Which company's IPO is this?
This IPO is of Recode Studios Ltd. The issue is scheduled to open on Tuesday, 05 May 2026 and closes on Thursday, 07 May 2026.
After the IPO process is completed, the shares are proposed to be listed on BSE.
IPO Details
SMEListed
Open:Tue, 05 May 2026
Close:Thu, 07 May 2026
Lot Size:800 Shares
Price Band:₹ 150 - ₹ 158
Listing:BSE
Fresh Issue:39.55 Cr
OFS:5.04 Cr
Total IPO Size:44.59 Cr
QIB : 50.00%
Retail : 35.00%
Total HNI : 15.00%
IPO Timeline
| Event | Date |
|---|---|
| Open Date | 05-05-2026 , Tuesday |
| Close Date | 07-05-2026 , Thursday |
| Tentative Allotment | 08-05-2026 , Friday |
| Tentative Listing Date | 12-05-2026 , Tuesday |
| Retail Appl. Cut Off Time | 07-05-2026 , Thursday 05:00 PM |
| Non Retail Appl. Cut Off Time | 07-05-2026 , Thursday 04:00 PM |
| Anchor Allotment | 04-05-2026 , Monday |
| Initiation Of Refund | 11-05-2026 , Monday |
| Credit Of Share To Demat | 11-05-2026 , Monday |
Company Business Overview
Company Overview of RECODE Studios Limited
RECODE Studios Limited is a beauty and personal care company operating in India’s cosmetics, skincare, body care and beauty accessories segment under the “Recode” brand. The company follows an omnichannel distribution model through COCO stores, FOFO franchise stores, its own website and mobile application, and third-party e-commerce platforms.
What Does RECODE Studios Limited Do?
RECODE Studios is focused on branding, procurement, marketing and distribution of beauty and personal care products. The company does not manufacture products in-house. Its products are manufactured through third-party contract manufacturers, while RECODE focuses on brand building, digital marketing, distribution and customer engagement.
The “Recode” brand was established in 2018 and the company has since expanded across online and offline channels in India.
In simple words, RECODE Studios is a digital-first beauty and cosmetics brand. It focuses on branding, product positioning, online sales, franchise stores and customer engagement instead of owning manufacturing facilities.
Product Portfolio
As per the RHP, the company offers approximately 350+ SKUs across multiple beauty, cosmetics, skincare, body care and beauty accessory categories.
| Main Product Category | Sub-Categories / Products |
|---|---|
| Face Make-up | Foundation, Compact, Concealer, Primer, Contour, Blush, Highlighter, Setting/Grip Spray |
| Eye Make-up | Eyeliner, Mascara, Kajal, Eyeshadow, Eyebrow Pencil, Glitter Pigments |
| Lip Make-up | Lipsticks, Lip Gloss, Lip Crayons, Lip Oil, Lip Liner |
| Face and Body Care | Face Wash, Cleanser, Toner, Serum, Moisturizer, Face Gel, Sunscreen, Scrub, Mask, Body Lotion, Shower Gel, Hand Cream, Body Oil |
| Other Accessories | Make-up Brushes, Sponges, Applicators, Cosmetic Tools |
IPORupee View: A wide product portfolio allows RECODE to target multiple customer needs such as daily make-up, professional make-up, skincare, body care and beauty tools. This helps the brand increase basket size and cross-selling opportunities.
Business Model
RECODE follows an asset-light outsourcing model. The company does not undertake in-house manufacturing or formulation. Manufacturing activities are outsourced to third-party contract manufacturers with required infrastructure, technical expertise and statutory approvals.
Asset-Light Advantages
- Lower manufacturing capital expenditure
- Faster product launches
- Flexible product portfolio
- Focus on branding and distribution
- Scalable digital-first model
Asset-Light Risks
- Dependence on third-party manufacturers
- Quality control dependency
- Vendor execution risk
- Supply chain disruption risk
- Product acceptance risk
The company proposes to establish an owned warehousing facility to improve storage, packaging, order processing and dispatch efficiency, while continuing its asset-light model without undertaking manufacturing capital expenditure.
