True Colors IPO
GMP, Subscription, Price, Dates & Financial Details
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,…
Open Date
Tue, 23 Sep 2025
Close Date
Thu, 25 Sep 2025
Price Band
₹ 181 – 191
Lot Size
600
Issue Size
₹ 127.96 Cr
Minimum Investment
₹ 229,200 (1200 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
True Colors IPO has successfully completed its IPO process and is now listed on BSE SME Platform. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹127.96 Crore, comprising a fresh issue of 53.64 Lakh equity shares aggregating to ₹102.44 Crore and an offer for sale (OFS) of 10.00 Lakh equity shares aggregating to ₹19.10 Crore by the existing shareholders.
The True Colors IPO remained open for subscription from September 23, 2025, to September 25, 2025. The basis of allotment was finalized on September 26, 2025, and the company's shares were listed on BSE SME Platform on September 30, 2025.
The company had fixed the price band at ₹181 to ₹191 per share, with a lot size of 600 shares. Retail investors were required to make a minimum investment of ₹229,200 (based on the upper price band) to apply for one lot.
Bigshare Services Pvt Ltd served as the registrar to the issue. GYR Capital Advisors Private Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, True Colors Limited is now a publicly listed company on BSE SME Platform. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
True Colors IPO Timeline (Tentative)
- IPO Open Date
- Tue, 23 Sep 25
- IPO Close Date
- Thu, 25 Sep 25
- Basis of Allotment
- Fri, 26 Sep 25
- Initiation of Refunds
- Mon, 29 Sep 25
- Credit of Shares to Demat
- Mon, 29 Sep 25
- Listing Date
- Tue, 30 Sep 25 — NSE & BSE
Open Date
23 September 2025
Close Date
25 September 2025
Basis Of Allotment
26 September 2025
Listing Date
30 September 2025
IPO Subscription
Check Live Subscription →The True Colors IPO has received bids for 20,30,57,400 shares against 44,58,000 shares offered, resulting in an overall subscription of 45.55x. the NII category is subscribed 50.93x, Retail Investors 44.46x, and QIBs 43.41x.
QIB
43.41x
NII
50.93x
RII
44.46x
Total
45.55x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 22,29,600 shares, representing 50.01% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 12,70,800 shares (28.51%), while Non-Institutional Investors (NIIs) receive 9,57,600 shares (21.48%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 1,270,800 | 28.51% |
| Non-Institutional | 957,600 | 21.48% |
| BNII | 638,400 | 14.32% |
| SNII | 319,200 | 7.16% |
| Retail Investors | 2,229,600 | 50.01% |
| Total | 4,458,000 | 100% |
Financials Details(₹ 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 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
True Colors Limited KPI Information
| 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 |
| Pat Margin % | 5.15 | 4.86 | 5.46 |
Peers Comparison
No Peer Comparision Available
About True Colors Limited
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.
True Colors IPO 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%
True Colors IPO Objective
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
True Colors Limited Address / Contact Details
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
True Colors IPO Lot Size
The True Colors IPO has a lot size of 600 shares. Retail investors require a minimum investment of ₹2,29,200 by applying for 2 lot (1,200 shares). The maximum application allowed for the retail category is 2 lots (1,200 shares), requiring an investment of ₹2,29,200.
| 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 |
Issue Reservation
- QIB — 28.51%
- NII — 21.48%
- RII — 50.01%
Book Running Lead Managers
- GYR Capital Advisors Private Limited
IPO Documents & Links
Explore More IPOs
Currently Open
Coming Up Next
Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the True Colors IPO?
True Colors IPO is a Book-building IPO with a total issue size of ₹127.96 crore. The True Colors IPO price band is ₹181 to 191 per share. The True Colors IPO subscription opens on Tue, Sep 23, 2025, and closes on Thu, Sep 25, 2025. The True Colors IPO will be listed on the BSE. Bigshare Services Pvt Ltd is the registrar for the True Colors IPO.
When will the True Colors IPO open for subscription?
The True Colors IPO opens on Tue, Sep 23, 2025 and closes on Thu, Sep 25, 2025
What is True Colors IPO Price Band?
True Colors IPO Price Band is ₹181 to 191 per share.
What is True Colors IPO Lot Size?
True Colors IPO lot size is 600 shares, Retail investors need a minimum investment of ₹229200 based on the upper price band
What is the minimum investment for True Colors IPO?
The minimum investment for True Colors IPO is ₹229200, based on one lot of 600 shares at the upper price band of ₹191 per share.
How to apply for True Colors IPO?
Investors can apply for the True Colors IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Thu, Sep 25, 2025. The application amount remains blocked until the True Colors IPO allotment is finalized.
What is True Colors IPO Issue Size?
True Colors IPO issue size is ₹127.96 crores.
What is the True Colors IPO Allotment Date?
True Colors IPO allotment date is Fri, Sep 26, 2025.
Who is the True Colors IPO Registrar?
The registrar for True Colors IPO is Bigshare Services Pvt Ltd. Investors can go to Bigshare Services Pvt Ltd website to check True Colors IPO allotment status, refund processing, and other IPO-related information.
What is the True Colors IPO GMP?
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 2.62% over the issue price.
Who is the True Colors IPO Lead Manager?
The book-running lead managers (BRLMs) for the True Colors IPO are GYR Capital Advisors Private Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the True Colors IPO Red Herring Prospectus (RHP).