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True Colors Ltd. 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 ₹191.00 per share . The lot size for an application is 600. The minimum amount of investment required by an individual investor (retail) is ₹2,29,200.00 (1,200 shares) (based on upper price). The minimum lot size investment for 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 Date | September 23, 2025 to September 25, 2025 |
| Listing Date | September 30, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹181 to ₹191 per share |
| Issue Price Final | ₹191 per share |
| Lot Size | 600 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 66,99,600 shares (aggregating up to ₹127.96 Cr) |
| Reserved for Market Maker | 3,36,000 shares Giriraj Stock Broking Pvt.Ltd. (aggregating up to ₹6.42 Cr) |
| Fresh Issue (Ex Market Maker) | 53,63,600 shares (aggregating up to ₹102.44 Cr) |
| Offer for Sale | 10,00,000 shares of ₹10 (aggregating up to ₹19.10 Cr) |
| Net Offered to Public | 63,63,600 shares (aggregating up to ₹121.54 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,89,55,000 shares |
| Share Holding Post Issue | 2,46,54,600 shares |
True Colors IPO offers total 66,99,600 shares. Out of which 31,76,400 (47.41%) allocated to QIB, 12,70,800 (18.97%) allocated to QIB (Ex- Anchor), 9,57,600 (14.29%) allocated to NII 22,29,600 (33.28%) allocated to RII and 19,05,600 (28.44%) allocated to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 3,36,000 (5.02%) |
| QIB Shares Offered | 31,76,400 (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 (14.29%) |
| − bNII > ₹10L | 6,38,400 (9.53%) |
| − sNII < ₹10L | 3,19,200 (4.76%) |
| Retail Shares Offered | 22,29,600 (33.28%) |
| Total Shares Offered | 66,99,600 (100.00%) |
True Colors IPO raises ₹36.40 crore from anchor investors. True Colors IPO Anchor bid date is September 22, 2025. True Colors IPO Anchor Investors list
| Bid Date | September 22, 2025 |
| Shares Offered | 19,05,600 |
| Anchor Portion Size (In Cr.) | 36.40 |
| Anchor lock-in period end date for 50% shares (30 Days) | October 25, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 24, 2025 |
True Colors IPO opens on September 23, 2025, and closes on September 25, 2025.
| IPO Open Date | Tue, Sep 23, 2025 |
| IPO Close Date | Thu, Sep 25, 2025 |
| Tentative Allotment | Fri, Sep 26, 2025 |
| Initiation of Refunds | Mon, Sep 29, 2025 |
| Credit of Shares to Demat | Mon, Sep 29, 2025 |
| Tentative Listing Date | Tue, Sep 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Sep 25, 2025 |
Investors can bid for a minimum of 1,200 shares and in multiples of 600 shares thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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 | |||
KPI as of Mon, Mar 31, 2025.
| 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 |
| Market Capitalization | 470.90 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 13.03 | 10.02 |
| P/E (x) | 14.66 | 19.07 |
The Company True Colors IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 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 |
[Dilip Davda] TCL is engaged in the business of import and distribution of digital textile printers and related products. It marked growth in its top and bottom lines for the reported periods. Quantum jump in bottom lines for FY25 raise eyebrows and concern over its sustainability. Based on its recent financial data, the IPO appears aggressively priced. Well-informed investors may park funds for medium term. Read detail review...
| Listing Date | September 30, 2025 |
| BSE Script Code | 544531 |
| NSE Symbol | |
| ISIN | INE1LDV01015 |
| Final Issue Price | ₹191 per share |
| BSE Listing Group | MT (Trade to Trade) |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹191.00 |
| Open | ₹191.00 |
| Low | ₹181.45 |
| High | ₹191.00 |
| Last Trade | ₹183.05 |
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/
Bigshare Services Pvt.Ltd.
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html
True Colors IPO is a SME IPO of 66,99,600 equity shares of the face value of ₹10 aggregating up to ₹127.96 Crores. The issue is priced at ₹191 per share. The minimum order quantity is 600.
The IPO opens on September 23, 2025, and closes on September 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 September 23, 2025 and closes on September 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 Monday, September 29, 2025. Check the True Colors IPO allotment status.
The True Colors IPO listing date is on Tuesday, September 30, 2025.
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