Omnichannel Distribution Model
RECODE sells products through both offline and online channels. Offline distribution includes company-operated stores and franchise stores, while online distribution includes its own website, mobile application and third-party e-commerce platforms.
Offline Channels
- COCO stores
- FOFO franchise stores
- Retail store-led customer engagement
- In-store branding and demonstrations
Online Channels
- Company website
- Mobile application
- Amazon
- Nykaa
- Myntra
- Flipkart
IPORupee View: Omnichannel distribution gives RECODE multiple customer touchpoints. This is important in the beauty sector because customers discover products online but may also prefer physical trials, demonstrations and store experience.
Retail Store Network
The company commenced offline retail operations in 2022 with its first franchisee store in Raipur, Chhattisgarh.
Store Presence
- 3 COCO stores
- 19 FOFO stores
- 22 physical retail stores as of RHP date
- 6 warehouses across India
FOFO Model Meaning
FOFO means Franchisee-Owned Franchisee-Operated. This model helps the company expand its retail presence faster with lower capital investment compared to opening all stores directly.
Investor Check: Franchise-led expansion can support faster growth, but it also requires strong brand control, store-level consistency and franchise partner execution.
Revenue Channel Analysis
| Sales Channel | FY2023 | FY2024 | FY2025 | Apr-Dec FY2026 |
|---|---|---|---|---|
| COCO Stores | - | 0.93% | 1.86% | 0.92% |
| FOFO Stores | 4.08% | 11.17% | 23.47% | 23.90% |
| Online Sales | 44.14% | 36.36% | 42.86% | 44.75% |
| B2B Sales | 51.78% | 51.53% | 31.81% | 30.43% |
IPORupee View: The company’s revenue mix is becoming more balanced. FOFO stores have grown from 4.08% in FY2023 to 23.90% in Apr-Dec FY2026, while online sales remain a major revenue channel.
Online Revenue Analysis
| Particulars | FY2023 | FY2024 | FY2025 | Apr-Dec FY2026 |
|---|---|---|---|---|
| Total Online Revenue | Rs. 867.82 lakh | Rs. 1,223.32 lakh | Rs. 2,001.60 lakh | Rs. 2,484.40 lakh |
| Company Website and Mobile App | 96.44% | 88.94% | 78.37% | 72.83% |
| Other E-commerce Platforms | 3.56% | 11.06% | 21.63% | 27.17% |
Online revenue increased from Rs. 867.82 lakh in FY2023 to Rs. 2,001.60 lakh in FY2025 and further to Rs. 2,484.40 lakh during Apr-Dec FY2026.
IPORupee View: A large portion of online revenue still comes from the company’s own website and mobile app. This is positive because own platforms can give better customer data, better brand control and potentially better margins compared to complete dependence on marketplaces.
Regional Revenue Mix
| Region | FY2023 | FY2024 | FY2025 | Apr-Dec FY2026 |
|---|---|---|---|---|
| North Zone | 59.02% | 46.24% | 40.26% | 33.50% |
| West Zone | 23.40% | 22.72% | 20.50% | 22.71% |
| East Zone | 5.69% | 14.81% | 22.10% | 26.59% |
| South Zone | 4.31% | 10.14% | 11.74% | 10.84% |
| Central Zone | 7.58% | 6.09% | 5.40% | 6.36% |
IPORupee View: North Zone contribution reduced from 59.02% in FY2023 to 33.50% in Apr-Dec FY2026, while East Zone increased from 5.69% to 26.59%. This indicates improving geographic diversification.
Digital Reach and Engagement
The company uses social media platforms, digital advertising, influencer collaborations, in-store branding, workshops and demonstrations by make-up professionals for brand promotion.
Social Media Presence
As of the RHP date, the company’s official Instagram handle had approximately 4,57,000 followers.
