The initial public offer (IPO) of True Colors received bids for 90,14,400 shares as against 47,94,000 shares on offer, as per BSE data as of 17:00 hours on Tuesday (23 September 2025). The issue was subscribed 1.88 times.
The issue opened for bidding on Tuesday (23 September 2025) and it will close on Thursday (25 September 2025). The price band of the IPO is fixed between Rs 181 to 191 per share. The minimum order quantity is 600 equity shares. The equity shares will list on BSE’s SME platform.
The IPO comprised 66,99,600 equity shares, including a fresh issue of 56,99,600 equity shares and offer for sale (OFS) of 10,00,000 equity shares.
About 3,36,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 63,63,600 equity shares.
The public offer and net offer will constitute 27.17% and 25.81% respectively of the post- offer paid-up equity share capital of the company.
The company intends to utilize the net proceeds for funding working capital requirements of the company, repayment/prepayment of all or certain of borrowings availed of by the company and general corporate purposes.
Ahead of the IPO, True Colors on Monday, 22 September 2025, raised Rs 36.39 crore from anchor investors. The board allotted 19.05 lakh shares at Rs 191 each to 24 anchor investors.
True Colors is engaged in importing and distributing digital textile printers, along with manufacturing and supplying related products. The company reportedly operates in three main areas: importing wide-format printers from reputed global brands with dealership agreements, supplying specialized inks for various fabric types, and offering installation and after-sales support. It also has an in-house sublimation paper manufacturing unit to ensure quality and steady supply. Additionally, it provides digital textile printing services, including job-work printing and custom-printed fabric supply for clients who prefer outsourcing. As of 30 June 2025, the company had total 671 employees.
The company recorded revenue from operations of Rs 233.66 crore and net profit of Rs 24.69 crore for the year ended 31 March 2025.