Recode Studios, a player in India's beauty and personal care industry, debuted strongly on the BSE SME today, with its share price opening at ₹213.10, representing a 35% increase from the issue price of ₹158. Following this robust start, the stock was locked in at a 5% upper circuit limit, reaching ₹223.75 per share. The company's IPO, which raised a total of ₹44.6 crore, was open for subscription from May 5 to May 7 and was oversubscribed by 234.64 times, showcasing significant investor interest. Recode Studios, established in 2021, specializes in a wide range of cosmetics and skincare products, available through both online platforms and physical stores. The company reported earnings of ₹57.5 crore and a net profit of ₹9.1 crore for the nine months ending December 2025, indicating substantial growth compared to previous figures. The IPO proceeds will be utilized for expanding operations, including establishing a new warehouse in Ludhiana and enhancing marketing efforts.