BSE List Price : ₹213.10

subscription

Category	Times
QIBs	137.99x
HNIs	405.12x
Retail	216.65x
Total : 234.71x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	2	1,600	₹252,800
Retail Maximum	2	1,600	₹252,800
S-HNI Minimum	3	2,400	₹379,200
S-HNI Maximum	7	5,600	₹884,800
B-HNI Minimum	8	6,400	₹1,011,200

About the Company

Founded in 2021, Recode Studio is an Indian beauty and personal care company that operates under the brand name “Recode.” The company specializes in developing its brand identity, sourcing, and marketing a broad portfolio of cosmetic and personal care products across the country.
Recode is built on the idea of “affordable luxury,” aiming to blend quality, innovation, and accessibility. Supported by a team of seasoned professionals with more than ten years of industry experience, the company focuses on delivering premium-quality products through global sourcing and strategic partnerships

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2023	₹22.44	₹21.51	₹0.69	₹12.53
2024	₹36.93	₹36.55	₹0.27	₹16.73
2025	₹47.94	₹43.50	₹3.30	₹23.18
Jun 2025	₹19.80	₹16.65	₹2.35	₹27.59

Company Promoter

Dheeraj Bansal

Rahul Sachdeva

Shelly Bansal

Shalini Trehan

Preeti Trehan

Karan Bansal

Know before investing

• • Strengths

  Omnichannel Reach: A well-integrated sales ecosystem spanning COCO stores, FOFO outlets, proprietary digital platforms, and leading e-commerce marketplaces, enabling broad market coverage and uniform brand presence.

  Extensive Product Range: A diverse portfolio of over 350 SKUs across beauty, skincare, personal care, and accessories, designed to meet the needs of both regular consumers and professional users.

• • Risks

  Brand Reliance Risk: The business is significantly dependent on the “Recode” brand. Any deterioration in brand image or customer perception could negatively affect demand and its position in the market.

  Absence of Long-Term Customer Agreements: The company’s revenue is driven by repeat orders rather than long-term contracts. A decline in customer retention or loss of key clients could adversely impact revenue and cash flow.

Objects of the Issue & Utilisation of proceeds

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 our brand.

Utilization towards Working Capital Requirements.

General Corporate Purposes.

Company  Address

Recode Studios Ltd.
R-89, Phase V,
Focal Point,
Ludhiana, Punjab, 141010
Phone: 0161- 4752672
Email: info@recodestudios.com
Website: https://shop.recodestudios.com/

IPO Registrar

Mudra RTA Ventures Private Limited
Phone: +919870297591
Email: ipo@mudrarta.com
Website: https://mudrarta.com/

IPO Review

May Apply