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15 Days Price Change

Recode Studios IPO

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WEBSITE Inc. Year: 2021 Industry: e-Commerce Listed Page

Profile
Issue Size 31.93 Cr
Profile
Price Range 150  to  158 per share
Profile
Min Investment ₹158
Profile
Lot Size 1
Profile
Face Value ₹10
Profile
Draft Prospectus
Invest Before the IPO Goes Live

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Profile
  • Basic Info
  • IPO Tentative Timetable
  • IPO Lot Size
  • Subscription Status
  • Financials
  • Profit & Loss
  • Balance Sheet
  • Cash Flow
  • Ratios
  • Growth Rates
  • Other info

Overview

We are a beauty and personal care (“BPC”) company operating in the beauty, cosmetics and personal care segment in India. Our business primarily involves the branding, procurement and distribution of beauty and personal care products under the “Recode” brand. We operate 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. We offer a diversified portfolio of products across make-up, skincare, body care and beauty accessories, catering to a wide range of consumer preferences and usage occasions. As of the date of this DRHP, our Company offers approximately 350+ Stock Keeping Units (“SKUs”) across multiple categories and price points. Our product portfolio includes face make-up, eye make-up, lip makeup, face and body care products and beauty accessories. Our omnichannel distribution model enables us to distribute our products through both offline and online channels, allowing customers to purchase our products through physical retail outlets as well as digital platforms. Offline distribution is carried out through a combination of COCO stores, which are directly operated by the Company and FOFO stores, which are operated by independent franchise partners. Online distribution is undertaken through our own website (www.shop.recodestudios.com) and mobile application (Recode Studios), as well as through third-party e-commerce marketplaces such as Amazon, Nykaa, Myntra and Flipkart. The “Recode” brand was established in the year 2018 under the partnership firm, M/s Lush Looks, by five of our existing Promoters, namely, Mr. Rahul Sachdeva, Ms. Shelly Bansal, Ms. Preeti Trehan, Ms. Neetu Bansal and Ms. Shalini Trehan. Subsequent to the incorporation of our Company in 2021, the business operations of M/s Lush Looks were gradually transferred to the Company and by the end of the financial year 2022–23, the entire business was being carried on by the Company. Read More

Basic Info

Face Value 10 per share

Price 150  to  158 per share

P/E (x) 0

Sales( Cr.) 48

PAT( Cr.) 3

EPS 3168.6

Draft Prospectus

Exchange BSE-SME

Promoter

Company Promoters

Dheeraj Bansal Rahul Sachdeva Shelly Bansal Shalini Trehan Preeti Trehan Karan Bansal

Pre Issue Share Holding 88.93%

Post Issue Share Holding 65.02%

Listing Details:

Listing Price: 213.1

Listing Gain: 25.86%

Current Price: 192

Gain On Issue: 192 | 0%

GMP: 43

GMP %: 27.2 %

IPO Tentative Timetable

Opening Date May 05, 2026
Closing Date May 07, 2026
Allotment May 08, 2026
Refund May 11, 2026
Delivery of Shares May 11, 2026
Listing Date May 12, 2026

IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 1600 252,800
Retail (Max) -- -- --
S-HNI (Min) 1 1600 252,800
S-HNI (Max) 3 4800 758,400
B-HNI (Min) 4 6400 1,011,200

Objective of the Issue

1. Funding of Capital expenditure towards setup of a new Warehouse at Ludhiana, Punjab 2. Marketing and Advertisement expenses towards enhancing the awareness and visibility of our brand 3. Utilization towards working capital requirements 4. General corporate purposes.

