True Colors was incorporated on October 09, 2021. The company operates in the digital textile printing industry through a hybrid model of manufacturing and trading. Its business spans three key pillars: import and distribution of machinery and inks, manufacturing and supply of sublimation paper, and providing digital textile printing solutions
| Bidding Dates |
|---|
| 23 Sep 2025 - 25 Sep 2025 |
| Subscription |
|---|
| 42.36x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,17,200 | 2 | 2 | 600 | 6.7 M | ₹181 - ₹191 | 68.88 % | ₹1212.6 M - ₹1279.6 M | RHP DOC |
True Colors IPO SUBSCRIPTION STATUS
25 Sep '25True Colors IPO overall subscription rate was 42.36 times the total available shares
True Colors IPO retail subscription rate was 59.07 times in the retail segment
True Colors IPO non-institutional investor subscription rate was 67.82 times in the non-institutional investor category
True Colors IPO Qualified Institutional Bidder subscription rate was 23.01 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
- | - | - | - |
25 Sep 2025 (Day 4) | 59.07x | 67.82x | 23.01x |
24 Sep 2025 (Day 3) | 9.82x | 4.75x | 2.09x |
23 Sep 2025 (Day 2) | 2.16x | 1.27x | 1.87x |
True Colors FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 233.7 | 24.7 | 5.6 | -6.2 | 17.5% |
| FY24 | 160.1 | 8.2 | 9.3 | -29.7 | 9.0% |
| FY23 | 80.7 | 3.9 | -11.7 | -12.9 | 7.0% |
True Colors IPO SUBSCRIPTION STATUS DETAILS
True Colors had 6.7 M shares on offer
True Colors IPO offer price was in the range ₹181 - ₹191
True Colors IPO minimum Investment was ₹217200
True Colors IPO issue size was ₹ 1212.6 M - ₹ 1279.6 M
True Colors had a minimum lot size of 600 Shares per application
True Colors NUMBER OF SHARES ON OFFER
True Colors IPO IMPORTANT DATES
| Issue Open Date | 23 Sep 2025 |
| Issue close Date | 25 Sep 2025 |
| Allotment Date | 26 Sep 2025 |
| Refund Date | 29 Sep 2025 |
| Demat Account Credit Date | 29 Sep 2025 |
| Listing Date | 30 Sep 2025 |
| Listing on Exchange(s) | BSE |
| True Colors Allotment Status | Exchange/ Registrar |
True Colors IPO subscription opened on 23 Sep 2025, and closed on 25 Sep 2025
IPO allotment for True Colors was finalized on Friday, 26 Sep 2025
IPO listing for True Colors was on BSE on Tuesday, 30 Sep 2025
True Colors IPO LISTING GAINS
| Issue Price (adjusted) | 191.0 |
| Listing Open Price | 191.0 |
| Listing Close Price | 183.1 |
| Listing Gain% | 0.0% |
| Current Gain% | -17.8% |
True Colors Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| True Colors Ltd. | 157 | 387.1 | 12.4 | 0.4 | 1.3 | 16.6 | 10.9 | 302 | 29 | 31.2 | 28.6 | 12.6 | 28.6 |
| Cummins India Ltd. | 5366.5 | 148759.4 | 62.8 | 6 | 11.7 | 27.9 | 20.9 | 12660.5 | 16.8 | 2361.8 | 18.1 | 85.4 | 10.6 |
| GE Vernova T&D India Ltd. | 4328.5 | 110829.7 | 84.9 | 1.2 | 16.5 | 45.8 | 15.9 | 6297.2 | 44.6 | 1233.2 | 102.7 | 51 | 70.6 |
| 3M India Ltd. | 35890 | 40430.4 | 77.4 | 6.3 | 7.9 | 29.5 | 16.6 | 5138.5 | 13.8 | 522.3 | 9.7 | 463.7 | 12.2 |
| Kirloskar Oil Engines Ltd. | 2109.1 | 30691.6 | 56.2 | 3.6 | 3.9 | 15.9 | 5.3 | 7771.2 | 21.5 | 574.3 | 17.4 | 37.5 | 15.8 |
| LMW Ltd. | 17432 | 18622.6 | 106.5 | 1.5 | 5.5 | 4.6 | 3.1 | 3353.4 | 6.9 | 130.7 | 27.4 | 163.6 | 69.6 |
True Colors INFORMATION ON IPO ISSUE
About True Colors
True Colors was incorporated on October 09, 2021. The company operates in the digital textile printing industry through a hybrid model of manufacturing and trading. Its business spans three key pillars: import and distribution of machinery and inks, manufacturing and supply of sublimation paper, and providing digital textile printing solutions
Object of the Issue
