The Indian IPO market continues to witness dynamic activity in 2025, with niche companies leveraging capital markets for expansion. True Colors Limited, a digital textile printing solutions provider, is set to open its IPO on September 23, 2025, offering investors a chance to participate in a rapidly growing sector focused on modernising textile printing businesses.
About True Colors Ltd.
Incorporated in October 2021, True Colors Limited imports and distributes digital textile printers and supplies, targeting exporters, manufacturers, designers, and entrepreneurs. The company provides end-to-end digital textile printing solutions, comprising:
- Machinery & Ink Supply: Imports and distributes wide-format digital textile printers from brands like KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, and SKYJET.
- Sublimation Inks: Formulated for polyester fabrics and designed for transfer printing.
- Reactive Inks: Ensures deep colour saturation, fixation, and fastness for natural fibres like cotton, viscose, and silk.
- Disperse Inks: For direct-to-fabric printing on polyester.
- Digital Textile Printing Services: Offers outsourced printing services while expanding into printed fabric supply.
The company has a nationwide presence with regional offices and service hubs in key textile manufacturing centres, including Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata, and Varanasi.
Competitive Strengths:
- Comprehensive digital textile ecosystem
- Nationwide presence with rapid service support
- Strong customer engagement and recurring revenue
- Advanced manufacturing facility with supply chain control
- Experienced leadership and professional management team
True Colors IPO Details
The True Colors IPO is a book-building issue of ₹127.96 crore, consisting of a fresh issue of 0.57 crore shares (₹108.86 Cr) and an offer for sale of 0.10 crore shares (₹19.10 Cr). The IPO will be listed on BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 23, 2025 |
| IPO Close Date | Sep 25, 2025 |
| Tentative Allotment | Sep 26, 2025 |
| Initiation of Refunds | Sep 29, 2025 |
| Credit of Shares to Demat | Sep 29, 2025 |
| Tentative Listing Date | Sep 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 25, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹181 – ₹191 per share |
| Lot Size | 600 shares |
| Total Issue Size | 66,99,600 shares (₹127.96 Cr) |
| Fresh Issue | 53,63,600 shares (₹102.44 Cr) |
| Offer for Sale | 10,00,000 shares (₹19.10 Cr) |
| Net Offered to Public | 63,63,600 shares (₹121.54 Cr) |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Issue Type | Bookbuilding IPO |
| Shareholding Pre-Issue | 1,89,55,000 shares |
| Shareholding Post-Issue | 2,46,54,600 shares |
Investor Category Reservation:
| Investor Category | Shares Offered |
| QIB | Not more than 50% of Net Offer |
| Retail | Not more than 35% of Net Offer |
| NII | Not more than 15% of Net Offer |
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 1,200 | ₹2,29,200 |
| 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 |
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Promoter Holding:
The promoters include Ashish Kumar Durlbhbhai Mulani, Sanjay Raghubhai Desai, Sagarkumar Bipinbhai Mulani, and Panchani Satishkumar Jayantibhai.
- Pre-IPO: 94.87%
- Post-IPO: 68.88%
Book Running Lead Manager: GYR Capital Advisors Pvt. Ltd.
Registrar: Bigshare Services Pvt. Ltd.
Market Maker: Giriraj Stock Broking Pvt. Ltd.
True Colors Ltd.: Financials
Financial Highlights (₹ Crore):
| 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 & Surplus | 36.50 | 14.14 | 5.90 |
| Total Borrowing | 47.51 | 56.56 | 20.04 |
Key Performance Indicators (FY2025):
- Market Capitalisation: ₹470.90 Cr
- 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
- EPS Pre-IPO: ₹13.03 | Post-IPO: ₹10.02
- P/E Pre-IPO: 14.66x | Post-IPO: 19.07x
Objects of the Issue
The IPO proceeds are proposed to be utilised as follows:
| Object | Amount (₹ Crore) |
| Working Capital Requirements | 48.90 |
| Repayment/Prepayment of Borrowings | 40.40 |
| General Corporate Purposes | Balance |
Industry Outlook
The digital textile printing industry in India is witnessing rapid growth due to:
- Rising demand for modern textile printing solutions
- Increasing adoption of digital printers among exporters and manufacturers
- Innovation in ink technology and fabric printing processes
- Expanding domestic presence and supply chain infrastructure
True Colors’ nationwide presence, strong service network, and diversified ink and machinery offerings position it well to capture this growing market.
Conclusion
True Colors Limited presents a promising investment opportunity in the digital textile printing sector. Its consistent revenue growth, robust margins, strong domestic footprint, and expansion in machinery, inks, and services make it an attractive IPO. However, investors should consider risks such as dependency on imported machinery, market competition, and evolving technology in digital printing.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
