce platforms including Nykaa, Amazon, Flipkart, and Myntra. This article covers the live Recode Studios IPO Day 1 subscription status, GMP, price band, lot size, key dates, allotment process, and what investors should know before the window closes on May 7, 2026.

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Recode Studios IPO Day 1 Subscription Status

The Recode Studios IPO Day 1 subscription status is in early stages as of this report. Day 1 numbers for SME IPOs are typically low as QIBs and large HNI investors generally wait until Day 2 or Day 3 before placing bids. SME IPOs on BSE SME often see the bulk of their subscription come in on the final day. Investors should not read too much into Day 1 data for the Recode Studios IPO and should wait for Day 3 numbers for a clear picture of total demand.

Category	Shares On Offer	Day 1 Subscription Status
QIB	50% of net issue (13,36,800 shares)	Updating – QIBs typically wait for Day 3
NII (HNI)	15% of net issue (4,03,200 shares)	Updating – check BSE SME live data
Retail (RII)	35% of net issue (9,37,600 shares)	Initial participation recording
Total Net Offer	26,77,600 shares	Track live on BSE SME platform

Source: BSE SME live subscription data as of May 5, 2026. Data updates through the session. Track live subscription at BSE SME platform. The Recode Studios IPO is a key investment event to track closely.

Recode Studios IPO Price Band and Lot Size

The Recode Studios IPO price band is fixed at Rs 150 to Rs 158 per share with a face value of Rs 10 per share. The minimum lot size is 800 shares. Retail investors must apply for a minimum of 2 lots (1,600 shares), requiring a minimum investment of Rs 2,52,800 at the upper price band of Rs 158. HNI investors must apply for a minimum of 3 lots (2,400 shares) amounting to Rs 3,79,200.

IPO Detail	Information
IPO Open Date	May 5, 2026
IPO Close Date	May 7, 2026
Allotment Date	May 8, 2026
Credit to Demat	May 11, 2026
Refund Initiation	May 11, 2026
Listing Date	May 12, 2026
Price Band	Rs 150 to Rs 158 per share
Face Value	Rs 10 per share
Lot Size	800 shares
Minimum Retail Investment	Rs 2,52,800 (2 lots at upper band)
Minimum HNI Investment	Rs 3,79,200 (3 lots at upper band)
Total Issue Size	Rs 44.59 crore (28,22,400 shares)
Fresh Issue	Rs 39.55 crore
Offer for Sale (OFS)	Rs 5.04 crore (3,19,200 shares)
Listing Exchange	BSE SME
Issue Type	SME Book Built IPO
Registrar	Mudra RTA Ventures Private Limited

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About Recode Studios Limited

Recode Studios Limited was incorporated on June 16, 2021 in Ludhiana, Punjab, making it a relatively young brand with just four years of operating history. The company operates under the brand name Recode and has built an asset-light business model focused on branding, product development, and omnichannel marketing rather than owning manufacturing facilities. All products are manufactured by third-party vendors based on Recode’s formulations and specifications The Recode Studios IPO is a key investment event to track closely.

The company’s product range includes over 350 SKUs across four main categories: makeup (face, eye, and lip products), skincare, body care, and beauty accessories. Recode sells through company-owned stores called COCO outlets, franchise-operated stores called FOFO outlets, and major e-commerce platforms including Nykaa, Amazon, Flipkart, and Myntra. The Recode Studios IPO Day 1 brings this brand to the public markets for the first time. The company has received investment from ClanConnect, reflecting institutional interest in the beauty brand story.

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Recode Studios Financial Performance

The financial performance of Recode Studios shows strong top-line growth and a sharp jump in profitability in FY2025, forming the investment case for the Recode Studios IPO Day 1.

Financial Parameter	Value
Revenue FY2025	Rs 47.94 crore
Revenue FY2024	Rs 36.93 crore
Revenue Growth FY25 vs FY24	Approximately 30 percent
PAT FY2025	Rs 3.30 crore
PAT FY2024	Rs 0.27 crore
PAT Growth FY25 vs FY24	Approximately 12 times jump
Return on Equity (ROE)	46.37 percent
Product Portfolio	350 plus SKUs
Operating History	4 years (incorporated 2021)

Source: Recode Studios Limited Red Herring Prospectus. Verify all figures before investing. The Recode Studios IPO is a key investment event to track closely.

