Recode Studios came to market through an SME IPO that opened on 5 May 2026 and closed on 7 May 2026, and the shares listed on 12 May 2026 on BSE SME. The price band was ₹150 to ₹158 per share and one lot was 800 shares, so the minimum application was ₹1,26,400. The issue size was ₹44.59 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
Mudra RTA Ventures Private Limited was the registrar to the issue, and Seren Capital Pvt.Ltd was the lead manager.
As of 7 May 2026.
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Established in 2021, Recode Studio is a manufacturer of beauty and personal care products based in India under the brand 'Recode'. The company's operations include manufacturing, marketing and sale of beauty and personal care products across India. It sells its products via an omnichannel retailing approach, including through company-owned stores (COCO), franchise stores (FOFO), third-party e-commerce platforms and our own website and mobile application. The products sold by Recode Studio include makeup, skin care, body care and beauty accessories.
In addition, at the time of filing this DRHP, the number of SKU offered by the company is over 350, covering all ranges from facial to eyes and lips as well as body care products. The customers may purchase the products both offline and online. The offline sales happen through COCO and FOFO stores while online sales through our websites and mobile applications along with other third-party platforms such as Amazon, Nykaa, Myntra, and Flipkart.
As of the date of this DRHP, as on September 30, 2025, the company has a total number of 24 stores, out of which 3 stores are COCO and 21 stores are FOFO, spread across 14 states of India. Products offered by the company are manufactured through third-party manufacturers in India.
As described in the offer document.
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Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan, Karan Bansal. Promoter holding 88.93% before the issue and 65.01% after.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Recode Studios IPO was a ₹44.59 crore book-built issue, comprising a fresh issue of ₹39.55 crore and an offer for sale of ₹5.04 crore. It was priced at ₹150–₹158 per share with a lot size of 800 shares; the minimum retail application was 1,600 shares (₹2,52,800). The IPO was open from May 5 to May 7, 2026 and was subscribed 234.71x.
Shares listed on BSE SME on May 12, 2026 at ₹213.10, a 34.9% premium to the issue price of ₹158. Mudra RTA Ventures Private Limited is the registrar. Seren Capital Pvt. Ltd. is the book running lead manager.
The price band of Recode Studios IPO is ₹150 to ₹158 per share.
The lot size of Recode Studios IPO is 800 shares.
The minimum investment for Recode Studios IPO is approximately ₹2,52,800 based on the upper price band.
The allotment date of Recode Studios IPO is May 8, 2026.
Recode Studios IPO's final recorded GMP before listing was ₹40 per share (a 25% premium over the ₹158 upper price band). The shares listed at ₹213.1. GMP is unofficial and does not forecast or guarantee the actual listing price.
You can check Recode Studios IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Recode Studios IPO allotment status on Rupix for quick and easy access.
₹150 to ₹158 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 800 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,26,400. After listing, SME shares also trade in lots rather than one share at a time.
₹1,26,400, for one lot of 800 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 5 May 2026 and closed on 7 May 2026.
The basis of allotment was published on 8 May 2026 by Mudra RTA Ventures Private Limited, and allotted shares were credited to demat accounts before listing.
The shares listed on 12 May 2026 on BSE SME.
The issue size was ₹44.59 crore. The fresh issue was 25,03,200 shares (aggregating up to ₹39.55 crore). The offer for sale was 3,19,200 shares (aggregating up to ₹5.04 crore).