31 Mar 2023
Assets12.53
Total Income22.44
EBITDA1.44
Profit After Tax0.69
NET Worth5.20
Reserves and Surplus5.19
Total Borrowing3.79
At a glance
Updated 2026-09-09The shares listed at ₹213.10, a 34.87% move from the issue price. Recode Studios is a SME IPO with an issue size of ₹44.59 crore, proposed for listing on BSE SME. The offer opens on 5th May 2026 and closes on 7th May 2026. The issue structure includes a fresh issue of ₹37.26 crore and an offer-for-sale component of ₹5.04 crore. The current listing schedule points to 12th May 2026.
Issue details
Listing atBSE SME
Issue typeBook Build Issue
Issue size₹44.59 Cr
Fresh issue₹37.26 Cr
Offer for sale₹5.04 Cr
Face value₹10
Price band₹150.00–₹158.00
Allotment8th May 2026
Listing12th May 2026
Listing performance
Full performance ↗Issue price₹158.00
Listing price₹213.10
Current price—
Listing gain34.87%
Current return—
Price progressionIssue → Listing → Current
Grey market
GMP page ↗Latest GMP₹43.00
GMP / upper price27.22%
Est. listing₹201.00
GMP is unofficial sentiment data, not an exchange price.
Timeline
Opens5th May 2026
Closes7th May 2026
Allotment8th May 2026
Refund11th May 2026
Demat11th May 2026
Listing12th May 2026
Subscription demand
Full bidding ↗QIB137.99×
sHNI243.23×
bHNI315.89×
NII / HNI315.89×
Retail216.65×
Total234.64×
Lot size
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Max) | 2 | 1600 | ₹252,800 |
| S-HNI (Min) | 3 | 2400 | ₹379,200 |
| S-HNI (Max) | 7 | 5600 | ₹884,800 |
| B-HNI (Min) | 8 | 6400 | ₹1,011,200 |
Company
Incorporated2021
Use of proceeds
| Object | Amount |
|---|---|
| Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab | ₹5.74 Cr |
| Marketing and advertisement expenses toward enhancing the awareness and visibility of brand | ₹5.41 Cr |
| Utilization towards working capital requirements | ₹19.50 Cr |
| General Corporate Purposes | ₹2.96 Cr |
| Issue Expenses | ₹6.70 Cr |
| Total | ₹40.31 Cr |
Financial performance
Year-wise operating scale, profitability and balance-sheet context.Revenue57.45₹ Cr · +19.8% vs prior year
EBITDA13.34₹ Cr · +117.6% vs prior year
PAT9.06₹ Cr · +174.5% vs prior year
Assets28.33₹ Cr · +22.2% vs prior year
Net Worth17.84₹ Cr · +103.4% vs prior year
Borrowing3.43₹ Cr · -54.6% vs prior year
3-year financial trendRevenue / EBITDA / PAT
₹ crore31 Mar 2024
Assets16.73
Total Income36.93
EBITDA1.67
Profit After Tax0.27
NET Worth5.47
Reserves and Surplus5.46
Total Borrowing7.85
31 Mar 2025
Assets23.18
Total Income47.94
EBITDA6.13
Profit After Tax3.30
NET Worth8.77
Reserves and Surplus8.76
Total Borrowing7.56
31 Dec 2025
Assets28.33
Total Income57.45
EBITDA13.34
Profit After Tax9.06
NET Worth17.84
Reserves and Surplus9.70
Total Borrowing3.43
KPIs
| KPI | Mar 31, 2025 | Dec 31, 2025 |
|---|---|---|
| ROE | 46.37% | 68.11% |
| ROCE | 34.47% | 59.85% |
| Debt / Equity | 0.86% | 0.19% |
| RoNW | 37.64% | 50.80% |
| PAT Margin | 6.91% | 15.79% |
| EBITDA Margin | 12.82% | 23.24% |
| Price to Book Value | 14.66 | 7.21 |
Valuation & shareholding
Pre-IPO EPS4.06
Post-IPO EPS11.35
Pre-IPO P/E38.94
Post-IPO P/E13.92
Promoter holding pre88.93%
Promoter holding post65.01%
Market cap₹168.18 Cr.
Peer comparison
| Company | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|
| Recode Studios IPO | — | 13.92 x | — | — |
| Aakaar Medical IPO | — | 16.90 x | — | — |
Issue expenses
| Expense | Amount |
|---|---|
| Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab | ₹5.74 Cr |
| Marketing and advertisement expenses toward enhancing the awareness and visibility of brand | ₹5.41 Cr |
| Utilization towards working capital requirements | ₹19.50 Cr |
| General Corporate Purposes | ₹2.96 Cr |
| Issue Expenses | ₹6.70 Cr |
| Total | ₹40.31 Cr |
Registrar & lead managers
Registrar
Mudra RTA Ventures Private...Lead managers
- Seren Capital Pvt.Ltd.
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-09-09.
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