Brand Recognition
- Participated in Shark Tank India in 2023
- Brand Excellence by Femina Power Brands in FY2022-23
- Beauty, Cosmetics and Personal Care Brand of the Year by Retail Reboot Awards in 2024
- e4m D2C Award 2025 for Best Use of Social Media Platforms (Instagram)
| Period | Total Sessions | Engaged Sessions | Engagement Rate | Average Session Duration |
|---|---|---|---|---|
| April 2022 – March 2023 | 4.51 million | 3.96 million | 87.80% | 59 seconds |
| April 2023 – March 2024 | 7.39 million | 6.89 million | 93.29% | 1 minute 27 seconds |
| April 2024 – March 2025 | 6.22 million | 5.96 million | 95.94% | 47 seconds |
| April 2025 – March 2026 | 7.54 million | 7.22 million | 95.79% | 46 seconds |
Digital engagement appears strong, with engagement rate improving from 87.80% in April 2022–March 2023 to 95.79% in April 2025–March 2026.
Key Financial Performance
| Particulars | FY2023 | FY2024 | FY2025 | Apr-Dec FY2026 |
|---|---|---|---|---|
| Revenue from Operations | Rs. 2,237.85 lakh | Rs. 3,681.95 lakh | Rs. 4,779.81 lakh | Rs. 5,739.29 lakh |
| EBITDA | Rs. 143.78 lakh | Rs. 167.05 lakh | Rs. 612.99 lakh | Rs. 1,333.96 lakh |
| EBITDA Margin | 6.43% | 4.54% | 12.82% | 23.24% |
| PAT | Rs. 69.28 lakh | Rs. 27.43 lakh | Rs. 330.29 lakh | Rs. 906.18 lakh |
| PAT Margin | 3.10% | 0.75% | 6.91% | 15.79% |
| ROE | 24.55% | 5.14% | 46.37% | 68.11% |
| ROCE | 14.28% | 9.39% | 34.47% | 59.85% |
| Net Worth | Rs. 519.75 lakh | Rs. 547.18 lakh | Rs. 877.47 lakh | Rs. 1,783.65 lakh |
IPORupee View: Revenue, EBITDA, PAT, margins, ROE and ROCE have improved sharply in Apr-Dec FY2026. Investors should check whether this sharp improvement is sustainable after listing.
Return on Ad Spend Analysis
| Particulars | FY2023 | FY2024 | FY2025 | Apr-Dec FY2026 |
|---|---|---|---|---|
| Return on Ad Spend | 7.74 times | 6.16 times | 5.27 times | 5.23 times |
Investor Check: ROAS declined from 7.74 times in FY2023 to 5.23 times in Apr-Dec FY2026. This may indicate that marketing efficiency should be monitored carefully as the company scales.
Growth Strategy
Franchise-led Retail Expansion
The company plans to increase physical retail presence mainly through franchise-operated retail outlets across India, including regions where retail presence is relatively limited.
Digital Marketing Expansion
The company plans to use digital platforms, influencers, beauty professionals, content creators and digital marketing agencies for product promotion and customer engagement.
Product Portfolio Expansion
The company may introduce new products and variants within existing categories and expand into additional product sub-categories.
Warehousing Expansion
The company proposes to acquire a new land parcel and establish an owned warehouse to improve storage, packaging, order processing and dispatch operations.
As per the RHP, the company proposes to utilize Rs. 540.90 lakh towards marketing and promotional activities, subject to approvals and applicable laws.
Positive Triggers vs Risk Triggers
Positive Triggers
- Fast-growing beauty and personal care market
- Strong digital-first positioning
- Omnichannel sales model
- 350+ SKUs across multiple categories
- High online revenue contribution
- Strong own website and mobile app revenue contribution
- Improving profitability and return ratios
- Growing franchise store network
- Strong social media presence
Risk Triggers
- Highly competitive cosmetics industry
- Dependence on third-party manufacturers
- Dependence on digital marketing and influencer promotion
- ROAS declining trend
- Fashion and beauty trends change quickly
- Franchise execution risk
- Quality control and product acceptance risk
- Margin sustainability risk after rapid improvement
What Retail Investors Should Understand
RECODE Studios is positioned more like a digital-first beauty growth brand than a traditional manufacturing company. Its business success depends heavily on brand recall, product appeal, customer engagement, marketing efficiency and execution across online and offline channels.
