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14 Nov, 2025
True Colors IPO
True Colors Ltd. is launching its SME IPO from September 23 to September 25, 2025 and is aiming to raise ₹127.96 crore. The issue of approximately 53.64 lakh shares worth ₹108.86 crore and an offer for sale of around 10 lakh shares worth ₹19.10 crore, while the IPO price band is ₹181–₹191 per equity share with a face value of ₹10, the minimum lot size is 600 shares, with the investment of ₹1,08,600. The allotment is scheduled for September 26, 2025, and the shares are expected to list on the BSE and SME platforms on September 30, 2025.
Company Background
True Colors Limited, based in Surat, Gujarat, is another of the new integrated players in the Indian digital textile printing industry. Established by a group of textile printing industry entrepreneurs with over a hundred years of collective industry experience between them, the company started as a small sublimation print house and gradually evolved into an end-to-end solution provider for printing cloth. Today, its offering spans from equipment (printers and heat presses) to supplies (inks and sublimation paper) and even finished textile and print services.
Operations And Product Range
Facility And Production
Principal Manufacturing Facility Located in Surat, with sublimation paper manufacturing facilities, printer assembling, and RAndD facilities. Some of the other facilities are at Kalakachha, Jalalpore (Navsari district), committed to the production of fabric and finishing. True Colors IPO has sublimation paper manufacturing capacity of 10.16 crore metres annually and fabric capacity of 1.43 crore metres annually. While the sustainability efforts are there as the plant in Surat has rooftop solar panels that cut the energy expenses and also reduce the company’s carbon footprint.
Brands And Market Presence
True Colors Ltd. is not only a manufacturer but also a brand-driven company that takes a strong position in the textile value chain. As a "Make in India" domestic digital apparel brand with indigenous alternatives to foreign printers and consumables. Well known for cost-effectiveness, service support, and adaptation of machines for Indian textile requirements.
Revenue Channels
True Colors IPO’s revenue model is diversified strategically:
1. Reselling of Capital Sales (Machines): Digital printers and related hardware are resold one time at high value.
2. Trading Consumables: Sublimation papers and inks are another source capable of generating recurring revenues.
3. Fabric Sales And Printing Services: Remaining revenue is derived from the sale of polyester/blended fabric and job-work of outsourced printing.
Management And Shareholding
Promoters and Shareholding
The key promoters of the company are Ashishbhai Durlabhabhai Mulani, Satishbhai Jyantibhai Panchani, Sanjaybhai Raghubhai G Desai and also Sagarbhai Bipinbhai Mulani. Shareholding pattern pre-IPO is 94.87% while the promoter shareholding will be reduced to 68.88%. The dilution reflects the enthusiasm of promoters to expand the shareholder base while retaining majority ownership.
Board Members
Apart from the promoter-directors, True Colors Ltd. also has independent professionals as members of the board to provide strength to governance. Some of the independent directors are CA Bhavesh Singapuri, CMA Nanty Shah and CS Charmi Soni.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
True Colors IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
True Colors IPO Details
| Detail | Description |
|---|---|
| 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) Giriraj Stock Broking Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) | 53,63,600 shares (aggregating up to ₹102.44 Cr) |
| Offer for Sale | 10,00,000 shares of ₹10 (aggregating up to ₹19.10 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 IPO Timeline
| Detail | 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 IPO Lot Size
| 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 IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 94.87% |
| Promoter Holding Post Issue | 68.88% |
Competitive Strength:
- • The primary objective of True colors IPO is basically to Funding working capital requirements of the company.
- • The funds are used for the repayment of all or certain borrowings availed of by the company.
- • The company True colors IPO proposes to utilise the net proceeds from the Issue towards general corporate purposes.
True Colors IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 154.97 | 234.05 | 24.69 | 55.45 | 47.51 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 105.91 | 160.91 | 8.25 | 14.61 | 56.56 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 45.53 | 80.94 | 3.92 | 6.37 | 20.04 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| 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 |
Competitive Strengths
True Colors Ltd. has many competitive strengths that help it in the digital textile printing and ink manufacturing industry:
- • Focus on technological innovation and RAndD helps it to offer advanced printing solutions and customized inks tailored to customer requirements.
- • The company is located in a major textile hub which provides it with logistical advantages and access to a large customer base.
- • Experienced leadership supported by professional management.
- • Nationwide presence and rapid service support.
- • Advanced manufacturing facilities and supply chain control.
Conclusion
The initial public offering (IPO) of True Colors Ltd. holds importance for the company as well as the stakeholders. True Colors IPO is a new generation of vertically integrated Indian textile printing companies that bridge the gap between imported machinery and local customer needs. Overall, the IPO serves as a crucial milestone in True Colors Ltd.’s growth journey, positioning it for sustained expansion and competitive strength in its sector.
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Frequently asked Questions (FAQs )
-
What does true colors ltd. launching from sep 23 to sep 25 and how much is it aiming to raise ?
True Colors Ltd. is launching its SME IPO from September 23 to September 25, 2025 and is aiming to raise ₹127.96 crore.
-
How did the company start and how did it evolve ?
The company started as a small sublimation print house and gradually evolved into an end-to-end solution provider for printing cloth
-
Is true colors only a manufacturer ?
True Colors Ltd. is not only a manufacturer but also a brand-driven company that takes a strong position in the textile value chain.
-
What are the names of some of the independent directors ?
Some of the independent directors are CA Bhavesh Singapuri, CMA Nanty Shah and CS Charmi Soni.
-
What is one objective of true colors ?
The primary objective of True colors IPO is basically to Funding working capital requirements of the company.
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