Recode Studios IPO GMP and Review: Apply or Avoid

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 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.

Recode Studios IPO Details

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.

Recode Studios IPO Share Reservation

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.

Recode Studios IPO GMP: Grey Market Premium Trend

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.

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.

Track Live Recode Studios IPO GMP on Univest Screener

Recode Studios IPO GMP Review

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.

Financial Health of the Recode Studios IPO Company

Assess the company’s financial performance to know about its ability to sustain a competitive edge in India’s beauty and personal care market. Understanding the growth margins and profitability trends is essential before applying for the Recode Studios IPO.

Recode Studios Limited’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.

Recode Studios IPO: Key Metrics and Valuation

A number of indicators are available to assess the Recode Studios IPO’s potential to deliver returns. Use the parameters mentioned below to analyse the key aspects of the Recode Studios IPO.

Recode Studios IPO Subscription Status

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.

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About Recode Studios Limited

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 “Recode” 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.

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’s product-led, content-driven growth model is well-suited to India’s social commerce era, where influencer discovery drives beauty brand consideration and conversion.

Recode Studios IPO Bidding Requirements

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:

Should I Invest in the Recode Studios IPO?

Pros of the Recode Studios IPO:

• Positive GMP Signal: 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.
• High-Growth Revenue: 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.
• Asset-Light Model: Contract manufacturing allows the Recode Studios IPO company to launch new products rapidly without capex, supporting faster scaling and improved margins as revenue grows.
• India Beauty Market Tailwind: India’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.
• ClanConnect Influencer Platform: 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.

Cons of the Recode Studios IPO:

• Short Operating History: 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.
• Intense Competition: India’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.
• OFS Component: The Recode Studios IPO includes an OFS of Rs 5.04 crore, indicating partial promoter or early investor exit through the IPO.
• ClanConnect Investment Risk: 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.
• BSE SME Liquidity: BSE SME listed stocks carry structurally lower post-listing liquidity than mainboard stocks, making large position exits potentially difficult for Recode Studios IPO investors.

How to Apply for the Recode Studios IPO?

1. Conduct thorough research on the Recode Studios IPO GMP, subscription status, issue size, lot size and financial details
2. Open a demat account on Univest or log in to your existing demat account and navigate to the IPO section
3. 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)
4. Enter your UPI ID and bid at the cut-off price of Rs 158 for the best allotment probability in the Recode Studios IPO
5. Approve the UPI mandate request from your payments app (GPay, PhonePe, BHIM or Paytm) within the mandate window

How to Check the Recode Studios IPO Allotment Status?

You can check whether the Recode Studios IPO allotment is done through the following methods:

Check on BSE

• Visit the BSE official website at bseindia.com
• Navigate to the IPO allotment status section
• Select Equity as the issue type and choose the Recode Studios IPO
• Enter your PAN or application number and submit to view your Recode Studios IPO allotment status

Check on the Registrar Portal

1. Visit the Mudra RTA Ventures registrar portal
2. Click on the allotment option and fill in the required details
3. Submit your PAN or application number to view your Recode Studios IPO allotment status

Verdict on the Recode Studios IPO

The Recode Studios IPO is a moderately attractive BSE SME issue for investors comfortable with the beauty sector’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’s beauty and personal care market. Consult a financial advisor before investing in the Recode Studios IPO.

Open a demat account on Univest to apply for the Recode Studios IPO

FAQs on the Recode Studios IPO

How is the Recode Studios IPO?

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.

What is the Recode Studios IPO price band?

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.

Is the Recode Studios IPO good?

Ans. The Recode Studios IPO has a positive GMP of Rs 11, and the company’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.

Who is the registrar of the Recode Studios IPO?

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.

What is the Recode Studios IPO listing date?

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.

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).

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