True Colors IPO

Q: How can I apply for True Colors Limited IPO?

You can apply via HDFC Sky using UPI-based ASBA facility for retail investment.

Q: When is the tentative listing date of this IPO?

The IPO is expected to list on BSE SME on 30 September 2025.

₹1,08,600/600 shares

Minimum Investment

IPO Details

Open Date

25 Sep 25

Close Date

29 Sep 25

Minimum Investment

₹1,08,600

Lot Size

600

Price Range

₹181 to ₹191

Listing Exchange

BSE

Issue Size

₹113.64 Cr

Listing Date

03 Oct 25

Open Free Demat Account

True Colors IPO Timeline

Bidding Start

25 Sep 25

Bidding Ends

29 Sep 25

Allotment Finalisation

30 Sep 25

Refund Initiation

01 Oct 25

Demat Transfer

01 Oct 25

Listing

03 Oct 25

True Colors Limited

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

SWOT Analysis of True Colors IPO

Strength and Opportunities

Complete digital textile ecosystem including machinery and inks supply.
Nationwide presence ensures rapid service and strong customer engagement.
Recurring revenue from machinery, ink sales, and digital printing services.
Experienced leadership with professional management drives strategic growth.

Risks and Threats

New company with limited operational history may face market challenges.
Dependence on imported machinery could face supply chain disruptions.
Volatile raw material and ink prices may impact profitability.
Intense competition in digital textile printing industry could affect margins.

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About True Colors Limited

True Colors IPO Strengths

Offers a complete digital textile ecosystem including machinery, inks, and services.

Nationwide presence ensures rapid service, strong customer support, and recurring revenue.

Advanced supply chain control and reliable distribution enhance operational efficiency.

Experienced leadership supported by professional management drives strategic growth effectively.

Peer Group Comparison

As per the DRHP, there are no comparable listed peer of the company and therefore information related to peer is not provided

How to apply IPO with HDFC SKY?

Follow these simple steps to apply for an IPO through HDFC SKY. Secure your investments and explore new opportunities with ease by accessing the IPOs available on the platform.

1Login to your HDFC SKY Account

2Select Issue

3Enter Number of Lots and your Price.

4Enter UPI ID

5Complete Transaction on Your UPI App