True Colors Limited IPO Details
SME
True Colors IPO opens for subscription on 23 Sep 2025 and closes on 25 Sep 2025. The IPO will be listed on BSE with the tentative listing date set for 30 Sep 2025.
True Colors IPO price band has been fixed at ₹181 – ₹191 per share.The face value is ₹10 per share with a lot size of 600.
True Colors IPO total issue size comprises 66,99,600 shares (aggregating up to ₹127.96 Cr). This includes a fresh issue of 56,99,600 shares (aggregating up to ₹108.86 Cr). Offer for Sale consists of 10,00,000 shares (aggregating up to ₹19.10 Cr). Pre-issue shareholding stands at 1,89,55,000, which will increase to 2,46,54,600 post-issue.
True Colors IPO carries a ₹5 (2.6%) GMP, reflecting investor sentiment.
True Colors IPO Lot Size : Individual Minimum is 2 lots (1,200 shares) amounting to ₹229,200. Individual Maximum is 2 lots (1,200 shares) amounting to ₹229,200. SHNI Minimum is 3 lots (1,800 shares) amounting to ₹343,800. SHNI Maximum is 8 lots (4,800 shares) amounting to ₹916,800. BHNI Minimum is 9 lots (5,400 shares) amounting to ₹1,031,400.
The Lead Managers for True Colors IPO are crucial for the offering's success. They are responsible for a wide range of tasks, including preparing the company for the public market, managing the regulatory filings, and marketing the IPO to potential investors. The lead manager for this offering is GYR Capital Advisors Private Limited. To assess their past performance and success in previous IPOs, you can view the Lead Manager Performance Summary report.
For SME (Small and Medium-sized Enterprise) IPOs, a Market Maker is appointed to ensure liquidity and stability for the stock once it is listed. They do this by continuously quoting bid and ask prices, ensuring there is a market for the shares. The appointed market maker for this IPO is Giriraj Stock Broking. You can analyze their track record by checking the Market Maker Performance Summary report.
For detailed information, Refer to the True Colors Limited RHP.
True Colors IPO Details
True Colors IPO Subscription
True Colors IPO Application Wise Breakup
True Colors IPO Dates
- 23 Sep 2025Opening dateOPD
- 25 Sep 2025Closing dateCOD
- 26 Sep 2025Allotment Date BOA
- 29 Sep 2025Initiation of RefundsIOR
- 29 Sep 2025Credit of SharesCOS
- 30 Sep 2025Listing dateLID
True Colors IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual Minimum | 2 | 1200 | ₹229,200 |
| Individual Maximum | 2 | 1200 | ₹229,200 |
| SHNI Minimum | 3 | 1800 | ₹343,800 |
| SHNI Maximum | 8 | 4800 | ₹916,800 |
| BHNI Minimum | 9 | 5400 | ₹1,031,400 |
True Colors IPO Reservation
Promoter Holding
True Colors IPO Valuations
True Colors Financial Information
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 154.97 | 105.91 | 45.53 |
| Total Income | 234.05 | 160.91 | 80.94 |
| Profit After Tax | 24.69 | 8.25 | 3.92 |
| EBITDA | 40.91 | 14.50 | 5.67 |
| Net Worth | 55.45 | 14.61 | 6.37 |
| Reserves and Surplus | 36.50 | 14.14 | 5.90 |
| Total Borrowing | 47.51 | 56.56 | 20.04 |
| Amount in ₹ Crore | |||
About True Colors IPO
Incorporated in October 2021, True Colors Limited imports and distributes digital textile printers and supplies products for the digital textile printing industry.
They offer digital textile printing solutions, including machines, inks, and services, targeting businesses like exporters, manufacturers, designers, and entrepreneurs.
The company emphasises trust, technology, and transformation, aiming to help these businesses modernise and grow.
The company's business model encompasses manufacturing and trading, with three key pillars in digital textile printing:
- Machinery & Ink Supply (Import & Distribution): Imports and distributes high-quality wide format digital textile printers from brands like KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, and SKYJET.
- Sublimation Inks: The sublimation inks are formulated for polyester fabrics and designed for transfer printing.
- Reactive Inks: The reactive inks offer deep colour saturation, fixation, and fastness for direct printing on natural fibres such as cotton, viscose, and silk.
- Disperse Inks: Engineered for direct-to-fabric printing on polyester materials.
- Digital Textile Printing: Offers digital textile printing for customers outsourcing needs, while expanding to printed fabric supply.
The company has established a presence across India through regional offices and service hubs in key textile manufacturing centers like Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata, and Varanasi.
Strength Of True Colors IPO
1. Experienced Promoters having deep domain knowledge to scale up the business.
2. In house manufacturing capabilities.
3. Management team with an established track record.
4. Established track record of successfully completed orders.
5. Efficient operational team.
Risk Of True Colors IPO
1. We do not have long-term agreements with a majority of our customers. Any changes or cancellations to our orders or our inability to forecast demand for our products may adversely affect our business, results of operations and financial condition.
2. Increases in the prices of raw materials required for our operations could adversely affect our business and results of operations.
3. We derive majority of our revenue from trading of Ink and digital printing machine business unit and any reduction in the demand of such segment could have an adverse effect on our business, results of operations and financial conditions.
4. We are subject to the significant influence of, and restrictions imposed by OEMs pursuant to the terms of our dealership or agency agreements that may adversely impact our business, results of operations, financial condition and prospects, including our ability to expand into new territories and acquire additional dealerships.
5. We are heavily dependent on the import for our machinery and ink divisions. A significant portion of our import is derived from selected geographies such as China and Japan. Any adverse developments in this market could adversely affect our business.
6. Fluctuation in market trends for Digital Textile Printing
7. Our operations are subject to high working capital requirements. If we are unable to generate sufficient cash flows to allow us to make required payments, there may be an adverse effect on our results of operations.
8. The majority of our product and services sales is concentrated in the regions namely, Gujarat and Punjab. For the period ended for Fiscal 2025, 2024 and 2023 our revenue from sale of products and services in Gujarat, Maharashtra and Punjab accounted for 90.63%, 93.32%, and 92.34% of our revenue from operations, respectively any adverse developments affecting our operations in these regions could have an adverse impact on our business, financial condition, results of operations and cash flows.
9. The restated examination report by our peer review auditor has provided a matter of emphasis paragraph for the company, regarding acceptance of loan from persons other than directors, their relatives, or related parties, except as permitted under the Act.
10. Our Promoter and Promoter Group are involved in a venture which is in the same line of business/unit as that of our Company.
Objectives True Colors IPO
1. Funding working capital requirements of the company
2. Repayment/prepayment of all or certain of our borrowings availed of by the Company
3. General corporate purposes
Company 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/
Registrar Contact Details
Lead Mangers
Lead Manager Reports
Market Maker
Market Maker Reports