Bookbuilding IPO | ₹128 Cr | Listed at BSE SME | Tue, Sep 23, 2025 - Thu, Sep 25, 2025
True Colors IPO is a book build issue of ₹127.96 crores. The issue is a combination of fresh issue of 0.57 crore shares aggregating to ₹108.86 crores and offer for sale of 0.10 crore shares aggregating to ₹19.10 crores.
True Colors IPO bidding started from Sep 23, 2025 and ended on Sep 25, 2025. The allotment for True Colors IPO was finalized on Sep 26, 2025. The shares got listed on BSE SME on Sep 30, 2025.
True Colors IPO price band is set at ₹191 per share. The lot size for an application is 600. The minimum amount of investment required by an individual investor (retail) is ₹2,29,200 (1,200 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (1,800 shares), amounting to ₹3,43,800.
GYR Capital Advisors Pvt.Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Giriraj Stock Broking Pvt.Ltd..
Refer to True Colors IPO RHP for detailed Information.
IPO Open
Tue, Sep 23, 2025
IPO Close
Thu, Sep 25, 2025
Issue Price
₹191 per share
Market Cap (Pre-IPO)
₹470.90 Cr
| IPO Date | 23 to 25 Sep, 2025 |
| Listed on | Tue, Sep 30, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹181 to ₹191 |
| Issue Price | ₹191 per share |
| Lot Size | 600 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 66,99,600 shares (agg. up to ₹128 Cr) |
| Reserved for Market Maker | 3,36,000 shares Giriraj Stock Broking Pvt.Ltd. (agg. up to ₹6 Cr) |
| Fresh Issue (Ex Market Maker) | 53,63,600 shares (agg. up to ₹102 Cr) |
| Offer for Sale | 10,00,000 shares of ₹10 (agg. up to ₹19 Cr) |
| Net Offered to Public | 63,63,600 shares (agg. up to ₹122 Cr) |
| Share Holding Pre Issue | 1,89,55,000 shares |
| Share Holding Post Issue | 2,46,54,600 shares |
| BSE Script Code | 544531 |
| ISIN | INE1LDV01015 |
True Colors IPO comprises a total issue size of 66,99,600 shares. The net offer to the public is 63,63,600 shares, after excluding 3,36,000 shares allotted on a firm basis. Of the Net offer 31,76,400 (49.92%) are allocated to QIB, 9,57,600 (15.05%) allocated to NII 22,29,600 (35.04%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 31,76,400 | 49.92% | 47.41% |
| − Anchor Investor Shares Offered | 19,05,600 | 28.44% | |
| − QIB (Ex. Anchor) Shares Offered | 12,70,800 | 18.97% | |
| NII (HNI) Shares Offered | 9,57,600 | 15.05% | 14.29% |
| − bNII > ₹10L | 6,38,400 | 9.53% | |
| − sNII < ₹10L | 3,19,200 | 4.76% | |
| Retail Shares Offered | 22,29,600 | 35.04% | 33.28% |
| Firm Reservations | |||
| Market Maker Shares Offered | 3,36,000 | 5.02% | |
| Total Shares Offered | 66,99,600 | 100.00% | 100.00% |
Investors can bid for a minimum of 1,200 shares and in multiples of 600 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 1,200 | ₹2,29,200 |
| Individual investors (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 |
True Colors IPO raises ₹36.40 crore from anchor investors. True Colors IPO Anchor bid date is September 22, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Mon, Sep 22, 2025 |
| Shares Offered | 19,05,600 |
| Anchor Portion (₹ Cr.) | 36.40 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sat, Oct 25, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Wed, Dec 24, 2025 |
Incorporated in October 2021, True Colors Limited imports and distributes digital textile printers and supplies products for the digital textile printing industry.
They offer digital textile printing solutions, including machines, inks, and services, targeting businesses like exporters, manufacturers, designers, and entrepreneurs.
The company emphasises trust, technology, and transformation, aiming to help these businesses modernise and grow.
The company's business model encompasses manufacturing and trading, with three key pillars in digital textile printing:
The company has established a presence across India through regional offices and service hubs in key textile manufacturing centers like Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata, and Varanasi.
Competitive Strength
True Colors Ltd.'s revenue increased by 45% and profit after tax (PAT) rose by 199% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 154.97 | 105.91 | 45.53 |
| Total Income | 234.05 | 160.91 | 80.94 |
| Profit After Tax | 24.69 | 8.25 | 3.92 |
| EBITDA | 40.91 | 14.50 | 5.67 |
| NET Worth | 55.45 | 14.61 | 6.37 |
| Reserves and Surplus | 36.50 | 14.14 | 5.90 |
| Total Borrowing | 47.51 | 56.56 | 20.04 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding working capital requirements of the company | 48.90 |
| 2 | Repayment/prepayment of all or certain of our borrowings availed of by the Company | 40.40 |
| 3 | General corporate purposes | 9.97 |
| KPI | Mar 31, 2025 |
|---|---|
| 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 |
| Promoter Holding | 94.87% | 68.88% |
| Market Cap | ₹470.90 Cr. |
The True Colors IPO is subscribed 45.46 times on September 25, 2025 5:04:51 PM (Day 3). The public issue subscribed 44.42 times in the individual investors category, 43.41 times in the QIB category, and 50.58 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| QIB (Ex Anchor) | 43.41 | 12,70,800 | 5,51,63,400 | 0 |
| NII* | 50.58 | 9,57,600 | 4,84,34,400 | 0 |
| bNII (bids above ₹10L) | 55.05 | 6,38,400 | 3,51,40,800 | |
| sNII (bids below ₹10L) | 41.65 | 3,19,200 | 1,32,93,600 | |
| Individual Investors | 44.42 | 22,29,600 | 9,90,48,000 | 0 |
| Total | 45.46 | 44,58,000 | 20,26,45,800 | 96,125 |
Total Application : 96,125
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead Manager Fees | 0.30 |
| 2 | Underwriting Fees | 6.40 |
| 3 | Fees payable to the Market maker to the Issue | 0.04 |
| 4 | Fees payable to the Registrar to the Issue | 0.06 |
| 5 | Fees payable for Advertising and Publishing Expense | 0.20 |
| 6 | Fees payable to Regulators including Stock Exchange & Depositories | 0.24 |
| 7 | Payment for Printing & Stationery, Postage etc | 0.15 |
| 8 | Fees payable to statutory auditors, Legal Advisors & other Professionals | 2.25 |
| 9 | Other Expense | 0.11 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹191.00 |
| Open | ₹191.00 |
| Low | ₹181.45 |
| High | ₹191.00 |
| Last Trade | ₹183.05 |
Lead Manager Reports
True Colors IPO is a SME IPO of 66,99,600 equity shares of the face value of ₹10 aggregating up to ₹128 Crores. The issue is priced at ₹191 per share. The minimum order quantity is 600.
The IPO opens on Tue, Sep 23, 2025, and closes on Thu, Sep 25, 2025.
Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in True Colors IPO using UPI as a payment gateway. Zerodha customers can apply in True Colors IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in True Colors IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The True Colors IPO opens on Tue, Sep 23, 2025 and closes on Thu, Sep 25, 2025.
True Colors IPO lot size is 600, and the minimum amount required for application is ₹2,29,200, with 2 lots being the minimum application size.
You can apply in True Colors IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for True Colors IPO will be done on Friday, September 26, 2025, and the allotted shares will be credited to your demat account by Mon, Sep 29, 2025. Check the True Colors IPO allotment status.
The True Colors IPO listing date is on Tue, Sep 30, 2025.
