True Colors IPO Details
| IPO Open Date | September 23, 2025 |
| IPO Close Date | September 25, 2025 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹181 to ₹191 Per Share |
| Issue Size | Approx ₹127.97 Crores |
| Fresh Issue | Approx ₹108.87 Crores |
| Offer for Sale: | Approx 10,00,000 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
True Colors IPO Review & Key Points
- Review:
True Colors IPO Market Lot
The True Colors IPO minimum market lot is 1,200 shares with ₹2,29,200 application amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 1,200 | ₹2,29,200 |
| Retail Maximum | 2 | 1,200 | ₹2,29,200 |
| S-HNI Minimum | 3 | 1,800 | ₹3,43,800 |
| S-HNI Maximum | 8 | 4,800 | ₹9,16,800 |
| B-HNI Minimum | 9 | 5,400 | ₹10,31,400 |
IPO Reservation
| Investor Category | Share Offered | % Shares |
| Market Maker Shares Offered | 3,36,000 Shares | 5.02% |
| Anchor Investor | 19,05,600 Shares | 28.44% |
| QIB (Ex. Anchor) | 12,70,800 Shares | 18.97% |
| NII Shares Offered | 9,57,600 Shares | 14.29% |
| Retail Shares Offered | 22,29,600 Shares | 33.28% |
True Colors IPO Anchor Investors
| Anchor Bidding Date | September 22, 2025 |
| Anchor Investors List | |
| Shares Offered | 19,05,600 Shares |
| Anchor Size | 36.40 Cr. |
| lock-in period end date 50% shares (30 Days) | October 26, 2025 |
| lock-in period end date 50% shares (90 Days) | December 25, 2025 |
True Colors IPO Dates
The True Colors IPO date is September 23 and the close date is September 25. The True Colors IPO allotment will be finalized on September 26 and the IPO listing on September 30.
| IPO Open Date: | September 23, 2025 |
| IPO Close Date: | September 25, 2025 |
| Basis of Allotment: | September 26, 2025 |
| Refunds: | September 29, 2025 |
| Credit to Demat Account: | September 29, 2025 |
| IPO Listing Date: | September 30, 2025 |
| IPO Bidding Cut-off Time: | September 25, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Ashish Kumar Durlbhbhai Mulani, Sanjay Raghubhai Desai, Sagarkumar Bipinbhai Mulani and Panchani Satishkumar Jayantibhai.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,89,55,000 | 94.87% |
| Promoter Holding Post Issue | 2,46,54,600 | 68.88% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| 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 | – |
About True Colors IPO
True Colors is one of the leading companies that imports and sells digital textile printers, and they also make and supply products used in the digital textile printing industry. Moreover, they provide digital textile printing solutions such as machines, inks, and services. Their customers include exporters, manufacturers, designers, and business owners. Furthermore, the company focuses on trust, technology, and change, helping businesses grow and become more modern. True Colors has made a strong business model, which covers the digital textile printing process.
The company has skilled and knowledgeable team members and promoters who have made huge contributions to the growth of the company.
The company is spread across India with offices and service centers in major textile cities like Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata, and Varanasi.
True Colors IPO Company Financial Report
The company reported revenue of ₹234.05 crores in 2025 against ₹160.91 crores in 2024. The company reported profit of ₹24.69 crores in 2025 against profit of ₹8.25 crores in 2024.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹80.94 | ₹75.47 | ₹3.92 | ₹45.53 |
| 2024 | ₹160.91 | ₹149.43 | ₹8.25 | ₹105.91 |
| 2025 | ₹234.05 | ₹200.98 | ₹24.69 | ₹154.97 |
True Colors IPO Valuation – FY2025
Check True Colors IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | -% |
| ROCE: | 35.94% |
| EBITDA Margin: | 17.48% |
| PAT Margin: | 10.57% |
| Debt to equity ratio: | 0.86 |
| Earning Per Share (EPS): | ₹13.77 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 44.53% |
| Net Asset Value (NAV): | ₹29.26 |
Peer Group Comparison
There are no listed peers of the company.
IPO Lead Managers aka Merchant Bankers
- GYR Capital Advisors Pvt.Ltd.
Company Address
True Colors Ltd.
P-8, GR Flr to 3rd Flr
Somakanjiini
Wadi Patel Line Khatodara,
Surat, Gujarat, 395002
Phone: +91 7069169145
Email: [email protected]
Website: https://truecolorsgroup.com/
IPO Registrar
Bigshare Services Pvt.Ltd.
Phone: +91-22-6263 8200
Email: [email protected]
Website: https://ipo.bigshareonline.com/IPO_Status.html
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Note: The True Colors IPO price band and date are officially announced. The (True Colors IPO grey market premium) will be added to the IPO GMP page as it will start).
