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Recode Studios Ltd
TradingIPOSME
₹158 - 158
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.
Lot800Min Invest₹2,52,800Face Value₹10Issue Size₹45 CrFresh Issue₹40 CrOffer for Sale₹5 CrListing Price₹213CMP₹423
Timeline
5 May
Bidding opens
7 May
Bidding closes
8 May
Allotment
11 May
Refund & demat credit
12 May
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹45 Cr0.28 Cr shares
Fresh Issue₹40 Cr
Offer for Sale₹5 Cr
Face Value₹10
Lot Size800 shares
ReservationQIB 49.93% · NII 15.06% · RETAIL 35.01%
Application Sizes
Retail₹2,52,8001-1 lots
sNII₹2,52,800from 2 lots
bNII₹10,11,200from 8 lots
Managers & Registrar
Lead ManagerSeren Capital Private Limited
RegistrarMudra RTA Ventures Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrRahul SachdevaPRMTR1,06,4001.68Karan BansalPRMTR1,06,4001.68Preeti TrehanPRMTR1,06,4001.68Total3,19,2005.04
Shareholding
CategoryPre IPOPost IPOPromoter Group88.94%65.02%Public11.06%34.98%
Objects of the Issue
- Funding of Capital expenditure towards setup of a new Warehouse Facility at
- Marketing and Advertisement expenses toward enhancing the awareness and visibility of its brand
- Utilization towards Working Capital Requirements
- General Corporate Purposes
Anchor Book
Bid Date04-May-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 22 | 37 | 48 | 80 |
| Operating ProfitCr | 1 | 2 | 6 | 17 |
| OPM% | 6.4 | 4.5 | 12.8 | 20.7 |
| PBTCr | 1 | 0 | 4 | 15 |
| PATCr | 1 | 0 | 3 | 11 |
| EPS | 1 | 0 | 4 | 14 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 0 | 0 | 0 | 8 |
| ReservesCr | 5 | 5 | 9 | 12 |
| BorrowingsCr | 4 | 8 | 8 | 6 |
| Fixed AssetsCr | - | - | - | 3 |
| Total AssetsCr | 13 | 17 | 23 | 35 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | -5 | -2 | 3 | 4 |
| Investing Cash FlowCr | -1 | -2 | -1 | -2 |
| Financing Cash FlowCr | 6 | 3 | -1 | -2 |
| Net Cash FlowCr | 0 | 0 | 1 | 1 |
Strengths & Risks
Strengths · as stated in the DRHP
- 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.
Strategies · as stated in the DRHP
- Franchise-led Expansion of Retail Presence.
- Increasing Warehousing Capabilities.
- Marketing Initiatives through Digital Platforms and Collaborations.
- Expanding and Updating Product Portfolio.
Risks · as stated in the DRHP
- 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.
- The company's dependence on a limited number of third-party manufacturers, and adverse changes in commercial terms, regulatory compliance or operational continuity at such manufacturers, may adversely affect its business, financial condition and results of operations.