True Colors Limited IPO

BSE SME

Offer Date: Sep 25, 2025 - Sep 29, 2025

₹ 114600 /600 Shares

True Colors IPO Details

25 Sep, 2025

Open Date

29 Sep, 2025

Close Date

30 Sep, 2025

Allotment Date

03 Oct, 2025

Listing Date

Issue Price

₹181-₹191 per equity share

Face Value

₹10 Per Equity Share

Listing at Group

BSE SME

Registrar

Bigshare Services Pvt.Ltd.

Market Lot

Individual (Retail) (Min): 1200 Shares (₹2,29,200/-)
S-HNI (Min): 1800 Shares (₹3,43,800/-)
B-HNI (Min): 5400 Shares (₹10.31.400/-)

Lead Manager

GYR Capital Advisors Pvt.Ltd.

Issue Size

67,00,000 shares (aggregating up to ₹113.64 Cr)
Fresh Issue: 57,00,000 shares (aggregating up to ₹102.44 Cr)
Offer for Sale: 10,00,000 shares of ₹10 (aggregating up to ₹4.42 Cr)

Retail Portion

N/A

Subscription

N/A times

IPO Docs

DRHP

True Colors IPO Details

True Colors Limited IPO is an SME IPO, priced at ₹181-₹191 per equity share. The equity shares have a face value of ₹10 Per Equity Share each and will be listed on the BSE SME platform. The IPO comprises a total issue of 59,49,600 equity shares, aggregating up to ₹113.64 crores..

The IPO bidding window is open from Sep 25, 2025 to Sep 29, 2025. The allotment is expected to be finalized on Sep 30, 2025, and the tentative listing date is Oct 3, 2025.

The minimum lot size for retail investors is 1200 shares, with a minimum investment of ₹2,29,200.

GYR Capital Advisors Pvt.Ltd. is acting as the lead manager to the issue. The registrar of the IPO is Bigshare Services Pvt.Ltd., and

True Colors Valuations

EPS Pre IPO

₹13.03

EPS Post IPO

₹10.02

P/E Pre IPO

14.66

P/E Post IPO

19.07

ROE

70.49%

ROCE

35.94%

Debt/Equity

0.86

RoNW

44.53%

PAT Margin

5.15%

EBITDA Margin

17.48%

Price to Book Value

6.53

True Colors Company Financials All values are in ₹ Cr.

	31-Mar-25	31-Mar-24	31-Mar-23
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
Reserves & Surplus	36.50	14.14	5.90
Total Borrowing	47.51	56.56	20.04

About The Company

Established in October 2021, True Colors Limited is an importer and distributor of digital textile printers and supplies digital textile printing products.

They provide digital textile printing solutions, such as machines, inks, and service, to businesses such as exporters, manufacturers, designers, and entrepreneurs.

The company focuses on trust, technology, and transformation as it aspires to assist these businesses to modernise and expand.

The business model of the company includes manufacturing and trading, and there are three pillars under digital textile printing:

Machinery & Ink Supply (Import & Distribution): Imports and distributes premium wide format digital textile printers of KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, and SKYJET brands.
Sublimation Inks: The sublimation inks are designed for polyester fabrics and for transfer printing.
Reactive Inks: The reactive inks provide deep colour depth, fixation, and fastness for direct printing on natural fibers like cotton, viscose, and silk.
Disperse Inks: Designed for direct-fabric printing on polyester fabrics.
Digital Textile Printing: Provides digital textile printing for out-sourcing needs, with growth into printed fabric supply.

The group has created a footprint in India through regional offices and service centers in major textile production hubs such as Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata, and Varanasi.

True Colors - Promoter(s)

Pre Issue Share Holding: 94.87%

Post Issue Share Holding: 68.88%

Company Promoter(s)

Ashish Kumar Durlbhbhai Mulani
Sanjay Raghubhai Desai
Sagarkumar Bipinbhai Mulani
Panchani Satishkumar Jayantibhai

True Colors IPO - Issue Objectives

Funding working capital requirements of the company - ₹48.90 Cr
Repayment/prepayment of all or certain of our borrowings availed of by the Company - ₹40.40 Cr
General corporate purposes

Other Details

Company Contact Details

True Colors

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

Bigshare Services Pvt.Ltd.

Phone: +91-22-6263 8200

Email: ipo@bigshareonline.com

Website: https://ipo.bigshareonline.com/IPO_Status.html

True Colors IPO - FAQs

Ans. True Colors Limited IPO is a SME IPO. The issue is priced at ₹181-₹191 per equity share. The minimum order quantity is 600 Shares. The IPO opens on Sep 25, 2025, and closes on Sep 29, 2025. Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

Ans. The True Colors Limited IPO opens on Sep 25, 2025 and closes on Sep 29, 2025.

Ans. The size of True Colors Limited IPO is 67,00,000 shares (aggregating up to ₹113.64 Cr) Fresh Issue: 57,00,000 shares (aggregating up to ₹102.44 Cr) Offer for Sale: 10,00,000 shares of ₹10 (aggregating up to ₹4.42 Cr).

Ans. The IPO price band is set between ₹181-₹191 per equity share.

Ans. To apply for True Colors Limited IPO IPO, follow the steps given below:

- Open the IPO Ji App or Website
- Find True Colors Limited IPO in the List of IPOs
- Press "Apply" Button
- Select Your Demat Account
- Select Your Shares Quantity and Submit
- Track Your IPO Status

Ans. The share allotment date of True Colors Limited IPO is Sep 30, 2025.

Ans. The True Colors Limited IPO will be listed on Oct 3, 2025.

Ans. Follow the steps to check the allotment status for True Colors Limited IPO here.