True Colors IPO

Incorporated in October 2021, True Colors Limited imports and distributes digital textile printers and related supplies. The company offers solutions including machinery, inks, and digital textile printing services, catering to exporters, manufacturers, designers, and entrepreneurs. True Colors focuses on trust, technology, and transformation, helping businesses modernise operations and grow. It has a strong presence across India with offices and service hubs in key textile manufacturing centres.

True Colors Limited IPO Overview

The True Colors IPO is a book-built issue of ₹127.96 crores, comprising a fresh issue of 0.57 crore shares aggregating to ₹108.86 crores and an offer for sale of 0.10 crore shares aggregating to ₹19.10 crores. The IPO opens for subscription on 23 September 2025 and closes on 25 September 2025, with allotment expected to be finalized on 26 September 2025. The shares are proposed to list on BSE SME, with a tentative listing date of 30 September 2025. The price band is set between ₹181 and ₹191 per share, with a lot size of 600 shares. Retail investors are required to invest a minimum of ₹2,29,200 for 1,200 shares (based on the upper price), while the minimum lot size for HNI investors is three lots (1,800 shares), amounting to ₹3,43,800. GYR Capital Advisors Pvt. Ltd. is the book running lead manager, Bigshare Services Pvt. Ltd. is the registrar, and Giriraj Stock Broking Pvt. Ltd. is the market maker for the issue.

True Colors Limited IPO Details

Particulars	Details
IPO Date	23 September 2025 to 25 September 2025
Listing Date	30 September 2025
Face Value	₹10 per share
Issue Price Band	₹181 to ₹191 per share
Lot Size	600 Shares
Total Issue Size	66,99,600 shares (aggregating up to ₹127.96 Cr)
Fresh Issue	53,63,600 shares (aggregating up to ₹108.86 Cr)
Offer for Sale	10,00,000 shares (aggregating up to ₹19.10 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
Market Maker Portion	3,36,000 shares (aggregating ₹6.42 Cr)

True Colors Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of Net Offer
Retail	Not more than 35% of Net Offer
NII (HNI)	Not more than 15% of Net Offer

True Colors Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	1,200	₹2,29,200
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 Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	94.87%
Post-Issue	68.88%

True Colors Limited IPO Valuation Overview

KPI	Value
EPS (Post IPO)	10.02
P/E Ratio	19.07
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

Objectives of the Proceeds

• Fund working capital requirements of the company: ₹48.90 Cr

• Repay or prepay borrowings availed by the company: ₹40.40 Cr

• General corporate purposes

Key Financials (₹ Crore)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	154.97	105.91	45.53
Total Income	234.05	160.91	80.94
Profit After Tax	24.69	8.25	3.92
Reserves and Surplus	36.50	14.14	5.90
Total Borrowings	47.51	56.56	20.04