The initial public offering (IPO) of Recode Studios, a beauty and personal care company based in India, has garnered significant investor interest, achieving a subscription rate of 104.5 times as of the afternoon of 7 May. The IPO, which opened for bidding on 5 May, consists of a fresh share sale worth ₹39.55 crore and an offer for sale of ₹5.04 crore, with shares priced between ₹150 and ₹158. Retail investors are required to apply for a minimum of 800 shares, amounting to a minimum investment of ₹2,52,800. The grey market premium (GMP) stands at ₹43, indicating that shares could list at approximately ₹201, reflecting a potential gain of 27.22%. The allotment for the IPO will be finalized on 8 May, with shares expected to debut on the BSE SME on 12 May. Recode Studios operates under the “Recode” label, offering over 350 stock-keeping units (SKUs) across various beauty categories through multiple sales channels, including e-commerce platforms like Amazon India and Flipkart.