Recode Studios Ltd IPO
Trading
Price Band
₹150 – ₹158
Lot Size
800
Minimum Bid Quantity
1600
Minimum Investment
₹252800
Issue Size
₹44.59Cr
Opens
2026-05-05
Closes
2026-05-07
Listing
12-05-2026
Subscription Status
Qualified Institutional Buyers
137.99 x
Non-Institutional Investor
298.06 x
Retail Individual Investor
216.51 x
Total
217.83 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE2B6701015
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Recode Studios is a beauty and personal care company operating in the cosmetics and personal care segment in India. The company is engaged in the branding, procurement, and distribution of products under the “Recode” brand, offering a portfolio of over 350 SKUs across categories such as face, eye, and lip make-up, skincare, body care, and beauty accessories. Its operations are supported by an omnichannel distribution network, which includes company-operated retail stores, franchise outlets, third-party e-commerce platforms, and its own website and mobile application. The company operates 22 physical retail stores, comprising both company-owned and franchisee-operated outlets, and manages six warehouses across India for storage and dispatch. Recode Studios does not own manufacturing facilities and sources its products through third-party manufacturers and imports, with a primary focus on product sourcing and distribution.
Pros
- • The company claims to operate an integrated omnichannel distribution network, combining company-owned, company-operated (COCO) stores, franchise-owned, franchise-operated (FOFO) outlets and multiple digital platforms. This structure allows it to sell products through both offline and online channels while maintaining consistency in branding, product assortment, and pricing.
- • The company claims to have established a growing retail footprint across India, with 22 stores spread across 12 states, including COCO and FOFO formats. This mix of owned and franchise-operated stores enables expansion with relatively lower capital investment.
- • The company offers a diversified product portfolio with over 350 stock-keeping units (SKUs) across categories such as face, eye, and lip make-up, skincare, body care, and beauty accessories. This range allows it to cater to both individual consumers and professional users across different price points.
Cons
- • The company does not own any manufacturing facilities and is entirely dependent on third-party manufacturers located across India and overseas, including Germany, Taiwan, China, and Thailand. Any disruption in operations at these facilities, deterioration in relationships, or inability of these manufacturers to meet requirements can adversely affect the company’s product supply and overall business operations.
- • The company is exposed to risks arising from its reliance on third-party manufacturers, including fluctuations in procurement costs, dependence on their quality control processes, and potential regulatory non-compliance. Any failure to onboard alternate manufacturers on time or any non-compliance by existing partners can negatively impact the company’s financial condition and reputation.
- • The company’s business is significantly dependent on the recognition and perception of the “Recode” brand among consumers, distributors, and franchise partners. Any adverse publicity, negative customer feedback, or issues related to product quality, pricing, or customer experience can adversely impact demand for its products and market position. The company also faces risks related to misuse of its brand, including counterfeit products, unauthorised listings and fraudulent activities by third parties. Any failure to protect its brand or maintain consistent brand perception across products and channels may negatively affect its sales, reputation and financial condition
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