Recode Studios Ipo
Recode Studios IPO Review & Key Points
Review:
IPO Lead Managers aka Merchant Bankers
Seren Capital Pvt. Ltd.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 1,600 | ₹2,52,800 |
| Retail Maximum | 2 | 1,600 | ₹2,52,800 |
| S-HNI Minimum | 3 | 2,400 | ₹3,79,200 |
| S-HNI Maximum | 7 | 5,600 | ₹8,84,800 |
| B-HNI Minimum | 8 | 6,400 | ₹10,11,200 |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | 13,36,800 Shares | 50% |
| NII Shares Offered | 4,03,200 Shares | 14.29% |
| Retail Shares Offered | 9,37,600 Shares | 33.22% |
| Anchor Bidding Date | May 4, 2026 |
| Anchor Investors List | |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | 2026 |
| lock-in period end date 50% shares (90 Days) | 2026 |
| IPO Open Date: | May 5, 2026 |
| IPO Close Date: | May 7, 2026 |
| Basis of Allotment: | May 8, 2026 |
| Refunds: | May 11, 2026 |
| Credit to Demat Account: | May 11, 2026 |
| IPO Listing Date: | May 12, 2026 |
| IPO Bidding Cut-off Time: | May 7, 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 81,41,144 | 88.93% |
| Promoter Holding Post Issue | 1,06,44,344 | 65.01% |
| Purpose | Crores |
| Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab | ₹5.74 |
| Marketing and Advertisement expenses toward enhancing the awareness and visibility of our brand | ₹5.41 |
| Utilization towards Working Capital Requirements | ₹21.00 |
| General Corporate Purposes | – |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹22.44 | ₹21.51 | ₹0.69 | ₹12.53 |
| 2024 | ₹36.93 | ₹36.55 | ₹0.27 | ₹16.73 |
| 2025 | ₹47.94 | ₹43.50 | ₹3.30 | ₹23.18 |
| Dec 2025 | ₹57.45 | ₹45.29 | ₹9.06 | ₹28.33 |
| KPI | Values |
| ROE: | 46.37% |
| ROCE: | 34.47% |
| EBITDA Margin: | 12.82% |
| PAT Margin: | 6.91% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹4.06 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 37.64% |
| Net Asset Value (NAV): | ₹10.78 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Honasa Consumer Limited | 2.23 | 121.21 | 6.16% | 36.28 | 2,145.68 Cr. |
| FSN E-Commerce Ventures Ltd | 0.23 | 1082.83 | 5.60% | 4.55 | 7,977.08 Cr. |
| Ravelcare Limited | 10.50 | 12.15 | 50.77% | 20.68 | 24.98 Cr. |
| IPO Open Date | May 5, 2026 |
| IPO Close Date | May 7, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹150 to ₹158 Per Share |
| Issue Size | Approx ₹45 Crores |
| Fresh Issue | Approx ₹39.55 Crores |
| Offer for Sale: | Approx 3,19,200 Equity Shares |
| Issue Type | Book Building Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |