Data shown is for informational purposes only and does not constitute investment advice. TopFund is not SEBI-registered. Consult a SEBI-registered advisor before investing.
True Colors IPO
Price Band
₹181.0–191.0
Issue Size
₹127.96 Cr
Lot Size
600 shares
Min Investment
₹229,200
2 LOTS MIN
GMP
+₹5.0 (2.62%)
Issue Price
₹191.0
Subject to Sauda
₹2300
Paid only if allotted
True Colors IPO AI Summary
- True Colors IPO is listed on BSE SME in the Industrial Products sector.
- Price band: ₹181.0–₹191.0 per share, lot size 600 shares (min. investment ₹229,200, 2 lots minimum).
- Subscription window: 23 Sep–25 Sep 2025, listing on 30 Sep 2025.
- Current GMP is +₹5.0 (2.62%), an estimated listing price of ₹196 — unofficial and can change daily.
True Colors Limited is set to enter the market with an IPO aimed at raising ₹127.96 Cr. The company has shown significant revenue and profit growth over the past few years, supported by a strong business model in the digital textile printing sector.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
True Colors IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 25 Sep 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
True Colors IPO Grey Market Premium (GMP) Today
GMP
+₹5.0
GMP %
+2.62%
Est. Listing
₹196.0
Updated: 25 Jul 2026 14:12
About the Company
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: Machinery & Ink Supply (Import & Distribution): Imports and distributes high-quality wide format digital textile printers from brands like KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, and SKYJET. Sublimation Inks: The sublimation inks are formulated for polyester fabrics and designed for transfer printing. Reactive Inks: The reactive inks offer deep colour saturation, fixation, and fastness for direct printing on natural fibres such as cotton, viscose, and silk. Disperse Inks: Engineered for direct-to-fabric printing on polyester materials. Digital Textile Printing: Offers digital textile printing for customers outsourcing needs, while expanding to printed fabric supply. 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 Full-Fledged Digital Textile Ecosystem. Nationwide Presence and Rapid Service Support. Reliable Customer Engagement and Recurring Revenue. Advanced Manufacturing Facility and Supply Chain Control. Experienced Leadership supported by Professional Management.
Company Financials (₹ Cr)
As of 2025-03-31
| 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 |
Key Ratios
EPS
₹13.03
NAV
₹29.26
ROE
70.49%
ROCE
35.94%
RoNW
44.53%
P/B Value
6.53
P/E Ratio
14.66
Market Cap
₹470.90 Cr
PAT Margin
5.15%
Debt/Equity
0.86
Promoters
Ashish Kumar Durlbhbhai Mulani, Sanjay Raghubhai Desai, Sagarkumar Bipinbhai Mulani and Panchani Satishkumar Jayantibhai
Objects of the Issue
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 borrowings availed of by the Company 40.40 3 General Corporate Purposes 9.97 4 Issue Expenses 9.59 Total 108.86
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income increased from ₹80.94 Cr for the period ending 31 Mar 2023 to ₹160.91 Cr by 31 Mar 2024, and further rose to ₹234.05 Cr by 31 Mar 2025. This shows a strong upward trend in revenue over the periods.
Profit Trend
Profit After Tax (PAT) grew from ₹3.92 Cr in the period ending 31 Mar 2023 to ₹8.25 Cr by 31 Mar 2024, and significantly increased to ₹24.69 Cr by 31 Mar 2025. This indicates a substantial improvement in profitability over the reported periods.
Valuation
The company's EPS is ₹13.03, and with an issue price of ₹191.0, it implies a P/E ratio of approximately 14.66. This is compared to peers trading at a P/E range that is not specified in the provided data.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of the expected listing price of an IPO. A positive GMP suggests that the stock is likely to list at a higher price than the issue price, while a negative GMP indicates the opposite. Investors often look at GMP as a gauge of market sentiment towards the IPO.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their risk tolerance and investment strategy. It's important to consider the company's fundamentals and market conditions before making a decision.
Who May Want to Wait
Investors who are risk-averse or those who prefer stable, established companies might want to avoid this IPO, as it operates in a growing but competitive sector with inherent business risks.
IPO Timeline, Explained
The IPO opens for subscription on 23 September 2025 and closes on 25 September 2025. Allotment is expected to be finalized by 26 September 2025, with the listing date set for 30 September 2025.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when selling shares on the listing day. However, these gains are not guaranteed, as the stock price can be influenced by market conditions, investor sentiment, and overall demand for the shares. Investors should be prepared for the possibility of price fluctuations on the listing day.
This evaluation is generated from True Colors's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is True Colors IPO GMP today?
True Colors IPO GMP today is +₹5.0 (2.62%), indicating an estimated listing price of ₹196. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of True Colors IPO?
The price band of True Colors IPO is ₹181.0–₹191.0 per share.
When does True Colors IPO open and close?
True Colors IPO opens on 23 September 2025 and closes on 25 September 2025.
When does True Colors IPO list on the stock exchange?
True Colors IPO listed on 30 September 2025 at ₹196.0.
What is the lot size for True Colors IPO?
The lot size for True Colors IPO is 600 shares, requiring a minimum investment of ₹229,200 (2 lots).
What is the price band for True Colors IPO?
The price band for True Colors IPO is ₹181.0 to ₹191.0.
What is the minimum investment required?
The minimum investment required is ₹229,200.0.
What is the lot size for the IPO?
The lot size for the True Colors IPO is 600 shares.
When is the listing date for True Colors?
The listing date for True Colors is 30 September 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected price of the stock on its listing day, based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
23 Sep 2025
Close
25 Sep 2025
Allotment
26 Sep 2025
Listing
30 Sep 2025
Similar IPOs in Industrial Products
Plan Your IPO Investment
Related Articles
Community Sentiment
What are other investors planning for True Colors?
No votes yet — be the first to share your view.
Sign in to voteDiscussion
User-generated content — not investment advice, and not verified or endorsed by TopFund.
No comments yet — start the discussion.