True Colors Limited is a fast-growing solutions provider in the digital textile printing industry, offering an integrated portfolio of machines, inks, and services. With a strong emphasis on trust, technology, and transformation, the company empowers exporters, manufacturers, designers, and entrepreneurs to modernize their textile operations and achieve scalable growth.
True Colors follows a manufacturing and trading model, serving the full digital textile printing value chain through three pillars:
- Machinery & Ink Supply – Imports and distributes wide-format printers from global brands like Konica Minolta, Hopetech, Itten, Pengda, and Skyjet.
- Specialized Inks – Offers sublimation inks (polyester transfer printing), reactive inks (cotton, viscose, silk), and disperse inks (direct polyester printing).
- Printing Services – Provides digital textile printing solutions and is expanding into printed fabric supply.
True Colors has built a strong pan-India presence with regional offices and service hubs in major textile clusters such as Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata, and Varanasi.
True Colors IPO – Details
| IPO Opening Date | 23 September 2025 |
| IPO Closing Date | 25 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 66,99,600 Shares Worth ₹127.96 Crore Fresh Issue: 56,99,600 Shares Worth ₹108.86 Crore Offer For Sale: 10,00,000 Shares Worth ₹19.10 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹181 – ₹191 per share |
| Market Lot | 600 Shares |
| Min Order | 600 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Bigshare Services Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
True Colors IPO – Date Schedule
| IPO Open Date | 23 September 2025 |
| IPO Close Date | 25 September 2025 |
| Basis of Allotment | 26 September 2025 |
| Initiation of Refund | 29 September 2025 |
| Credit of Shares to Demat | 29 September 2025 |
| IPO Listing Date | 30 September 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 25, 2025 |
True Colors IPO – Lots Size & Price
| 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 |
Competitive Strengths
- Full-Fledged Digital Textile Ecosystem.
- Nationwide Presence and Rapid Service Support.
- Reliable Customer Engagement and Recurring Revenue.
- Advanced Manufacturing Facility and Supply Chain Control.
- Experienced Leadership supported by Professional Management.
Company Promoters
- Ashish Kumar Durlbhbhai Mulani
- Sanjay Raghubhai Desai
- Sagarkumar Bipinbhai Mulani
- Panchani Satishkumar Jayantibhai
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹80.94 Cr | ₹75.47 Cr | ₹3.92 Cr | ₹20.04 Cr |
| 31 March 2024 | ₹160.91 Cr | ₹149.43 Cr | ₹8.25 Cr | ₹56.56 Cr |
| 31 March 2025 | ₹234.05 Cr | ₹200.99 Cr | ₹24.69 Cr | ₹47.51 Cr |
Key Performance Indicator
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 13.03 | 10.02 |
| P/E (x) | 14.66 | 19.07 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding 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. | – |
✅Strengths
- Integrated model covering machines, inks, and printing services.
- Partnerships with global brands like Konica Minolta, Hopetech, Itten, Pengda, Skyjet.
- Diverse ink portfolio (sublimation, reactive, disperse).
- Large-scale modern facility with high production capacity.
- Strong nationwide presence in key textile hubs.
- Rapid growth, crossing ₹100 crore turnover within two years.
⚠️Risks
- Heavy dependence on imports and foreign suppliers.
- Working capital–intensive operations.
- Customer concentration in textile hubs.
- Risk of fast-changing printing technology.
- Exposure to forex and regulatory changes.
- Competitive and fragmented industry.
True Colors IPO Promoter Holding
| Pre Issue Share Holding | 94.87% |
| Post Issue Share Holding | 68.88% |
True Colors IPO Prospectus
Company Contact Information
| 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/ |
True Colors IPO Registrar
| Bigshare Services Pvt.Ltd. Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
True Colors IPO Lead Manager(s)
| 1. GYR Capital Advisors Pvt.Ltd. |
True Colors IPO FAQ
| What is True Colors IPO? True Colors IPO is an SME IPO. The issue is priced at ₹181 – ₹191 per equity share. The IPO is to be listed on BSE SME. |
| When True Colors IPO will open? The IPO is to open on 23 September 2025 for QIB, NII, and Retail Investors. |
| What is True Colors IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the True Colors IPO Size? True Colors IPO size is ₹127.96 Crore. |
| What is True Colors IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 1200 Shares with ₹2,29,200 amount, while the maximum bid is 1200 Shares with ₹2,29,200. |
| What is the True Colors IPO Allotment Date? True Colors IPO allotment date is 26 September 2025. |
| What is the True Colors IPO Listing Date? True Colors IPO listing date is 30 September 2025. The IPO is to be listed on the BSE SME. |
