True Colors IPO
Open SmeCurrent GMP
₹5 (+2.62%)
Price Band
₹ 181 – 191
Lot Size
600
Issue Size
₹127.96 Cr
Minimum Investment
₹229200 (1200 Shares)
Listing Date
30 September 2025
Subscription
45.55x
About the Company
True Colors Limited was incorporated in October 2021 and is engaged in importing, distributing, and providing solutions for the digital textile printing industry. The company offers a comprehensive range of digital textile printing machines, inks, and services, catering to exporters, manufacturers, designers, and entrepreneurs.
Driven by its core values of trust, technology, and transformation, True Colors aims to modernize the textile printing ecosystem and support businesses in scaling efficiently.
Business Model
True Colors operates on a dual model of manufacturing and trading, with three primary pillars in the digital textile printing segment:
- Machinery & Ink Supply (Import & Distribution)
- Imports and distributes advanced wide-format digital textile printers from globally recognized brands such as Konica Minolta, Hopetech, Itten, Pengda, and Skyjet.
- Inks Portfolio
- Sublimation Inks: Formulated for polyester fabrics, designed specifically for transfer printing applications.
- Reactive Inks: Deliver rich color saturation, fixation, and durability for direct printing on natural fibers like cotton, viscose, and silk.
- Disperse Inks: Developed for direct-to-fabric printing on polyester materials, ensuring vibrant prints and high performance.
- Digital Textile Printing Services
- Provides digital textile printing solutions for businesses looking to outsource their requirements.
- Expanding into printed fabric supply, catering to the growing demand for ready-to-use printed textiles.
Presence
The company has established a strong footprint across India with regional offices and service hubs located in key textile manufacturing clusters, including:
- Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata, and Varanasi.
Promoters
- Ashish Kumar Durlbhbhai Mulani
- Sanjay Raghubhai Desai
- Sagarkumar Bipinbhai Mulani
- Panchani Satishkumar Jayantibhai
Promoters Holding
Holding Pre Issue
94.87%
Holding Post Issue
68.88%
Objects of the Issue
The Company True Colors IPO proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Funding working capital requirements of our company
- Repayment/prepayment of all or certain of our borrowings availed of by our Company
- General corporate purposes
Address / Contact Info
True Colors Ltd.
P-8, GR Flr to 3rd Flr,Somakanjiini
Wadi Patel Line Khatodara,
Surat, Gujarat, 395002
Phone: +91 7069169145
Email: cs@truecolorsgroup.com
Website: https://truecolorsgroup.com/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Tuesday, 23 September 2025
IPO Close Date
Thursday, 25 September 2025
Basis of Allotment
Friday, 26 September 2025
Initiation of Refunds
Monday, 29 September 2025
Credit of Shares to Demat
Monday, 29 September 2025
Listing Date
Tuesday, 30 September 2025 — NSE & BSE
Important Dates
Open Date
23 September 2025
Close Date
25 September 2025
Basis Of Allotment
26 September 2025
Listing Date
30 September 2025
Financial Performance (₹ in Crores)
| Particular | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 154.97 | 105.91 | 45.53 |
| Revenue | 234.05 | 160.91 | 80.94 |
| Profit After Tax | 24.69 | 8.25 | 3.92 |
| Net Worth | 55.45 | 14.61 | 6.37 |
| Reserve & Surplus | 36.5 | 14.14 | 5.9 |
| Total Borrowings | 47.51 | 56.56 | 20.04 |
EPS Pre
13.03%
EPS Post
10.02%
P/E Pre
14.66
P/E (Post Issue)
19.07x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | KPI as of Mon | Mar 2024 | Mar 2023 |
|---|---|---|---|
| ROE % | 70.49 | 78.6 | 111.74 |
| ROCE % | 35.94 | 18.56 | 21.43 |
| Debt / Equity | 0.86 | 3.87 | 3.15 |
| RoNW % | 44.53 | 56.42 | 61.52 |
| PbW | 0 | 0 | 0 |
| Pat Margin % | 5.15 | 4.86 | 5.46 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 1270800 | 28.51 | 0 |
| Non-Institutional | 957600 | 21.48 | 0 |
| BNII | 638400 | 14.32 | 0 |
| SNII | 319200 | 7.16 | 0 |
| Retail Investors | 2229600 | 50.01 | 0 |
| Total | 4458000 | 100 | 0 |
Subscription Status ( Thu, 25 Sep 25 01:24 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 1270800 | 55163400 | 43.41x |
| Non-Institutional | 957600 | 48772800 | 50.93x |
| Retail Investors | 2229600 | 99121200 | 44.46x |
| Total | 4458000 | 203057400 | 45.55x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
No Peer Comparision Available
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | 229,200.00 |
| Retail (Max) | 2 | 1,200 | 229,200.00 |
| S-HNI (Min) | 3 | 1,800 | 343,800.00 |
| S-HNI (Max) | 8 | 4,800 | 916,800.00 |
| B-HNI (Min) | 9 | 5,400 | 1,031,400.00 |
Registrar
Bigshare Services Pvt Ltd
91-22-6263 8200
investor@bigshareonline.com
https://www.bigshareonline.com
Book Running Lead Managers
- GYR Capital Advisors Private Limited
RHP Document
DRHP Document
Anchor Investors
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
True Colors IPO is a Book-building IPO worth ₹127.96 crores. The price band is ₹181 to 191 per share. The IPO opens on Tue, Sep 23, 2025 and closes on Thu, Sep 25, 2025. It will be listed on BSE and NSE. Bigshare Services Pvt Ltd is the registrar.
The True Colors IPO opens on Tue, Sep 23, 2025 and closes on Thu, Sep 25, 2025
True Colors IPO Price Band is ₹181 to 191.
True Colors IPO lot size is 600, and the minimum amount required for application is ₹229200.
The minimum investment for True Colors IPO is approximately ₹229200 based on the upper price band.
To apply for the True Colors IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Thu, Sep 25, 2025. After submission, funds are blocked until the basis of allotment of True Colors IPO is finalised.
True Colors IPO issue size is ₹127.96 crores.
True Colors IPO allotment date is Sat, Jun 27, 2026.
The registrar for True Colors IPO is Bigshare Services Pvt Ltd. Investors can go to Bigshare Services Pvt Ltd website for IPO allotment status, refund processing, and other queries related to True Colors IPO through their official website or helpline.
The True Colors IPO GMP (Grey Market Premium) is ₹5 as of Tue, Sep 30, 2025. Based on the upper price band of ₹191 per share, the estimated True Colors IPO listing price is ₹196, indicating a potential listing gain of approximately 31% over the issue price.