Key IPO Dates
| Anchor Investor Subscription | Â |
| IPO opens on | 23 Sept. 2025 |
| IPO Closes on | 25 Sept. 2025 |
| Allotment on | 26 Sept 2025 |
| Credit of shares on | 29 Sept 2025 |
| Tentative Listing on | 30 Sept 2025 |
IPO Concise Verdict
True Colors Limited, incorporated in 2021, operates in the digital textile printing solutions space, offering imported machines, inks (sublimation, reactive, disperse), and outsourcing services. The business is niche, catering to exporters, manufacturers, and designers, with expansion into printed fabric supply.
Financially, the company has shown robust growth – FY25 revenue rose to Rs. 234.05 crore (from Rs. 80.94 crore in FY23) and PAT surged to Rs. 24.69 crore (from Rs. 3.92 crore). Margins have improved sharply with EBITDA at Rs. 40.91 crore in FY25. Net worth strengthened to Rs. 55.45 crore, while borrowings have come down to Rs. 47.51 crore from Rs. 56.56 crore in FY24, indicating improving balance sheet health.
The company operates in a growing sector with limited listed peers, and its valuation (based on earnings growth and niche positioning) appears attractive. However, risks remain due to its short operating history and dependence on imported machinery/inks.
Chanakya Verdict
With strong financial momentum, improving margins, and leadership in a niche digital textile printing space, True Colors IPO looks attractive for medium to long-term investors.
👉 Guidance: Apply with a medium-term perspective.
Final Subscription TallyÂ
| Size Rs.121.54 Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| 43.41 | 50.58 | 44.42 | 45.46 | 96125 |
| Subscription Review: |
||||
Â
Business
Incorporated in October 2021, True Colors Limited is engaged in the import, distribution, and supply of digital textile printers and consumables catering to exporters, manufacturers, designers, and entrepreneurs in the textile industry. The company operates on the three key pillars of machinery & ink supply, textile inks, and digital printing services.
It imports and distributes wide-format digital textile printers from global brands like KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, and SKYJET. Its product portfolio includes sublimation inks for polyester, reactive inks for cotton, viscose & silk, and disperse inks for polyester direct printing.
In addition to trading, the company also offers outsourced digital textile printing services and is gradually expanding into printed fabric supply. With a strong focus on trust, technology, and transformation, True Colors positions itself as a modernisation partner for the fast-evolving textile printing industry.
IPO Details
| IPO opens on | 23 September 2025 |
| IPO closes on | 25 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 66,99,600 Shares / Rs 127,96 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 3,36,000 Shares |
| Net offer to Public | 63,63,600 Shares Rs. 121.54 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 181-191 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 600 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 3,36,000 (5.02%) |
| QIB Shares Offered | 31,76,400 (47.41%) |
| NII (HNI) Shares Offered | 9,57,600 (14.29%) |
| Retail Shares Offered | 22,29,600 (33.28%) |
| Total Shares Offered | 66,99,600 (100.00%) |
| 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 |
Â
The PromotersÂ
The promoters hold 94.87% of the pre-IPO capital
Objects of the IPO
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Funding working capital requirements of the company -Rs.48.90 Crore
+Repayment/prepayment of all or certain of our borrowings availed of by the Company-Rs.40.40 Crore
+General Corporate purposes
| Registered Office of the Company |
| True Colors Ltd. P-8, GR Flr to 3rd Flr Somakanjiini Wadi Patel Line Khatodara, Surat, Gujarat, 395002 |
| Email: cs@truecolorsgroup.com |
| Lead Manager of the IPO |
| GYRÂ Capital Advisors Pvt ltd |
| Who is the Registrar to the IPO?
Bigshare Services Pvt. ltd |
Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 154.97 | 105.91 | 45.53 |
| Total Income | 234.05 | 160.91 | 80.94 |
| Profit After Tax | 24.69 | 8.25 | 3.92 |
| EBITDA | 40.91 | 14.5 | 5.67 |
| Net Worth | 55.45 | 14.61 | 6.37 |
| Reserves and Surplus | 36.5 | 14.14 | 5.9 |
| Total Borrowing | 47.51 | 56.56 | 20.04 |
| Amount in Rs Crore | |||
Â
Â
Key Financial Indicators
| 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 |
| EPS | 13.03 |
| PE R | 14.66 |
Peers Comparison
There is no listing company in India having similar nature of business.
Â
Quicklinks
- Market Analysis by Nagaraj Shetti
- Stock Market today by Vaishali Parekh
- Analysis by Kotak Securities
- Market Analysis by HDFC Securities
- Technical Analysis by Kotak Securities
- Technical Analysis by Samco Securities
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical AnalysisÂ
- Calls for the Day
- Currency Analysis
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
