Recode Studios Limited IPO

Recode Studios Ltd was incorporated in 2021 and operates in the beauty and personal care segment with a focus on branding, sourcing, and selling cosmetic and skincare products across India.

The company follows an omnichannel business model, selling through company-owned stores (COCO), franchise stores (FOFO), e-commerce platforms, and its own website and mobile app. As of September 2025, it operates 24 stores across 14 states in India.

Its product portfolio includes over 350 SKUs across makeup, skincare, body care, and beauty accessories. The company leverages third-party manufacturers for production and focuses on strong digital presence and customer engagement.

The IPO is a book-built issue of approximately Rs 44.59 Cr with a price band of Rs 150–158 per share, implying a post-issue market cap of around Rs 168.18 Cr.

The issue comprises a fresh issue of Rs 39.55 Cr and an OFS of Rs 5.04 Cr. Proceeds will be used for setting up a new warehouse facility in Ludhiana, marketing and brand promotion, working capital requirements, and general corporate purposes.

At the upper band, the IPO is valued at a P/E of ~13.92x post-issue earnings. Key strengths include strong growth in revenue and profitability, omnichannel presence, and expanding product portfolio, while risks include dependence on third-party manufacturing and competitive market dynamics.