True Colors Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹191
Per ShareLot Size
600 Shares
Minimum Investment
₹1,14,600
Issue Size
₹127.96 Cr
Face Value
₹10
Per ShareIPO Type
Book Building - SME
Retail Quota
35.03%
QIB Quota
49.92%
NII Quota
15.05%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
True Colors Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
94.87%
Promoter Holding (Post-Issue)
68.88%
Issue Type
Book Building - SME
ISIN
INE1LDV01015
About the Company
Our Company is engaged in the business of import and distribution of digital textile printers and manufacturing and supplying of products related to digital textile printing industry. Our business model includes manufacturing as well as trading that covers the following three key pillars in the digital textile printing industry.
Industry Overview
The digital textile printing market is experiencing robust growth globally, with India being a key player in the Asia-Pacific region. The Indian digital printing market is expected to grow at a substantial CAGR of 13% between 2023 and 2033, fueled by the robust performance of the textile sector and the presence of well-established textile mill clusters in the region. India has over 1,000 digital fabric printing services in operation, with expectations of a considerable increase during the forecast period. The adoption of dye-sublimation digital printing on polyester fabric, with its high printing speeds of 15,000 to 20,000 sq/m per day, is a significant driver for market expansion. Factors such as cost-effectiveness, durability and rapid printing speeds position digital textile printing as a prominent player in India's dynamic textile industry over the next decade.
Company History
Our Company was incorporated on Ninth day of October Two thousand twenty-one as "True Colors Private Limited', a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation issued by the Registrar of Companies, Central Registration Centre. Subsequently, our Company was converted into a public limited company pursuant to a resolution passed by our Shareholders at an extraordinary general meeting held on February 28, 2025 and consequently the name of our Company was changed to "True Colors Limited" and a fresh certificate of incorporation dated March 10, 2025 was issued by the Registrar of Companies, Central Processing Centre.
Products & Services
- The Company is engaged in the business of import and distribution of digital textile printers and manufacturing and supplying of products related to digital textile printing industry.
Growth Strategy
- Expanding Market Reach through new geographies and customer segments.
- Enhancing Operational Efficiency and Cost Optimization.
- Deepen engagements within existing client base.
- Building a Strong and Scalable Organization.
- Effective Working Capital Management and Debt Repayment.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a standalone basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offer of 66.99,600 equity shares of face value of Rs. 10/- each ("Equity Shares") of True Colors Limited (the "Company" or "Truecolors" or "Issuer") at an offer price of Rs.191 per equity share (including a share premium of Rs. 181 per equity share) for cash, aggregating to Rs. 127.96 crores ("Public Offer") comprising a fresh issue of to 56,99,600 equity shares aggregating to Rs. 108.86 crores (the "Fresh Issue") and an offer for sale of 2,50,000 equity shares by Ashishkumar Durlbhbhai Mulani, 2,50,000 equity shares by Sanjay Raghubhai Desai, 2,50,000 equity shares by Sagarkumar Bipinbhai Mulani; and 2,50,000 equity shares by Panchani Satishkumar Jayantibhai ("the Promoter Selling Shareholders") aggregating 10,00,000 equity shares by the promoter selling shareholders ("Offer for Sale") aggregating to Rs.19.91 crores out of which 3,36,000 equity shares of face value of Rs. 10/- each, at an offer price of Rs. 191 per equity share for cash, aggregating Rs. 6.42 crores will be reserved for subscription by the market maker to the offer (the "Market Maker Reservation Portion"). The public offer less market maker reservation portion i.e. offer of 63,63,600 equity shares of face value of Rs. 10/- each, at an offer price of Rs. 191 per equity share for cash, aggregating upto Rs. 121.54 crores is hereinafter referred to as the "Net Offer". 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.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Experienced Promoters having deep domain knowledge to scale up the business.
- In house manufacturing capabilities.
- Management team with an established track record.
- Established track record of successfully completed orders.
- Efficient operational team.
- The company does not have long-term agreements with a majority of the company's customers. Any changes or cancellations to the company's orders or the company's inability to forecast demand for its products may adversely affect the company's business, results of operations and financial condition.
- Increases in the prices of raw materials required for our operations could adversely affect our business and results of operations.
- We derive majority of our revenue from trading of Ink and digital printing machine business unit and any reduction in the demand of such segment could have an adverse effect on our business, results of operations and financial conditions.
- We are subject to the significant influence of, and restrictions imposed by OEMs pursuant to the terms of our dealership or agency agreements that may adversely impact our business, results of operations, financial condition and prospects, including our ability to expand into new territories and acquire additional dealerships.
- We are heavily dependent on the import for our machinery and ink divisions. A significant portion of our import is derived from selected geographies such as China and Japan. Any adverse developments in this market could adversely affect our business.