True Colors IPO

IPO Details

Bidding Dates

23 Sep '25 - 25 Sep '25

Minimum Investment

₹2,29,200/ 2 Lot (1,200 Shares)

Price Range

₹181 to ₹191

Maximum Investment

₹2,29,200/ 2 Lot (1,200 Shares)

Retail Discount

To be announced

Issue Size

₹127.96 Cr

Investor category and sub category

Retail Individual Investors (RII) | Non-institutional Investors (NII) | Qualified Institutional Buyers (QIB) |

True Colors IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Sep 23, 25

IPO Closing Date

Sep 25, 25

Basis of Allotment

Sep 26, 25

Initiation of Refunds

Sep 29, 25

IPO Listing Date

Sep 30, 25

True Colors IPO Details

True Colors IPO is a book-built issue worth ₹127.96 crore. The issue is a combination of fresh issue of 0.57 crore shares up to ₹108.86 crores and offer for sale (OFS) of 0.10 crore shares aggregating to ₹19.10 crores. The IPO will open for subscription on September 23, 2025, and close on September 25, 2025.

The basis of allotment is expected to be finalised on September 26, 2025, with tentative listing scheduled on BSE SME for September 30, 2025. The price band for the True Colors IPO has been fixed between ₹181 to ₹191 per share.

Investors can bid for True Colors IPO with a minimum of 2 lot of 1,200 shares. For retail investors, the minimum investment required is ₹2,29,200. For small non-institutional investors (sNII), the lot size stands at 3 lots, equal to 1,800 shares, amounting to ₹3,43,800. For big non-institutional investors (bNII), the lot size is 9 lots, which translates to 5,400 shares, requiring an investment of ₹10,31,400.

GYR Capital Advisors Pvt Ltd is the book running lead manager (BRLM) and Bigshare Services Pvt. Ltd is the registrar of the issue. Detailed information is available in the True Colors IPO RHP.

True Colors IPO Objectives

The company will deploy the funds from the public issue towards following:

Re-payment/pre-payment of all or certain borrowings availed by the Company
Funding working capital requirements of the company&nbsp
General Corporate Purposes

About True Colors Limited

Established in 2021, True Colors Limited has positioned itself as a comprehensive solutions provider in the digital textile printing industry. The company is actively involved in the import and distribution of digital textile printers, as well as the manufacturing and supply of products essential to digital textile printing. Its business model integrates both manufacturing and trading, structured around three core verticals:

Import & Distribution of Machinery and Ink Supplies

True Colors Limited has developed strong partnerships with globally renowned brands such as KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, and SKYJET, serving as an authorized dealer for these wide-format digital textile inkjet printers. These machines are distributed to textile manufacturers, export houses, and fabric dealers across India.

In addition to machinery, the company supplies high-performance inks tailored for various textile applications.

Manufacturing and Supply of Sublimation Paper

To strengthen control over its supply chain and ensure consistent quality, the company has set up its own sublimation paper manufacturing facility. This strategic move reduces reliance on external vendors and allows for better quality management and faster delivery timelines.

Digital Textile Printing & Printed Fabric Supply

Catering to clients who prefer to outsource printing activities, True Colors Limited offers digital textile printing services using advanced machinery and premium inks. In response to growing demand, the company has also diversified into printed fabric supply, expanding its role in the textile value chain.

Industry Outlook

The global digital textile printing market is projected to grow from USD 3.78 billion in 2025 to USD 7.22 billion by 2030, registering a robust CAGR of 13.83%. This growth is driven by technological innovation, rising demand for sustainable printing solutions, and others.
India is emerging as a major growth engine in the Asia-Pacific region, with the domestic digital textile printing market expected to grow at a 13% CAGR (2023–2033).
Breakthroughs in machinery and software have significantly enhanced printing speeds—from just 10 meters/hour to over 90 meters/minute.
The fashion industry accounts for 43.4% of the global digital textile printing market, leveraging the technology’s benefits in rapid prototyping, customization, and inventory optimization. In addition, Direct-to-Fabric (DTF) printing holds the largest market share at 45.6%.

How To Apply for the True Colors IPO Online?

Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the True Colors IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of True Colors IPO?

Steps to check IPO allotment status on Angel One’s app:

Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of True Colors IPO

P-8, Ground Floor to 3rd Floor, Somakanjiini Wadi Patel Line Khatodara, Surat, Surat, Gujarat, India, 395002.

Phone: +91 7069169145

E-mail: cs@truecolorsgroup.com

True Colors IPO Reservation

Investor Category	Shares Offered
QIB (Qualified Institutional Buyers)	Not more than 50.00% of the Net Offer
Retail Individual Investors (Retail)	Not more than 35.00% of the Net Offer
NII (Non-Institutional Investors)	Not more than 15.00% of the Net Offer

True Colors IPO Lot Size Details

Application	Lots	Shares	Amount
Retail (Min)	2	1,200	₹2,29,200
Retail (Max)	2	1,200	₹2,29,200
S-HNI (Min)	3	3,600	₹3,43,800
S-HNI (Max)	8	4,800	₹9,16,800
B-HNI (Min)	9	5,400	₹10,31,400

True Colors IPO Promoter Holding

Ashish Kumar Durlbhbhai Mulani, Sanjay Raghubhai Desai, Sagarkumar Bipinbhai Mulani and Panchani Satishkumar Jayantibhai are the promoters of the company.

Share Holding Pre-Issue	94.87%
Share Holding Post Issue&nbsp	68.88%

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Key Performance Indicators for True Colors IPO

KPI	Value
ROAE (%)	70.49
ROCE (%)	35.94
EBITDA Margin (%)	17.48

True Colors IPO Prospectus

True Colors IPO Registrar and Lead Managers

True Colors IPO Lead Managers

GYR Capital Advisors Pvt Ltd

Registrar for True Colors IPO

Bigshare Services Pvt Ltd

Contact Number: +91 22 6263 8200
Email Address: ipo@bigshareonline.com

Financial Performance of True Colors Limited

Particulars	Year ending on March 31, 2025	Year ending on March 31, 2024	Year ending on March 31, 2023
Revenue from Operations (in ₹ lakhs)	23,365.62	16,008.24	8,066.04
Profit/loss After Tax (in ₹ lakhs)	2,469.38	824.57	391.79
PAT Margin (%)	10.57	5.15	4.86
EBITDA (in ₹ lakhs)	4,091.20	1,449.97	566.89
EBITDA Margin (%)	17.48	9.01	7.00
Net Worth (in ₹ lakhs)	5,545.36	1,461.38	636.81
Return on Average Equity (%)	70.94	78.60	111.74

Know before investing

Strengths

Revenue is generated from both machinery and consumables (inks, paper), reducing dependency on a single product line and improving financial stability.
In-house control over manufacturing, sales, and service enhances operational efficiency, quality control, and profit margins.
Strong positioning as a leading digital printing solutions provider builds brand credibility and aids customer retention.
A robust distribution and service network across India provides a solid platform for scalable growth and customer reach.
The digital shift in industries like textiles, advertising, and publishing presents substantial domestic market growth potential.

Risks

Heavy reliance on select suppliers and distributors increases vulnerability to disruptions or strained partnerships.
Significant investment in manufacturing and service infrastructure may pressure margins if cost efficiencies are not optimized.
A primarily India-focused presence exposes the company to domestic market saturation and limits international growth potential.
The digital printing industry is highly competitive, requiring constant innovation to protect market share and pricing power.
Continuous R&D and upskilling are essential to keep pace with evolving printing technologies and automation trends.