The company has shown strong revenue growth, improving margins and expanding omnichannel presence. However, investors should not look only at growth. They should also evaluate whether the company can maintain product quality, marketing efficiency, margins and customer retention over the long term.
In simple words: RECODE Studios is a fast-growing beauty and cosmetics brand with an asset-light model, strong online sales and franchise-led retail expansion. The opportunity is attractive, but investors should carefully track competition, marketing costs, third-party manufacturing dependence and margin sustainability.
Detailed Disclaimer
This content is prepared only for educational and informational purposes for IPORupee users. It is intended to help retail investors understand the business overview of RECODE Studios Limited in simple language. This should not be treated as investment advice, stock recommendation, IPO recommendation, research report, buy/sell/hold advice, or any form of financial advisory.
- The information is based on details provided in the company’s RHP/DRHP and related disclosures. Investors should verify all figures, dates, financials, store counts, revenue mix, online revenue, engagement metrics, strategy details and risk factors from the latest official company documents.
- IPO investing involves market risk, business risk, valuation risk, liquidity risk, regulatory risk and listing risk. Past revenue growth, margin improvement, high ROE/ROCE or digital engagement does not guarantee future performance or listing gains.
- Beauty and personal care businesses are exposed to risks such as changing consumer preferences, intense competition, marketing cost inflation, influencer dependency, product trend risk, inventory management risk and customer retention challenges.
- Since the company follows an asset-light outsourcing model, it depends on third-party contract manufacturers for product manufacturing. Any issue in vendor quality, regulatory compliance, product safety, supply chain continuity or manufacturing timelines may impact business performance.
- The company’s online sales and digital engagement may be affected by platform algorithm changes, advertising costs, e-commerce marketplace policies, social media reach, customer acquisition costs and competitive promotions by larger beauty brands.
- Franchise-led expansion may involve risks related to franchise partner selection, store-level execution, customer experience consistency, inventory supply, brand control and regional demand differences.
- Any mention of strong growth, margin expansion, digital engagement, social media presence or omnichannel opportunity should not be considered a guarantee of future profitability or stock performance.
- Investors should independently analyse valuation, peer comparison, cash flows, working capital, revenue concentration, margins, return ratios, marketing efficiency and post-IPO execution before making any investment decision.
- GMP, subscription data, listing expectations or market sentiment, if discussed elsewhere, are unofficial or market-driven indicators and should not be the sole basis for applying in an IPO.
- IPORupee does not guarantee allotment, listing gains, returns, price movement, future performance or accuracy of third-party market data. Investors should consult a SEBI-registered investment advisor or qualified financial advisor before making any investment decision.
Subscription Data
IPO Structure
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 50.00 % | 13,36,800 | 21.12 Cr |
Retail | 35.00 % | 9,37,600 | 14.81 Cr |
Total HNI | 15.00 % | 4,03,200 | 6.37 Cr |
SHNI | 5.00 % | 1,34,400 | 2.12 Cr |
BHNI | 10.00 % | 2,68,800 | 4.25 Cr |
Lot Size Details
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 1600 (2) | ₹ 2,52,800 |
Retail MAX | - | 1600 (2) | ₹ 2,52,800 |
SHNI MIN | - | 2400 (3) | ₹ 3,79,200 |
SHNI MAX | - | 5600 (7) | ₹ 8,84,800 |
BHNI MIN | - | 6400 (8) | ₹ 10,11,200 |
Objectives
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | 25,03,200 | 39.55 Cr |
Offer for Sale | 3,19,200 | 5.04 Cr |
Contact Details
IPO Contact Details
Registered Office
R-89, Phase V, Focal Point,
Ludhiana, Punjab, India - 141010
Corporate Office
R-89, Phase V, Focal Point,
Ludhiana, Punjab, India - 141010
Contact Person
Mukta Ahuja - Company Secretary and Compliance Officer
Telephone
Website
Registrar to Issue Details
Registrar Name
Mudra RTA Ventures Private Limited
Contact Person
Akshay Tanwar
Telephone
Email
Website
Lead Managers
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
Seren Capital Private Limited | Akun Goyal / Akshita Agarwal | +91-22-46011058 | info@serencapital.in | www.serencapital.in |