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Recode Studios IPO: The initial public offering (IPO) of Recode Studios, an Indian beauty and personal care company, entered its third and last day of the bidding on Thursday, 7 May. The offer has already seen a bumper response from investors and is enjoying a strong grey market premium (GMP), too. The offer had opened for bidding on Tuesday, 5 May.
The ₹45-crore SME IPO is a mix of fresh share sale of ₹39.55 crore and an offer for sale of ₹5.04 crore. The company has set Recode Studios IPO price band at ₹150-158 per share.
The fresh proceeds from the share sale will be utilised for funding capital expenditure towards setting up a new warehouse facility at Ludhiana, Punjab; meeting advertising and marketing expenses, funding working capital needs and general corporate purposes.
Retail investors need to apply for at least two lots of 800 shares each, resulting in a minimum payout of ₹2,52,800.
The allotment for Recode Studios IPO will be finalised on 8 May, and the listing of the shares is likely to take place next week on 12 May on BSE SME.
Recode Studios has seen a solid response from investors so far, garnering bids for 21,11,80,000 shares as against 20,20,800 shares on offer, resulting in a subscription status of 104.50 times as of 1.03 pm on the third day.
The grey market premium (GMP) for Recode Studios IPO signalled a solid listing day action. According to investorgain.com, Recode Studios IPO GMP was ₹43 per share, suggesting that its shares were trading at ₹201 in the unofficial market.
At the prevailing GMP, Recode Studios shares could list at a premium of 27.22% as against the offer price of ₹158.
The company is an Indian beauty and personal care brand operating under the “Recode” label. It focuses on branding, sourcing, and distributing beauty products through an omnichannel network that includes company-owned stores, franchise outlets, its website and mobile app, and e-commerce platforms such as Amazon India, Nykaa, Myntra, and Flipkart.
The company offers over 350 SKUs across makeup, skincare, body care, and beauty accessories, catering to a wide range of customer preferences and price points.
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