Recode Studios IPO has opened for subscription on May 5, 2026, and will close on May 7, 2026. The SME issue is priced in the band of ₹150 to ₹158 per share with a total issue size of ₹44.59 crore, making it one of the smaller but closely watched new-age consumer brand listings in the SME segment.

Recode Studios IPO Details

Recode Studios is a fast-growing beauty and personal care brand that plans to list on the BSE SME platform. The issue consists of a fresh issue of ₹39.55 crore and an offer for sale of ₹5.04 crore, indicating that most of the proceeds will go toward business expansion rather than promoter exit.

The company’s offering has attracted attention because consumer brand IPOs often appeal to investors looking for scalable, asset-light businesses with branding potential. Recode Studios has also drawn interest from retail and high-net-worth investors, given the relatively high minimum investment required in the SME market.

Important dates

The IPO timeline is straightforward and short, as is common for SME offerings:

• Opening date: May 5, 2026.
• Closing date: May 7, 2026.
• Basis of allotment: May 8, 2026.
• Refunds and demat credit: May 11, 2026.
• Listing date: May 12, 2026.

Lot size and investment

The lot size is 800 shares, and the minimum retail application is 2 lots, which means 1,600 shares. At the upper price band, this translates into a minimum investment of ₹2,52,800, which is quite high for retail investors compared with mainboard IPOs.moneycontrol+2

This larger ticket size means the issue is more suited to investors comfortable with SME volatility and higher capital commitment. The stock will list only on BSE SME, so liquidity after listing may also be a consideration.

Subscription status

The IPO has seen healthy initial demand. As per available market updates, the total subscription stood at 3.67x on Day 1, with retail subscription at 3.93x, QIB at 3.51x, and NII at 3.36x.

That level of subscription suggests that investors are showing interest in the company’s growth story and brand positioning. However, SME IPO subscriptions can remain volatile until the final day, so the trend over the full issue window will matter.

Company Financials (Restated)

Period Ended	31 Dec 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	28.33	23.18	16.73	12.53
Total Income	57.45	47.94	36.93	22.44
Profit After Tax	9.06	3.30	0.27	0.69
EBITDA	13.34	6.13	1.67	1.44
NET Worth	17.84	8.77	5.47	5.20
Reserves and Surplus	9.70	8.76	5.46	5.19
Total Borrowing		7.56	7.85	3.79

Business snapshot

Recode Studios is positioned as a beauty and personal care company, a category that has benefited from premiumisation, e-commerce growth, and rising consumer interest in branded products. Brands in this space often attract investor attention when they show strong revenue visibility and consumer recall potential.

The fresh issue proceeds are expected to support working capital, brand building, and expansion initiatives, including a warehouse setup. That suggests the company is trying to scale distribution and strengthen operations as it grows.

 

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 

• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

IPO Objective :-

• Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab 
• Marketing and advertisement expenses toward enhancing the awareness and visibility of brand
• Utilization towards working capital requirements
• General Corporate Purposes

FAQs

1. What are the Recode Studios IPO dates?
The IPO opens on May 5, 2026 and closes on May 7, 2026.

2. What is the price band of Recode Studios IPO?
The price band is ₹150 to ₹158 per share.

3. What is the issue size?
The total issue size is ₹44.59 crore.

4. What is the lot size?
The lot size is 800 shares, and the minimum retail application is 2 lots.

5. What is the minimum investment amount?
The minimum investment is ₹2,52,800 at the upper price band.

6. What is the allotment date?
The basis of allotment is May 8, 2026.

7. When is the listing date?
The tentative listing date is May 12, 2026 on BSE SME.

8. What is the current subscription status?
Day 1 subscription was reported at 3.67x overall.

9. What is the GMP of Recode Studios IPO?
Reports indicate a GMP of around ₹40, or about 25.32%.

10. What does Recode Studios do?
It is a beauty and personal care brand focused on consumer products.