- Funding working capital requirements of the company
- Repayment/prepayment of all or certain of its borrowings availed by the company
- General corporate purposes
True Colors - PROMOTERS
| Name |
|---|
| Ashishkumar Durlbhbhai Mulani |
| Sanjay Raghubhai Desai |
| Sagarkumar Bipinbhai Mulani |
| Panchani Satishkumar Jayantibhai |
True Colors - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Ashishkumar Durlbhbhai Mulani | Chairperson & Executive Director |
| Sanjay Raghubhai Desai | Managing Director |
| Sagarkumar Bipinbhai Mulani | Executive Director |
| Panchani Satishkumar Jayantibhai | Executive Director |
| Charmi Soni | Non-Executive Independent Director |
| Bhavesh Vinodchandra Singapuri | Non-Executive Independent Director |
| Nanty Nalinbhai Shah | Non-Executive Independent Director |
True Colors Book Running Lead Manager
GYR Capital Advisors Private Limited
info@gyrcapitaladvisors.com
True Colors Registrar to the issue
Bigshare Services Private Limited
ipo@bigshareonline.com
True Colors Strengths
Digital textile ecosystem
The company has built an end-to-end digital textile printing business, covering machine import, consumables, sublimation paper manufacturing, and printing on various fabrics. This integrated model ensures control over quality, operations, and customer satisfaction
Nationwide presence
The company has a widespread presence across India with regional offices and service hubs in major textile centres. This enables timely technical support, spare parts delivery, and consumable supply, minimising production delays and operational disruptions
Advanced manufacturing facility
The company’s strength lies in its in-house manufacturing and supply chain management, including a sublimation paper facility for consistent, cost-efficient production. Its internal digital textile printing infrastructure supports diverse printing technologies across multiple fabric types
True Colors Risks
Fluctuation in market trends
The digital textile printing industry faces rapid market shifts from changing consumer preferences, technology, regulations, and economic conditions. Reduced demand for digital or customised printing or slower market growth could adversely affect the company’s business
Capital intensive
The company’s operations require high working capital, and insufficient cash flows could impact results. Recent machinery installation increased production capacity, expanding inventory and receivables and lengthening the working capital cycle
Seasonal fluctuations
The company’s business is seasonal, with higher sales during festive and wedding periods, leading to quarterly revenue fluctuations. Off-peak periods may result in lower orders, underutilised capacity, and reduced profitability
IPO FAQs
This IPO consists of an offer for sale of up to Rs 19.1 crore, of 1,000,000 shares. It also consists of a fresh issue of Rs 108.9 crore.
The promoters of the company are Ashishkumar Durlbhbhai Mulani, Sanjay Raghubhai Desai, Sagarkumar Bipinbhai Mulani and Panchani Satishkumar Jayantibhai.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 181.0 - 191.0.
The IPO application opens on Sep 23, 2025 and closes on Sep 25, 2025.
The minimum lot size for the IPO is 1200. The maximum lot size for the IPO is 1200.
For all category investors, the minimum application amount for this IPO is Rs. 217,200.0, the maximum value for this IPO is Rs 229,200.0.
This IPO will be allotted on Sep 26, 2025.
The refund will be credited to your account on Sep 29, 2025.
The allotted shares will be credited to your demat on Sep 29, 2025.
True Colors Ltd.’s shares listed on the stock exchanges on Sep 30, 2025.