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.