True Colors Limited Launches Rs 127.96 Crore IPO to Drive Growth in India’s Digital Textile Printing Industry

True Colors Limited, incorporated on October 09, 2021, is a fully integrated provider of digital textile printing solutions, uniquely combining the supply of high-end digital textile printing machines and compatible inks, in-house manufacturing of sublimation paper, and customised printing services and printed fabrics, announced the launch of its Initial Public Offering (IPO) to raise Rs 127.96 Crores.

The IPO will open/closes for Anchor Portion on September 22, 2025, And Bid/Issue Opens on September 23, 2025, Bid/Offer Closes on September 25, 2025. The price band has been fixed at Rs 181 to Rs 191 per equity share. The shares will be listed on the BSE SME platform, with a tentative listing date of September 30, 2025.

The Company has proposed to offer up to 66,99,600 equity shares. Out of this, up to 3,36,000 equity shares are reserved for the Market Maker. The Anchor Investor Portion is up to 19,05,600 equity shares. The Net QIB Portion comprises up to 12,70,800 equity shares, which includes an allocation of 64,200 equity shares specifically for Mutual Funds and the balance 12,06,600 equity shares for other QIBs. The Non-Institutional Portion shall not be less than 9,57,600 equity shares, while the Individual Investors’ Portion shall not be less than 22,29,600 equity shares.

GYR CAPITAL ADVISORS PRIVATE LIMITED is the Book Running Lead Manager to the issue, while BIGSHARE SERVICES PRIVATE LIMITED will serve as the Registrar to the issue.

Utilisation of IPO Proceeds

The funds raised will be utilized for:

• Funding working capital requirements of our company.
• Repayment/prepayment of all or certain of our borrowings.
• General Corporate Purposes.

IPO Allotment & Investor Reservation

• Basis of allotment is expected on Friday, September 26, 2025, and equity shares will be credited to demat accounts on Monday, September 29, 2025.
• Not more than 50 per cent of the Net Issue will be allocated to Qualified Institutional Buyers (QIBs).
• Not less than 35 per cent of the Net Issue will be reserved for individual investors.
• Not less than 15 per cent of the Net Issue will be allocated to Non-Institutional Investors (NIIs), with sub-categorisation for small and large HNIs.

The minimum lot size investment for an individual investor (retail) is 2 lots (1,200shares) (based on upper price), amounting to Rs 2,29,200. The minimum lot size investment for HNI is 3 lots (1,800 shares), amounting to Rs 3,43,800.

Business & Key Highlights

India’s textile sector is at the cusp of a digital transformation, and True Colors Limited is uniquely positioned with its integrated ecosystem to capitalise on this shift. The company operates across three verticals - import & distribution of printers and inks, sublimation paper manufacturing, and digital textile printing services - serving manufacturers, exporters, fashion brands, and traders nationwide.

1. With FY25 Revenue of Rs 23,365.62 Lakhs, EBITDA of Rs 4,091.20 Lakhs, and PAT of Rs 2,469.38 Lakhs, the company combines strong growth with healthy margins, delivering ROE of 70.49 per cent and ROCE of 35.94 per cent, showcasing capital efficiency and scalability.

2. Integrated business model ensures recurring revenue, cross-sell opportunities, and long-term customer relationships.

3. Nationwide presence with hubs in Surat, Delhi, Panipat, Amritsar, Mumbai, Bangalore, Kolkata, Tirupur, Ludhiana, and Erode, with an expanding global footprint through exports and collaborations.

4. Robust manufacturing scale – sublimation paper capacity of ~10.16 crore meters and combined polyester & cotton fabrics capacity of ~1.43 crore meters.

5. Trusted distributor of global leaders – KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, and SKYJET – enabling customers to build digital textile printing factories with machines, inks, consumables, and process services under one roof.

6. Certified for quality & sustainability – ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, OEKO-TEX Standard 100, and Global Recycled Standard (GRS).

Disclaimer: The article is for informational purposes only and not investment advice.