TRUE COLORS LIMITED

23 Sep 2025 - 25 Sep 2025 Individual Category SME BSE

Min Investment

₹229200

Price Band

₹181-₹191

Issue Size

47.94 lakhs
Equity Shares

Lot Size

600 (per lot)

IPO Dates
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23 Sep 2025

Open Date

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25 Sep 2025

Close Date

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26 Sep 2025

Allotment Date

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30 Sep 2025

Listing Date

True Colors IPO, a book-built issue worth Rs 127.96 crore, comprises a fresh issue of 0.57 crore shares totaling Rs 108.86 crore and an offer for sale of 0.10 crore shares aggregating to Rs 19.10 crore. The subscription opens on September 23, 2025, and closes on September 25, 2025, with allotment expected on September 26, 2025. The shares will be listed on BSE SME, tentatively on September 30, 2025. The IPO price band is fixed between Rs 181 and Rs 191 per share, with a lot size of 600 shares. For retail investors, the minimum investment is Rs 2,29,200 (1,200 shares at the upper price), while HNIs are required to invest in at least 3 lots (1,800 shares) amounting to Rs 3,43,800. GYR Capital Advisors Pvt. Ltd. is the book running lead manager, Bigshare Services Pvt. Ltd. is the registrar, and Giriraj Stock Broking Pvt. Ltd. is acting as the market maker.

Know Before Investing

Strengths icon

  • Three-pillar model: imports paper making and printing services.
  • Global brand tie-ups bring advanced technology.
  • Serves fashion sportswear interiors and more.

Weaknesses icon

  • Imports face forex freight and duty risks.
  • Relies on few overseas suppliers.
  • Fast tech changes and competition hit margins.

About True Colors Limited

Established in October 2021, True Colors Limited operates in the digital textile printing industry by importing and distributing textile printers, inks, and related supplies while also offering printing services. Its business model blends manufacturing and trading, with a strong focus on machinery and ink solutions. The company supplies wide-format digital printers from leading global brands such as Konica Minolta, Hopetech, Itten, Pengda, and Skyjet, along with specialised inks including sublimation inks for polyester fabrics, reactive inks for natural fibres like cotton, viscose, and silk, and disperse inks for direct printing on polyester materials. In addition, it provides digital textile printing services for businesses that prefer outsourcing while expanding into the supply of printed fabrics. True Colors caters to exporters, manufacturers, designers, and entrepreneurs, with an emphasis on trust, technology, and transformation to drive business growth. The company has built a pan-India presence through regional offices and service hubs in major textile hubs, including Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata, and Varanasi.

Founded

2021

Managing Director

Sanjay Raghubhai Desai

Parent Organization

IPO Objectives

The net proceeds from the issue are proposed to be utilised towards meeting the company’s working capital requirements amounting to Rs 48.90 crore, repayment or prepayment of certain borrowings totaling Rs 40.40 crore, and for general corporate purposes.

Company Promoters

Ashish Kumar Durlbhbhai Mulani

Sanjay Raghubhai Desai

Sagarkumar Bipinbhai Mulani

Panchani Satishkumar Jayantibhai.

Subscription Details

Investor Category Subscription (times)
Qualified Institutions 0
Non-Institutional Buyers 0
bNII (bids above ₹10L) 0
sNII (bids below ₹10L) 0
Retail Investors 0
Employees 0
Others 0
Total 0
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