Issue

Category Nos Bid Bid (x)
QIB 535200 73849600 138x
NII 548000 163343200 298.1x
Retail 937600 203123200 216.6x
EMP 0 0 0x
Total 2020800 440316000 217.9x

Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

Recode Studios Profit & Loss

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 22 37 48
Other Income 0 0 0
Total Income 22 37 48
Total Expenditure 21 35 42
Operating Profit 2 2 6
Interest 0 1 1
Depreciation 0 1 1
Exceptional Income / Expenses 0 0 0
Profit Before Tax 1 0 4
Provision for Tax 0 0 1
Profit After Tax 1 0 3
Adjustments 0 0 0
Profit After Adjustments 1 0 3
Adjusted Earnings Per Share 0.9 0.3 4.1

Recode Studios Balance Sheet

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 5 5 9
Minority's Interest 0 0 0
Borrowings 2 3 2
Other Non-Current Liabilities 0 0 0
Total Current Liabilities 5 8 12
Total Liabilities 12 17 23
Fixed Assets 1 2 2
Other Non-Current Assets 0 0 0
Total Current Assets 12 14 20
Total Assets 12 17 23

Recode Studios Cash Flow

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 0 0
Cash Flow from Operating Activities -5 -2 3
Cash Flow from Investing Activities -1 -2 -1
Cash Flow from Financing Activities 6 3 -1
Net Cash Inflow / Outflow 0 -0 1
Closing Cash & Cash Equivalent 0 0 1

Recode Studios Ratios

# Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.85 0.34 4.07
CEPS(Rs) 1.12 1 4.85
DPS(Rs) 0 0 0
Book NAV/Share(Rs) 6.4 6.74 10.8
Core EBITDA Margin(%) 6.51 4.49 12.28
EBIT Margin(%) 5.82 3.39 11.29
Pre Tax Margin(%) 4.17 1 8.81
PAT Margin (%) 3.1 0.72 6.56
Cash Profit Margin (%) 4.06 2.12 7.83
ROA(%) 5.55 1.89 16.71
ROE(%) 13.33 5.14 46.37
ROCE(%) 14.5 11.62 38.34
Receivable days 54.32 44.29 50.84
Inventory Days 91.68 58.93 57.22
Payable days 88.85 43.2 52.78
PER(x) 0 0 0
Price/Book(x) 0 0 0
Dividend Yield(%) 0 0 0
EV/Net Sales(x) 0.15 0.21 0.14
EV/Core EBITDA(x) 2.21 4.2 1.07
Net Sales Growth(%) 0 64.53 29.82
EBIT Growth(%) 0 -0.51 338.51
PAT Growth(%) 0 -60.41 1104.12
EPS Growth(%) 0 -60.41 1104.15
Debt/Equity(x) 0.73 1.43 0.86
Current Ratio(x) 2.14 1.73 1.75
Quick Ratio(x) 1.1 0.93 0.97
Interest Cover(x) 3.52 1.42 4.55
Total Debt/Mcap(x) 0 0 0

Sihora Industries Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 30% 0% 0% 0%
Operating Profit CAGR 200% 0% 0% 0%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR NA% NA% NA% NA%
ROE Average 46% 22% 22% 22%
ROCE Average 38% 21% 21% 21%

Company Contact Information

Recode Studios Ltd.

Mukta Ahuja

0161- 4752672

info@recodestudios.com

R-89, Phase V Focal Point

IPO Lead Manager(s)

Recode Studios Ltd.

KREO Capital Pvt Ltd.

Seren Capital Pvt Ltd.

Registrar Info

Recode Studios Ltd.

Frequently Asked Questions

All You Need To Know About IPO

When you leave without vesting, generally unvested ESOPs are cancelled. Vested ESOPs usually can be exercised after you depart, often within 3 to 6 months, depending on the company's ESOP plan.

For companies listed on a stock exchange, you can sell the shares any time after you exercise the ESOP option and the shares are in your demat account. If the company is unlisted or otherwise a startup, you can only sell the shares if and when the company announces a buyback or has a process for secondary sales.

Whenever you exercised your options to hold shares, you entered into a market risk situation, and if the valuation of the company drops, so do the shares.

Yes. ESOPs are valuable to the employer in that the employer is able to retain the best talent, align employee interests with company goals, and preserve cash while rewarding performance.

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