True Colors IPO Date, Review, Price, Allotment Details
The True Colors IPO will open on September 23, 2025, and close on September 25, 2025. It is a Book Built Issue through which the company aims to raise approximately ₹127.97 crores, comprising a fresh issue of ₹108.87 crores and an offer for sale of up to 10,00,000 equity shares, each with a face value of ₹10.
The IPO has a price band of ₹181 to ₹191 per share, with a quota allocation of 35% for retail investors, 50% for QIBs, and 15% for HNIs. The allotment is scheduled for September 26, 2025, and the shares will be listed on the BSE on September 30, 2025.
On the financial side, the company reported a revenue of ₹234.05 crores in 2025, up from ₹160.91 crores in 2024, while net profit increased sharply from ₹8.25 crores in 2024 to ₹24.69 crores in 2025. Given this strong performance, analysts suggest that investors may consider subscribing to the IPO with a long-term investment perspective.
True Colors IPO Details
IPO Open Date September 23, 2025 IPO Close Date September 25, 2025 Face Value ₹10 Per Equity Share IPO Price Band ₹181 to ₹191 Per Share Issue Size Approx ₹127.97 Crores Fresh Issue Approx ₹108.87 Crores Offer for Sale: Approx 10,00,000 Equity Shares Issue Type Book Built Issue IPO Listing BSE SME DRHP Draft Prospectus 
True Colors IPO Market Lot
The minimum market lot for the True Colors IPO is 1,200 shares, requiring an application amount of ₹2,29,200.
Application Lot Size Shares Amount Retail Minimum 2 1,200 ₹2,29,200 Retail Maximum 2 1,200 ₹2,29,200 S-HNI Minimum 3 1,800 ₹3,43,800 S-HNI Maximum 8 4,800 ₹9,16,800 B-HNI Minimum 9 5,400 ₹10,31,400
IPO Reservation
Investor Category Share Offered % Shares Anchor Investor – Shares -% QIB (Ex. Anchor) – Shares 50% NII Shares Offered – Shares 15% Retail Shares Offered – Shares 35%
True Colors IPO Anchor Investors
Anchor Bidding Date 2025 Anchor Investors List Shares Offered – Shares Anchor Size [.] Cr. lock-in period end date 50% shares (30 Days) October 26, 2025 lock-in period end date 50% shares (90 Days) December 25, 2025
True Colors IPO Dates
The True Colors IPO will open on September 23 and close on September 25. The allotment will be finalized on September 26, and the listing is scheduled for September 30.
IPO Open Date: September 23, 2025 IPO Close Date: September 25, 2025 Basis of Allotment: September 26, 2025 Refunds: September 29, 2025 Credit to Demat Account: September 29, 2025 IPO Listing Date: September 30, 2025 IPO Bidding Cut-off Time: September 25, 2025 – 5 PM
Promoters and Holding Pattern
The company is promoted by Ashish Kumar Durlbhbhai Mulani, Sanjay Raghubhai Desai, Sagarkumar Bipinbhai Mulani, and Panchani Satishkumar Jayantibhai.
Particular Shares % Share Promoter Holding Pre-Issue 1,89,55,000 94.87% Promoter Holding Post Issue – -%
Objects of the Issue & Utilisation of Proceeds
Purpose Crores % Funding the working capital requirements of the company 48.90 -% Repayment/prepayment of all or certain of our borrowings availed of by the Company 40.40 -% General corporate purposes – -%
About True Colors IPO
Founded in October 2021, True Colors Limited is a company that imports and furnishes digital textile printers and supplies products for the digital textile printing industry. They focus on providing digital textile printing solutions for businesses that include exporters and manufacturers, as well as designer and entrepreneur businesses. The company values trust, technology, and transformation in technology and their efforts to bring their customers up-to-date.
Their business model incorporates both manufacturing and trading, with three main pillars for digital textile printing:
Machinery & Ink Supply (Import & Distribution): True Colors imports and distributes high-quality wide format digital textile printers from manufacturers including KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, and SKYJET.
Sublimation Inks: The sublimation inks are designed for transfer printing on polyester fabrics.
Reactive Inks: The reactive inks provide deep color saturation and fixation and fastness on natural fibres for direct printing on cotton, viscose, and silk.
Disperse Inks: Disperse inks are specifically manufactured for direct-to-fabric printing on polyester fabrics.
Digital Textile Printing: True Colors offers solutions for customers that need to outsource their digital textile printing. They will be expanding to supply printed fabric as part of their business.
The company has developed their presence all across India through regional offices and service hubs for selling and/or servicing products primarily in the major textile manufacturing hubs of India: Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata, and Varanasi.
True Colors IPO Company Financial Report
The company’s revenue increased to ₹234.05 crores in 2025 from ₹160.91 crores in 2024, while net profit rose to ₹24.69 crores in 2025 from ₹8.25 crores in 2024.
Amount in Crores (₹)
Period Ended Revenue Expense PAT Assets 2023 ₹80.94 ₹75.47 ₹3.92 ₹45.53 2024 ₹160.91 ₹149.43 ₹8.25 ₹105.91 2025 ₹234.05 ₹200.98 ₹24.69 ₹154.97
True Colors IPO Valuation – FY2025
Check True Colors IPO valuation details like Earnings Per Share (EPS), Price/Earnings (P/E) Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
KPI Values ROE: -% ROCE: 35.94% EBITDA Margin: 17.48% PAT Margin: 10.57% Debt-to-equity ratio: 0.86 Earning Per Share (EPS): ₹13.77 (Basic) Price/Earnings (P/E) Ratio: N/A Return on Net Worth (RoNW): 44.53% Net Asset Value (NAV): ₹29.26
Peer Group Comparison
There are no listed peers of the company.
IPO Lead Managers aka Merchant Bankers
- GYR Capital Advisors Pvt. Ltd.
IPO Registrar
Bigshare Services Pvt. Ltd.
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html
Company Address
True Colors Ltd.
P-8, GR Flr to 3rd Flr
Somakanjiini
Wadi Patel Line Khatodara,
Surat, Gujarat, 395002
Phone: +91 7069169145
Email: cs@truecolorsgroup.com
Website: https://truecolorsgroup.com/