True Colors IPO description – True Colors operates as a diversified player in the digital textile printing industry, integrating manufacturing, import, and distribution under a three-pillar business model. The company imports and distributes high-quality digital textile printers from global brands such as KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, and SKYJET, supported by dealership agreements. It also supplies specialized inks—sublimation, reactive, and disperse—optimized for diverse fabrics and applications.
In its sublimation paper manufacturing unit, True Colors achieved an installed capacity of 10,16,02,800 meters in FY 2025 with 8,86,87,843 meters of production, reflecting 87.28% utilization. The digital textile printing division offers both job-work and printed fabric supply, serving sectors from fashion and sportswear to interiors. In FY 2025, cotton fabric printing reached 19,75,379 meters (68.94% utilization), while polyester printing achieved 67,74,581 meters (59.42% utilization).
With 671 employees as of 30 June 2025, True Colors delivers an end-to-end ecosystem—machines, consumables, printing services, and after-sales support—positioning itself as a one-stop solution for modern, high-quality, and efficient textile printing needs.
Promoters of True Colors – Ashishkumar Durlbhbhai Mulani, Sanjay Raghubhai Desai, Sagarkumar Bipinbhai Mulani, and Panchani Satishkumar Jayantibhai
Table of Contents
True Colors IPO Details
| True Colors IPO Dates | 23 – 25 September 2025 |
| True Colors Issue Price | INR 181 – 191 per share |
| Fresh Issue | 56,99,600 shares (INR 103.16 – 108.86 crore) |
| Offer For Sale | 10,00,000 shares (INR 18.10 – 19.10 crore) |
| Total IPO Size | 66,99,600 shares (INR 121.26 – 127.96 crore) |
| Minimum Bid | 1,200 shares (INR 2,29,200) |
| Lot Size | 600 shares (INR 1,14,600) |
| Face Value | INR 10 per share |
| Individual Allocation | 35% |
| Listing On | BSE SME |
True Colors Financial Performance
| FY 2023 | FY 2024 | FY 2025 | |
| Revenue | 80.66 | 160.08 | 233.66 |
| Expenses | 75.47 | 149.43 | 200.98 |
| Net income | 3.92 | 8.25 | 24.69 |
True Colors Offer News
- True Colors RHP
- True Colors Draft Prospectus
- ASBA IPO Forms
- Live IPO Subscription Status
- Highest SME IPO Subscription in 2025
True Colors Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 | |
| EPS | 3.32 | 4.94 | 13.77 |
| PE ratio | – | – | 13.14 – 13.87 |
| RONW (%) | 61.52 | 56.42 | 44.53 |
| NAV | 7.09 | 16.28 | 29.26 |
| ROCE (%) | 21.43 | 18.56 | 35.94 |
| EBITDA (%) | 7.00 | 9.01 | 17.48 |
| Debt/Equity | 3.15 | 3.87 | 0.86 |
True Colors IPO GMP Today
| Date | Consolidated IPO GMP | Subject to Sauda |
| 29 September 2025 | 12 | 5,500 |
| 27 September 2025 | 30 | 13,000 |
| 26 September 2025 | 30 | 13,000 |
| 25 September 2025 | 45 | 20,500 |
| 24 September 2025 | 45 | 20,500 |
| 23 September 2025 | 45 | 20,500 |
| 22 September 2025 | 45 | 20,500 |
| 20 September 2025 | 45 | 20,500 |
True Colors IPO Subscription – Live Updates
| Category | QIB | NII | Individual | Total |
|---|---|---|---|---|
| Shares Offered | 12,70,800 | 9,57,600 | 22,29,600 | 44,58,000 |
| 25 Sep 2025 | 43.41 | 50.93 | 44.46 | 45.55 |
| 24 Sep 2025 | 3.93 | 3.57 | 7.39 | 5.58 |
| 23 Sep 2025 | 3.52 | 0.95 | 1.63 | 2.02 |
The market maker reservation portion of 3,36,000 shares and the anchor investor portion of 19,05,600 shares are not included in the above calculations.
True Colors IPO Allotment Status
True Colors IPO allotment status is now available on Bigshare Services’ website. Click on this link to get the allotment status.
True Colors IPO Dates & Listing Performance
| IPO Opening Date | 23 September 2025 |
| IPO Closing Date | 25 September 2025 |
| Finalization of Basis of Allotment | 26 September 2025 |
| Initiation of refunds | 29 September 2025 |
| Transfer of shares to demat accounts | 29 September 2025 |
| IPO Listing Date | 30 September 2025 |
| Opening Price on BSE SME | INR 191 per share (no change) |
| Closing Price on BSE SME | INR 183.05 per share (down 4.16%) |
True Colors Offer Lead Manager
GYR CAPITAL ADVISORS PRIVATE LIMITED
428, Gala Empire, Near JB Tower,
Drive in Road, Thaltej
Ahmedabad-380 054, Gujarat, India
Phone:+91 8777564648
Email: [email protected]
Website: www.gyrcapitaladvisors.com
True Colors Offer Registrar
BIGSHARE SERVICES PRIVATE LIMITED
S6-2, 6th Pinnacle Business Park,
Mahakali Caves Road, next to Ahura Centre,
Andheri East, Mumbai- 400093, Maharashtra
Phone: +91 22 6263 8200
Email: [email protected]
Website: www.bigshareonline.com
True Colors Contact Details
TRUE COLORS LIMITED
P-8, Ground Floor to 3rd Floor, Somakanjiini Wadi
Patel Line Khatodara, Surat, Surat, Gujarat, 395002
Phone: +91-7069169145
E-mail: [email protected]
Website: www.truecolorsgroup.com
IPO FAQs
What is the size of the True Colors offer?
True Colors offer size is INR 121.26 – 127.96 crores.
What is the True Colors offer price band?
True Colors public offer price is INR 181 – 191 per share.
What is the lot size of the True Colors IPO?
True Colors offer lot size is 600 shares.
What is the True Colors IPO GMP today?
True Colors IPO GMP today is INR 12 per share.
What is the True Colors kostak rate today?
True Colors kostak rate today is INR NA per application.
What is the True Colors IPO Subject to Sauda rate today?
True Colors Subject to Sauda rate today is INR 5,500 per application.