Recode Studios, a fast-growing beauty and personal care company based in India, opens its Initial Public Offering (IPO) today, aiming to raise ₹44.6 crore. The shares are priced between ₹150 and ₹158, with expectations of a healthy listing indicated by a 25% grey market premium prior to the opening. The IPO consists of a fresh issue of ₹39.6 crore and an offer for sale of ₹5 crore, leading to a projected post-issue market capitalization of approximately ₹168 crore. Founded in 2021, Recode focuses on creating an omnichannel cosmetics brand, selling products through physical stores, franchise outlets, and various e-commerce platforms, including Amazon and Nykaa. As of September 2025, the company operates 24 stores across 14 states in India. Financially, Recode has demonstrated significant improvement, reporting a total income of ₹57.5 crore and a net profit of ₹9.1 crore for the nine months ending December 2025, compared to ₹3.3 crore in profit for the previous fiscal year. The company plans to utilize the IPO proceeds for establishing a new warehouse in Ludhiana, marketing efforts, and general corporate purposes.