Incorporated in 2021, Recode Studio is an Indian beauty and personal care company operating under the brand “Recode.” Its business focuses on branding, sourcing and selling beauty and personal care products across India.
The company sells its products through an omnichannel network, which includes company-owned stores (COCO), franchise stores (FOFO), third-party e-commerce platforms, and our own website and mobile app.
Its product range includes make-up, skincare, body care, and beauty accessories. As of the date of this DRHP, we offer over 350 SKUs across different categories and price points, such as face, eye and lip makeup, as well as face and body care products.
Customers can buy the products both offline and online. Offline sales take place through COCO and FOFO stores. Online sales are made through its website and app, and through platforms like Amazon, Nykaa, Myntra and Flipkart.
As on September 30, 2025, the company operates a total of 24 stores across 14 states in India, comprising 3 Company-Owned Company-Operated (COCO) stores and 21 Franchisee-Owned Franchisee-Operated (FOFO) stores.
Its products are manufactured by third-party manufacturers in India.
Competitive Strengths
- Omnichannel presence integrating offline and online platforms.
- Diverse product range across beauty and personal care categories.
- Digital Reach and Online Customer Engagement.
- Experienced Board of Directors and Management Team.
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab | ₹6 |
| Marketing and advertisement expenses toward enhancing the awareness and visibility of brand | ₹5 |
| Utilization towards working capital requirements | ₹20 |
| General Corporate Purposes | — |
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 28 | 23 | 17 |
| Revenue | 57 | 48 | 37 |
| PAT | 9 | 3 | 0 |
| EBITDA | 13 | 6 | 2 |
| Net Worth | 18 | 9 | 5 |
| Reserves | 10 | 9 | 5 |
| Total Borrowing | — | 8 | 8 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | 51.99 | 1,336,800 | 69,497,600 |
| NII / HNI | 396.27 | 403,200 | 159,775,200 |
| Retail (RII) | 214.16 | 937,600 | 200,798,400 |
| Market Maker | — | 144,800 | — |
| Total | 160.62 | 2,677,600 | 430,071,200 |
* Amount calculated at upper price band (₹158) · ** Total includes all investor categories
- 1 Initiation of Refund 11 May 2026
- 2 Credit of Shares to Demat 11 May 2026
- Detailed subscription data will appear once the IPO opens.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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