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True Colors Ltd

True Colors IPO

  • Status: Live
  • RHP:
  • ₹ 217,200 / 1200 shares

    Minimum Investment

True Colors IPO Details

  • Open Date

    23 Sep 2025

  • Close Date

    25 Sep 2025

  • Listing Date

    30 Sep 2025

  • IPO Price Range

    ₹ 181 to ₹191

  • IPO Size

    ₹ 127.96 Cr

  • Listing Exchange

    BSE SME

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Timeline Subscription Status Financials SWOT FAQ Contacts

True Colors IPO Timeline

True Colors IPO Subscription Status

Last Updated: 24 September 2025 6:16 PM by 5paisa

True Colors Limited, incorporated as a private limited entity in October 2021 and converted into a public limited company in March 2025, is based in Surat, Gujarat. It operates in the digital textile printing ecosystem. The company’s business covers importing and distributing wide-format digital textile printers from global brands, manufacturing sublimation paper, and supplying inks, machinery, and services required in digital textile printing. Its clients include textile manufacturers, fabric exporters and designers across various textile hubs in India.

Established in: 2013

Managing Director: Sanjay Raghubhai Desai
 
Peers:

No listed peers, according to RHP.
 

True Colors Objectives

Funding working capital requirements of the company (~₹48.90 crore)
Repayment / prepayment of certain borrowings (~₹40.40 crore)
General corporate purposes
 

True Colors IPO Size

Types Size
Total IPO Size ₹127.96 Cr
Offer For Sale ₹19.1 Cr
Fresh Issue ₹108.86 Cr

True Colors IPO Lot Size

Application Lots Shares Amount
Retail (Min) 2 1,200 2,17,200
Retail (Max) 2 1,200 2,29,200
S-HNI (Min) 3 1,800 3,25,800
S-HNI (MAX) 6 3,600 6,51,600
B-HNI (Min) 7 4,200 7,60,200

True Colors IPO Reservation

Investors Category Subscription (times) Shares Offered Shares bid for Total Amount (Cr.)*
QIB (Ex Anchor) 3.93 12,70,800 49,99,200 95.48
NII (HNI) 3.21 9,57,600 30,78,600 58.80
Individual Investors (IND category bidding for 2 Lots)     7.38 22,29,600 1,64,44,800 314.10
Total** 5.50 44,58,000 2,45,22,600 468.38

 

*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.

Profit and Loss

Balance Sheet

Particulars (in Rs. Crores) FY23 FY24 FY25
Revenue 80.66 160.08 233.65
EBITDA 5.66 14.49 40.91
PAT 3.91 8.24 24.69
Particulars (in Rs. Crores)] FY23 FY24 FY25
Total Assets 33.98 56.01 98.37
Share Capital 0.47 0.47 18.95
Total Borrowings 20.04 56.55 47.50
Particulars (in Rs. Crores FY23 FY24 FY25
Net Cash Generated From / (used in) operating activities -11.69 9.30 5.61
Net Cash Generated From / (used in) investing activities -10.08 -33.58 -8.12
Net Cash Generated From / (used in) financing activities 21.73 28.75 2.86
Net Increase (Decrease) In Cash And Cash Equivalents 0.57 5.04 5.40


Strengths

1. Rapid revenue growth over last few years
2. Diverse product mix: printers, inks, sublimation papers
3. Strong presence in textile hubs across India
4. Established importer-distributor network
5. Skilled promoter team with domain experience
 

Weaknesses

1. High dependence on imported machinery & ink inputs
2. Borrowings are significant; interest costs matter
3. Working capital cycles could be long
4. Competition from cheaper local / foreign suppliers
5. Profit margin sensitive to raw material & forex volatility
 

Opportunities

1. Rising demand for digital textile printing in fashion & home textiles
2. Increasing adoption of eco-friendly and efficient printing technologies
3. Expansion into newer markets and regions
4. Growth in textile export houses boosting demand for printing inputs
5. Possible synergies in backward integration of components
 

Threats

1. Regulatory changes or import duties affecting inputs cost
2. Currency fluctuations increasing import cost volatility
3. Rapid technological change making equipment obsolete
4. Competitive pressure from established machinery makers/importers
5. Market downturns in textile / fashion sectors
 

1. Exposure to high-growth digital textile printing market
2. Strong recent financial performance and growth rates
3. Balanced business model: machinery, supplies, consumables
4. Use of proceeds aimed at debt repayment and working capital improvement
5. SME IPO opportunity with upside if execution is strong
 

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FAQs

True ColorsIPO opens from September 23, 2025 to September 25, 2025.
 
 

The size of True Colors IPO is ₹127.96 Cr.
 

The price band of True Colors IPO is fixed at ₹181 to ₹191 per share.
 

To apply for True Colors IPO, follow the steps given below:
 
●    Login to your 5paisa account and select the issue in the current IPO section    
●    Enter the number of lots and the price at which you wish to apply for the True Colors IPO.    
●    Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.    
 
You will receive a mandate notification to block funds in your UPI app.
 

The minimum lot size of the True Colors IPO is of 1,200 shares and the investment required is ₹2,17,200.
 

The share allotment date of True Colors IPO is September 29, 2025.
 

The True Colors IPO will likely be listed on September 30, 2025.
 

GYR Capital Advisors Pvt.Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue.

True Colors plans to utilise the raised capital from the IPO for:
●  Funding working capital requirements of the company – ₹48.90 crore
●  Repayment / prepayment of certain borrowings – ₹40.40 crore
●  General corporate purposes