Aim of the Recode Studios IPO

The Recode Studios IPO total issue size of Rs 44.59 crore comprises a fresh issue of Rs 39.55 crore and an offer for sale of Rs 5.04 crore from existing shareholders. The fresh issue proceeds are intended to be used for working capital requirements, brand-building and marketing expenses to expand the Recode brand’s national visibility, expanding the retail network through new store openings, and general corporate purposes. The listing on BSE SME will enhance the brand’s visibility and provide a publicly traded reference price for the company’s equity.

Recode Studios IPO GMP Grey Market Premium

The Recode Studios IPO GMP stands at approximately Rs 11 per share as of May 5, 2026, indicating an expected listing price of approximately Rs 169 against the upper price band of Rs 158. This GMP of Rs 11 implies a listing gain of approximately 7 percent. Some grey market sources have reported higher GMP figures ranging from Rs 38 to Rs 47, which would imply 24 to 30 percent listing gains, but these appear to be earlier or more speculative readings. The more stable and widely reported GMP is Rs 11.

GMP Data Point	Value
GMP (May 5, 2026)	Rs 11 per share (stable reading)
Upper Price Band	Rs 158 per share
Expected Listing at GMP	Rs 169 (approximately 7 percent gain)
GMP Range Seen	Rs 11 to Rs 47 across different sources
GMP Trend	Positive sentiment for SME beauty brand
Caution	SME IPO GMP is thin and highly volatile

GMP data for the Recode Studios IPO is particularly volatile and unreliable as the grey market for smaller issues is thin. Even a handful of large orders can swing the GMP significantly. The stable Recode Studios IPO GMP of Rs 11 suggesting 7 percent potential gain is a more conservative and realistic basis for assessment than the higher figures seen from some sources The Recode Studios IPO is a key investment event to track closely.

Should I Apply for the Recode Studios IPO

Pros of the Recode Studios IPO

Rapid PAT growth of 12 times: PAT jumped approximately 12 times from Rs 0.27 crore in FY24 to Rs 3.30 crore in FY25, while revenue grew 30 percent to Rs 47.94 crore. This sharp profitability improvement signals that the brand is reaching a scale where operating leverage is kicking in The Recode Studios IPO is a key investment event to track closely.

High ROE of 46.37 percent: Return on equity of 46.37 percent is very high for a consumer brand of this size and suggests efficient use of capital in generating shareholder returns The Recode Studios IPO is a key investment event to track closely.

Digital-first and omnichannel distribution: Presence on Nykaa, Amazon, Flipkart, and Myntra alongside physical COCO and FOFO stores gives Recode a diversified distribution base that reduces dependence on any single channel and allows rapid scaling without heavy capital investment The Recode Studios IPO is a key investment event to track closely.

Asset-light model: Third-party manufacturing allows Recode to focus on branding and product development without the capital burden of factory ownership, enabling faster product launches and lower fixed costs The Recode Studios IPO is a key investment event to track closely.

Positive GMP signal: A GMP of Rs 11 on Day 1 suggesting approximately 7 percent listing gain is a constructive start for an SME IPO, reflecting some genuine grey market interest in the brand and business model The Recode Studios IPO is a key investment event to track closely.

Cons of the Recode Studios IPO

Very short operating history: Incorporated in 2021 with only four years of operating history, Recode has not yet been tested through a full business cycle. Revenue and PAT data available is limited, making long-term earnings predictability difficult The Recode Studios IPO is a key investment event to track closely.

High supplier concentration: More than 87 percent of Recode Studios IPO company products are sourced from a concentrated supplier base. Any supply disruption, quality issue, or pricing change from these key vendors could materially impact the company’s cost structure and product availability The Recode Studios IPO is a key investment event to track closely.

Small absolute profits: PAT of Rs 3.30 crore in FY25 on revenue of Rs 47.94 crore is a small absolute number. Any increase in marketing spend or raw material costs could quickly erode this thin profit margin The Recode Studios IPO is a key investment event to track closely.

SME IPO liquidity risk: BSE SME listed stocks carry lower daily trading liquidity than mainboard stocks. Investors may find it difficult to exit their position quickly without significantly impacting the market price The Recode Studios IPO is a key investment event to track closely.

Trademark and legal issues: Reports of unresolved trademark issues represent a reputational and legal risk for a consumer brand whose primary asset is its brand name and recognition The Recode Studios IPO is a key investment event to track closely.

How to Apply for the Recode Studios IPO Step by Step Guide

Step 1 – Open a Demat Account: Ensure you have an active demat and trading account. Open one through Univest here The Recode Studios IPO is a key investment event to track closely.

Step 2 – Log in to your broker platform: Navigate to the IPO section on your broker platform or bank net banking portal The Recode Studios IPO is a key investment event to track closely.

