Recode Studios Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹158
Per ShareLot Size
800 Shares
Minimum Investment
₹1,26,400
Issue Size
₹44.59 Cr
Face Value
₹10
Per ShareIPO Type
Book Building - SME
Retail Quota
35.01%
QIB Quota
49.93%
NII Quota
15.06%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Recode Studios Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
88.93%
Promoter Holding (Post-Issue)
65.02%
Issue Type
Book Building - SME
ISIN
INE2B6701015
About the Company
The Company is a beauty and personal care ("BPC") company operating in the beauty, cosmetics and personal care segment in India. Its business primarily involves the branding, procurement and distribution of beauty and personal care products under the "Recode" brand. The Company operates through an omnichannel distribution network, which comprises Company-Owned Company-Operated ("COCO") retail stores, Franchisee-Owned Franchisee-Operated ("FOFO") stores, third-party e-commerce platforms and our proprietary website and mobile application.
Industry Overview
The Indian cosmetics industry, valued at USD 15.19 billion in 2024, continues to demonstrate strong momentum and resilience, driven by structural growth factors such as rising disposable incomes, rapid urbanization, changing lifestyle patterns, and heightened beauty and grooming awareness. With increasing participation of both domestic and global brands, the market is projected to expand at a CAGR of 6.21%, reaching approximately USD 27.75 billion by 2034. The ongoing digital revolution, widespread use of ecommerce platforms, and growing influence of social media have significantly altered consumer purchasing behaviour, leading to deeper penetration across urban, semi-urban, and rural markets.
Company History
The Company was incorporated as "Recode Studios Private Limited" on June 16, 2021, under the provisions of the Companies Act, 2013, pursuant to a Certificate of Incorporation issued by Registrar of Companies, Central Processing Centre. The Company was converted from private limited to public limited, pursuant to special resolution passed by the shareholders of the Company at the Extraordinary General Meeting held on August 27, 2025 and the name of the Company was changed from "Recode Studios Private Limited" to "Recode Studios Limited" vide fresh certificate of incorporation dated September 16, 2025 issued by the Registrar of Companies, Central Processing Centre.
Products & Services
- The Company is a beauty and personal care ("BPC") company operating in the beauty, cosmetics and personal care segment in India.
Growth Strategy
- Franchise-led Expansion of Retail Presence.
- Increasing Warehousing Capabilities.
- Marketing Initiatives through Digital Platforms and Collaborations.
- Expanding and Updating Product Portfolio.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a standalone basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offer of 28,22,400 equity shares of face value of Rs.10/- each (the "Equity Shares") of Recode Studios Limited ("The Company" or "RSL" or "The Issuer") at an offer price of Rs.158 per equity share for cash, aggregating to Rs. 44.59 Crores ("Public Offer") comprising of a fresh issue of 25,03,200 equity shares aggregating to Rs. 39.55 Crores (the "Fresh Issue") and an offer for sale of 3,19,200 equity shares by the promoter selling shareholders, Rahul Sachdeva, Karan Bansal and Preeti Trehan ("Offer For Sale") aggregating to Rs. 5.04 Crores, (hereinafter reffered as "Promoter Selling Shareholders") out of which 1,44,800 equity shares of face value of Rs. 10 each at an offer price of Rs. 158 per equity share for cash aggregating to Rs.2.29 Crores will be reserved for subscription by the market maker to the offer (the "Market Maker Reservation Portion"). The public offer less market maker reservation portion i.e. Offer of 26,77,600 equity shares of face value of Rs. 10 each at an offer price of Rs. 158 per equity share for cash aggregating Rs. 42.31 Crores is herein after referred to as the "Net Offer". The public offer and net offer will constitute 26.52% and 25.16% respectively of the post- offer paid-up equity share capital of the company. Price Band: Rs. 158/- per equity share of face value of Rs. 10/- each. The floor price is 15.8 times of the face value of the equity shares. Bids can be made for a minimum of 1600 equity shares and in multiples of 800 equity shares thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Omnichannel presence integrating offline and online platforms.
- COCO and FOFO retail network.
- Diverse product range beauty and personal care categories.
- Digital reach and online customer engagement.
- Led by experienced promoters and management team.
- The company outsource the manufacturing of all our products to third-party manufacturers and do not own any manufacturing facilities. Its reliance on such third-party manufacturers exposes us to several operational, regulatory and business risks that may adversely affect its operations, financial condition and results of operations.
- Its business is dependent on the recognition, perception and acceptance of the "Recode" brand, and any damage to the company's brand reputation could adversely affect its business, results of operations and financial condition.
- The company operates in the beauty, cosmetics and personal care segment in India, which is subject to rapidly changing consumer preferences, and any failures to respond effectively to such changes could adversely affect its business, results of operations and financial condition.
- The company's reliance on online retail channels and third-party e-commerce platforms exposes the company to risks relating to platform policies, pricing pressures, customer reviews and rapid amplification of adverse publicity, which could adversely affect its business, results of operations and financial condition.
- The company's limited control over franchise-operated stores may result in inconsistent service quality, regulatory non-compliance and adverse impact on its brand and business.