Recode Studios to List on Indian Stock Exchange Next Week
Recode Studios
IPORecode Studios to Debut on Dalal Street with Maiden Public Issue
Recode Studios, a leading beauty and personal care products retailer, is set to make its debut on Dalal Street with its initial public offering (IPO) next week on May 5. The price band for the offer has been fixed at Rs 150-158 per share.
The company aims to raise Rs 44.59 crore via the IPO of 28.22 lakh equity shares at the upper price band, at a valuation of Rs 168 crore. The IPO is a mix of fresh issuance of 25.03 lakh shares, and an offer-for-sale of 3.19 lakh shares by promoters.
IPO Details
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| IPO Component | Details |
|---|---|
| Fresh Issue | 25.03 lakh shares |
| Offer-for-Sale | 3.19 lakh shares by promoters |
| Price Band | Rs 150-158 per share |
| Amount Raised | Rs 44.59 crore at upper price band |
The IPO anchor book will open for a day on May 4, and the issue will close for the public subscription on May 7. The company will finalise IPO share allotment by May 8, and list its equity shares on the BSE SME on May 12.
Recode Studios operates a comprehensive branding, procurement, and distribution network of beauty and personal care products under the Recode brand through an omnichannel distribution network of 22 stores. The company-owned company-operated (COCO) retail stores, franchisee-owned franchisee-operated (FOFO) stores, third-party e-commerce platforms, and proprietary website and mobile application are part of this network.
The company does not own any manufacturing facilities, and products are manufactured through third-party manufacturers in India. Certain products are sourced through imports from international markets.
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Utilisation of Proceeds
The company plans to utilise the proceeds from the fresh issue as follows:
| Category | Amount (Rs crore) |
|---|---|
| Setting up of new warehouse at Ludhiana, Punjab | 5.74 |
| Marketing and advertisement expenses | 5.4 |
| Working capital requirements | 19.5 |
| General corporate purposes | Remaining amount |
On the financial front, Recode Studios has recorded a profit of Rs 9.06 crore and revenue of Rs 57.4 crore for the nine months period ended December 2025. The company's profit in fiscal 2025 grew by 12-fold to Rs 3.3 crore from Rs 0.27 crore in the previous year, while revenue during the same period increased nearly 30 percent to Rs 47.8 crore from Rs 36.8 crore.
Seren Capital has been appointed as the sole book running lead manager for the Recode Studios IPO.
Investor Takeaway
Recode Studios will list on the Indian stock exchange next week.
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