True Colors IPO Day 2 Witnesses High Demand; Retail Component Subscribed 4.23×

Mumbai, September 24, 2025: The SME IPO of True Colors Limited again witnessed healthy investor demand on Wednesday, with the issue witnessing good momentum in its second day of bidding. Till midday as of 01:14 p.m., bids were received for 1.58 crore shares against offered shares of 47.94 lakh shares, leading to an overall subscription of 3.65 times.

True Colors IPO Pricing Profile Strength

Demand from investors was concentrated in the higher part of the price band of ₹181 to ₹191. At pricing levels like ₹181, ₹182, ₹183, ₹185, ₹187, ₹189, ₹190 and ₹191, bids ranged around 1.55 lakh shares or higher, reflecting confidence at the higher end of the valuation range.

True Colors IPO Subscription Across Investor Categories

Qualified Institutional Buyers (QIBs) subscribed the reserved portion 3.52 times. Non-Institutional Investors (NIIs) also registered moderate demand with a 1.59 times overall subscription; in that, high-value NII bids (over ₹10 lakh) subscribed 1.09 times, and smaller NII bids (up to ₹10 lakh) 2.61 times. Retail investors stood out, oversubscribing their allotment 4.60 times by bidding for 1,02,62,400 shares against their 22.29 lakh share allotment.

True Colors IPO Anchor Allocation & Issue Summary

Prior to the opening of the IPO, True Colors issued 19.05 lakh shares to anchor investors at ₹191 per share on September 22. The size of True Colors IPO is 66.99 lakh shares, consisting of a fresh issue of 56.99 lakh shares and an offer-for-sale of 10 lakh shares. The issue is available on subscription from September 23 to 25, 2025, and will list on the BSE SME platform.

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