Recode Studios IPO
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Recode Studios IPO details
Schedule of Recode Studios
| Issue open date | 05 May 2026 |
| Issue close date | 07 May 2026 |
| UPI mandate deadline | 07 May 2026 (5 PM) |
| Allotment finalization | 08 May 2026 |
| Refund initiation | 11 May 2026 |
| Share credit | 11 May 2026 |
| Listing date | 12 May 2026 |
| Mandate end date | 22 May 2026 |
| Lock-in end date for anchor investors (50%) | 06 Jun 2026 |
| Lock-in end date for anchor investors (remaining) | 05 Aug 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Recode Studios
Recode Studios Limited is a beauty and personal care company operating in the cosmetics segment in India. The company focuses on the branding, procurement and distribution of a wide range of beauty and personal care products under its “Recode” brand. It offers a diversified portfolio including make-up, skincare, body care and beauty accessories, with over 350 SKUs across categories such as face, eye and lip products. The company follows an asset-light model, with products manufactured through third-party manufacturers, while it concentrates on product development, branding, marketing and distribution. Revenue is generated through an omnichannel network comprising company-owned stores, franchise-operated outlets, its own website and mobile application, and third-party e-commerce platforms, along with B2B sales to institutional buyers and distributors. This integrated approach enables the company to reach customers across both online and offline channels in the beauty and personal care market.
Financials of Recode Studios
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 44.59 |
| Fresh Issue – Proceeds go to the company | 39.55 |
| Offer for sale – Proceeds go to the existing investors | 5.04 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Warehouse Facility (Ludhiana) | 5.74 (14.51%) |
| Marketing & Advertisement | 5.41 (13.68%) |
| Working Capital Requirements | 19.5 (49.30%) |
| General corporate purposes | 8.9 (22.51%) |
Strengths
- Omnichannel model with presence across retail stores, website and major e-commerce platforms.
- Wide product portfolio with 350+ SKUs across make-up, skincare, body care and accessories.
- Asset-light model focusing on branding, marketing and distribution instead of manufacturing.
- Established brand “Recode” with presence across multiple categories and price points.
- Growing offline presence with COCO and franchise stores supported by warehouses across India.
Risks
- High dependence on third-party manufacturers for product supply and quality control.
- Any disruption in manufacturing partners can affect product availability and operations.
- Business depends heavily on brand reputation, and any damage can reduce demand.
- Risk of counterfeit products or misuse of the brand impacting customer trust.
- Trademark disputes or pending approvals may restrict brand usage and affect business.