True Colors Ltd. IPO: True Colors IPO is an issue of a book-built procedure of an Alternative Investment Fund of ₹127.96 crores. The problem has the fresh issue of 0.57 crore shares amounting to 108.86 crores and Offer-for-Sale of 0.10 crore shares amounting to 19.10 crores.
True Colors IPO will be subscribed between September 23 and 25, 2025. An allotment for True Colors IPO would be made most probably on September 26, 2025. True Colors IPO will list on BSE SME with a tentative listing date set as September 30, 2025. This new True Colors IPO price band is fixed at ₹181.00 to ₹191.00 per share. The lot size is 600 to apply. That brings a retail minimum investment required from an individual investor to be ₹2,29,200.00 (1,200 shares) (based on an upper price). The minimum investment made in an HNI lot-sized investment is through 3 lots (or 1,800 shares), amounting to ₹3,43,800.
True Colors Ltd. IPO Overview
True Colors IPO is to be opened between September 23-25, 2025 with issue price of 191 per share and a face value of 10 and the lot size of 600 shares. The problem includes 66,99,600 shares that are valued at ₹127.96 crores and is going to be quoted on the BSE SME.
| Details | Descriptions |
|---|---|
| IPO Date | September 23, 2025 to September 25, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹181 to ₹191 per share |
| Lot Size | 600 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 66,99,600 shares (aggregating up to ₹127.96 Cr) |
| Reserved for Market Maker | 3,36,000 shares (aggregating up to ₹6.42 Cr) |
| Net Offered to Public | 63,63,600 shares (aggregating up to ₹121.54 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,89,55,000 shares |
| Share Holding Post Issue | 2,46,54,600 shares |
True Colors Ltd. IPO Schedule
The IPO is opened on September 23, 2025 and closed on September 25, 2025. It is allotted on 26 September 2025, refunded and given Demat credits on 29 September 2025 and listed on 30 September 2025.
| Details | Description |
|---|---|
| IPO Open Date | Tue, Sep 23, 2025 |
| IPO Close Date | Thu, Sep 25, 2025 |
| Tentative Allotment | Fri, Sep 26, 2025 |
| Initiation of Refunds | Mon, Sep 29, 2025 |
| Credit of Shares to Demat | Mon, Sep 29, 2025 |
| Tentative Listing Date | Tue, Sep 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Sep 25, 2025 |
True Colors Ltd. IPO Lot Size Details
The number of shares that investors can request to bid is at least 1,200 and by 600 blocks. The table below indicates the lowest and highest amounts of investment by the Individual Investors (Retail) and HNI in terms of share.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 1,200 | ₹2,29,200 |
| Individual investors (Retail) (Max) | 2 | 1,200 | ₹2,29,200 |
| S-HNI (Min) | 3 | 1,800 | ₹3,43,800 |
| S-HNI (Max) | 8 | 4,800 | ₹9,16,800 |
| B-HNI (Min) | 9 | 5,400 | ₹10,31,400 |
True Colors Ltd. IPO Allocation
True Colors IPO offers a total of 66,99,600 shares. Of these, 31,76,400 (47.41%) are allocated to QIBs, 12,70,800 (18.97%) are allocated to QIBs (Ex-Anchor), 9,57,600 (14.29%) are allocated to NIIs, 22,29,600 (33.28%) are allocated to RIIs, and 19,05,600 (28.44%) are allocated to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 3,36,000 (5.02%) |
| QIB Shares Offered | 31,76,400 (47.41%) |
| NII (HNI) Shares Offered | 9,57,600 (14.29%) |
| Retail Shares Offered | 22,29,600 (33.28%) |
| Total Shares Offered | 66,99,600 (100.00%) |
True Colors Ltd. IPO Promoter Holding
| Details | Promoter Holding (%) |
|---|---|
| Promoter Holding Pre Issue | 94.87% |
| Promoter Holding Post Issue | 68.88% |
True Colors Ltd. IPO Anchor Investors Details
True Colors IPO collects ₹36.40 crores from anchor investors. True Colors IPO anchor bidding date is September 22, 2025.
| Details | Description |
|---|---|
| Bid Date | September 22, 2025 |
| Shares Offered | 19,05,600 |
| Anchor Portion Size (In Cr.) | 36.40 |
| Anchor lock-in period end date for 50% shares (30 Days) | October 30, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 29, 2025 |
Overview of True Colors Ltd.
It was incorporated in October 2021, and True Colors Limited imports and distributes digital printing machinery and consumables for the digital textile printing industry.
The organisation provides digital textile printing solutions encompassing machines, inks, and service for businesses, including exporters, manufacturers, designers, and entrepreneurs.
Trust, technology, and transformation drive these businesses to modernise and grow.
The company’s business model involves 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 manufacturers such as KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, and SKYJET.
- Sublimation Inks: Sublimation inks are produced with polyester fabrics and are intended to be transferred printed.
- Reactive Inks: The reactive inks provide high saturation of colors, fixation, and fastness on natural fibres (cotton, viscose and silk) to be directly printed.
- 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 the printed fabric supply.
The company has created a nationwide presence by setting up regional offices and service centres in Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata and Varanasi, which are major textile manufacturing centres.
Competitive strength:
- Full-Fledged Digital Textile Ecosystem.
- Nationwide Presence and Fast Service Support.
- Continuous Customer Interaction and Repeating Income.
- Fully Automated Production Plant and Supply Chain Management.
- Experienced Leadership supported by Professional Management.
Company Financials
True Colors Ltd. Financial Information (Restated Standalone)
True Colors Ltd.’s revenue during the financial year ending March 31, 2025, increased by 45%, while the profit after tax (PAT) during this period increased by 199%, as compared to the previous financial year ending March 31, 2024.
| Period Ended | 31-July-25 | 31-Mar-25 | 31-Mar-24 |
|---|---|---|---|
| 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 |
Key Performance Indicator (KPI)
The market cap. of True Colors Ltd. IPO is ₹470.90 Crores.
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 13.03 | 10.02 |
| P/E (x) | 14.66 | 19.07 |
True Colors Ltd. IPO Objectives
| Objects of the Issue | Expected Amount (₹ in cr.) |
|---|---|
| Funding working capital requirements of the company | 48.90 |
| Repayment/prepayment of all or certain of our borrowings availed of by the Company | 40.40 |
| General corporate purposes |
True Colors Ltd. IPO 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/
True Colors Ltd. IPO Registrar
Bigshare Services Pvt.Ltd.
| Details | Descriptions |
|---|---|
| Phone: | +91-22-6263 8200 |
| Email: | ipo@bigshareonline.com |
| Website: | https://ipo.bigshareonline.com/IPO_Status.html |
True Colors Ltd. IPO FAQs
When True Colors Ltd. IPO become available?
The IPO will open on Tue, Sep 23, 2025.
What is the minimum lot size for the True Colors Ltd. IPO?
The minimum lot size is 600 shares.
When will the shares for the True Colors Ltd. IPO be allotted?
The allotment is expected to be finalized on Fri, Sep 26, 2025.
What is the expected listing date for the True Colors Ltd. IPO?
The tentative listing date is Tue, Sep 30, 2025.
How can I apply for the True Colors IPO?
You can apply online through your bank or a broker using either the UPI or ASBA payment methods.
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