True Colors Limited
Bookbuilding IPO · BSE
- Price band
- ₹181 - ₹191
- Lot size
- 600 shares
- Issue amount
- ₹127.96 cr
- Total subscription
- 4.69×
- Opens
- 23 Sept 2025
- Closes
- 25 Sept 2025
- Allotment
- 26 Sept 2025
- Listing
- 30 Sept 2025
Offer at a glance
Issue overview
- Issue size
- 66,99,600 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,08,600
- Fresh issue
- ₹108.86 cr
- Offer for sale
- ₹19.1 cr
- Registrar
- Bigshare Services Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,14,600
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,89,55,000
- Shares after issue
- 2,46,55,000
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 1,200 | ₹2,29,200 |
| sHNI | 3 | 1,800 | ₹3,43,800 |
| bHNI | 8 | 5,400 | ₹10,31,400 |
Share reservation
Subscription & GMP
Subscription by category
Reported 24 Sept 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 69 |
| NIB | 0 | 12,050 |
| RETAIL | 1,858 | 74,423 |
| HNIs(10L +) | 355 | 5,717 |
| HNIs (2-10L) | 177 | 6,333 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 24.27 | 870.25 |
| FIIs | 0 | 197.05 |
| Mutual Funds | 0 | 5.98 |
| Others | 0 | 527.1 |
| RETAIL | 42.59 | 1,705.78 |
| HNIs 2+ | 6.1 | 233.46 |
| HNIs 10+ | 12.19 | 631.81 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 0 | 0 | 0 |
| ROE | 44.53 | 56.42 | 61.52 |
| ROCE | 35.94 | 18.56 | 21.43 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 14.66 | 0 | 0 |
| POST IPO(PE) | 19.07 | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
True Colors Limited, established in October 2021, is engaged in importing and distributing digital textile printers, inks, and related solutions for the textile printing industry. It caters to exporters, manufacturers, designers, and entrepreneurs by offering machinery from global brands, along with sublimation inks for polyester, reactive inks for natural fibers, and disperse inks for polyester fabrics. The company also provides digital textile printing services and is expanding into printed fabric supply. With a focus on trust, technology, and transformation, it operates through a mix of manufacturing and trading and has built a strong presence across India with offices and service hubs in key textile hubs such as Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata, and Varanasi.
Strengths
- End-to-End Digital Textile Printing Solutions – Covers the entire value chain from machine distribution to inks, sublimation paper, and printing services, ensuring consistent quality and customer satisfaction.
- Pan-India Presence with Fast Technical Support – Regional offices and service centers in key textile hubs enable quick assistance, timely spare parts, and uninterrupted supply to reduce downtime.
- Strong Customer Loyalty & Recurring Revenue – B2B relationship-driven model with continuous supply of consumables ensures repeat orders and steady business growth.
Risk factors
- Customer Dependence & Contract Risk – Reliance on short-term orders without long-term contracts exposes the business to fluctuations, cancellations, and unpredictable demand.
- Raw Material Cost Sensitivity – Volatility in raw material prices can adversely affect margins and overall financial performance.
- Revenue Concentration in Ink & Machine Sales – Significant revenue from inks and digital printing machines means any decline in demand for these products could impact overall business results.
Promoters
Ashish Kumar Durlbhbhai Mulani
Sanjay Raghubhai Desai
Sagarkumar Bipinbhai Mulani
Panchani Satishkumar Jayantibhai
Registrar & documents
Lead manager
GYR Capital Advisors Private Limited
Registrar & contacts
Bigshare Services Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
P-8, GR Flr to 3rd Flr Somakanjiini Wadi Patel Line Khatodara, Surat, Gujarat, 395002
+91 7069169145
[email protected]Company website ↗Understanding TRUECOLORS IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.