Step 3 – Search for the IPO: Search for Recode Studios Limited and click Bid The Recode Studios IPO is a key investment event to track closely.

Step 4 – Enter lot quantity and bid price: Apply for a minimum of 2 lots (1,600 shares) at Rs 158 upper band for best allotment probability. Minimum retail investment is Rs 2,52,800 The Recode Studios IPO is a key investment event to track closely.

Step 5 – Submit UPI or ASBA mandate: Complete the application using your UPI ID or ASBA through bank net banking. Shares will be credited to your demat account by May 11, 2026 if allotted The Recode Studios IPO is a key investment event to track closely.

How to Check Recode Studios IPO Allotment Status

Check Recode Studios IPO Allotment Status on BSE

Visit bseindia.com, navigate to the Investors section, click on Application Status, select Recode Studios IPO, enter your PAN or application number, and check your allotment status from May 8, 2026 onwards.

Check Recode Studios IPO Allotment Status on Registrar Portal

Visit Mudra RTA Ventures Private Limited website, navigate to the IPO Allotment Status section, select Recode Studios Limited, enter your PAN, application number or demat account details, and click Submit. Allotment status will be available from May 8, 2026 The Recode Studios IPO is a key investment event to track closely.

Frequently Asked Questions FAQs

What is the Recode Studios IPO Day 1 subscription status?

The Recode Studios IPO Day 1 subscription status is building through May 5, 2026 as early bids come in. Day 1 numbers for SME IPOs are typically low as QIBs and HNI investors wait for Day 2 and Day 3. Track live subscription data on the BSE SME platform. Overall Day 1 subscription will be released after 5 PM today.

What is the Recode Studios IPO GMP today?

The Recode Studios IPO GMP stands at approximately Rs 11 per share as of May 5, 2026, implying an expected listing price of approximately Rs 169 against the upper band of Rs 158, representing a potential listing gain of around 7 percent. Some grey market sources report higher GMP of Rs 38 to Rs 47 but the more stable and widely reported figure is Rs 11. GMP is unofficial and can change before the May 12 listing.

What is the Recode Studios IPO price band and lot size?

The Recode Studios IPO price band is Rs 150 to Rs 158 per share with a minimum lot size of 800 shares. Retail investors must apply for a minimum of 2 lots (1,600 shares) requiring Rs 2,52,800 at the upper band. HNI investors require a minimum of 3 lots (2,400 shares) amounting to Rs 3,79,200.

What is the Recode Studios IPO allotment date?

The Recode Studios IPO allotment date is May 8, 2026. Credit of shares to demat accounts is expected on May 11, 2026, ahead of the BSE SME listing on May 12, 2026. Allotment status can be checked on the Mudra RTA Ventures Private Limited registrar website from May 8, 2026.

What Does the Recode Studios IPO Company Do?

The Recode Studios IPO Recode Studios Limited is a beauty and personal care company incorporated in 2021 in Ludhiana, Punjab, selling makeup, skincare, body care, and accessories under the brand name Recode. The company uses third-party manufacturers and sells through its own stores, franchise stores, and platforms like Nykaa, Amazon, Flipkart, and Myntra. It has over 350 product categories across its range.

Should I apply for the Recode Studios IPO?

The Recode Studios IPO offers exposure to a fast-growing beauty brand with 30 percent revenue growth and a 12-times jump in PAT in FY25. Key positives are the positive GMP, high ROE, and omnichannel distribution. Key risks are the four-year operating history, high supplier concentration above 87 percent, small absolute PAT, and BSE SME liquidity constraints. Suitable for risk-tolerant investors willing to make a medium to long-term commitment. Consult a SEBI registered financial advisor before applying.

Who is the registrar of the Recode Studios IPO?

Mudra RTA Ventures Private Limited is the registrar of the Recode Studios IPO, responsible for managing the allotment process and initiating refunds. Allotment status will be available on their website from May 8, 2026. The Recode Studios IPO is listed on BSE SME.

Where Is Recode Studios IPO Company Headquartered?

The Recode Studios IPO Recode Studios Limited is headquartered in Ludhiana, Punjab, and was incorporated on June 16, 2021. The company operates nationally through its omnichannel retail network spanning company-owned and franchise physical stores along with major e-commerce platforms, making it effectively a pan-India beauty brand despite its Punjab base.

The Recode Studios IPO Investments in securities are subject to market risk. Please read all related documents before investing. This content is for educational purposes only and does not constitute investment advice. Consult a SEBI registered financial advisor before making any investment decisions.

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