True Colors came to market through an SME IPO that opened on 23 September 2025 and closed on 25 September 2025, and the shares listed on 30 September 2025 on BSE SME. The price band was ₹181 to ₹191 per share and one lot was 600 shares, so the minimum application was ₹1,14,600. The issue size was ₹127.96 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
Bigshare Services Pvt Ltd was the registrar to the issue, and GYR Capital Advisors Pvt.Ltd was the lead manager.
As of 25 September 2025.
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Established in October 2021, True Colors Limited is an importer and distributor of digital textile printers and supplies digital textile printing products. They provide digital textile printing solutions, such as machines, inks, and service, to businesses such as exporters, manufacturers, designers, and entrepreneurs. The company focuses on trust, technology, and transformation as it aspires to assist these businesses to modernise and expand.
The business model of the company includes manufacturing and trading, and there are three pillars under digital textile printing: Machinery & Ink Supply (Import & Distribution): Imports and distributes premium wide format digital textile printers of KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, and SKYJET brands. Sublimation Inks: The sublimation inks are designed for polyester fabrics and for transfer printing. Reactive Inks:
The reactive inks provide deep colour depth, fixation, and fastness for direct printing on natural fibers like cotton, viscose, and silk. Disperse Inks: Designed for direct-fabric printing on polyester fabrics. Digital Textile Printing: Provides digital textile printing for out-sourcing needs, with growth into printed fabric supply. The group has created a footprint in India through regional offices and service centers in major textile production hubs such as Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata, and Varanasi.
As described in the offer document.
| Metric | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
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Ashish Kumar Durlbhbhai Mulani, Sanjay Raghubhai Desai, Sagarkumar Bipinbhai Mulani, Panchani Satishkumar Jayantibhai. Promoter holding 94.87% before the issue and 68.88% after.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
True Colors IPO was a ₹127.96 crore book-built issue, comprising a fresh issue of ₹103.16 crore and an offer for sale of ₹18.1 crore. It was priced at ₹181–₹191 per share with a lot size of 600 shares; the minimum retail application was 1,200 shares (₹2,29,200). The IPO was open from September 23 to September 25, 2025 and was subscribed 45.55x. Shares listed on BSE SME on September 30, 2025 at ₹191, in line with the issue price of ₹191.
Bigshare Services Pvt Ltd is the registrar. GYR Capital Advisors Pvt. Ltd. is the book running lead manager.
The price band of True Colors IPO is ₹181 to ₹191 per share.
The lot size of True Colors IPO is 600 shares.
The minimum investment for True Colors IPO is approximately ₹2,29,200 based on the upper price band.
The allotment date of True Colors IPO is Sep 26, 2025.
True Colors IPO's final recorded GMP before listing was ₹8 per share (a 4% premium over the ₹191 upper price band). The shares listed at ₹191. GMP is unofficial and does not forecast or guarantee the actual listing price.
You can check True Colors IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the True Colors IPO allotment status on Rupix for quick and easy access.
₹181 to ₹191 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 600 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,14,600. After listing, SME shares also trade in lots rather than one share at a time.
₹1,14,600, for one lot of 600 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 23 September 2025 and closed on 25 September 2025.
The basis of allotment was published on 26 September 2025 by Bigshare Services Pvt Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 30 September 2025 on BSE SME.
The issue size was ₹127.96 crore. The fresh issue was 56,99,600 shares (aggregating up to ₹103.16 crore). The offer for sale was 1,00,000 shares (aggregating up to ₹18.1 crore).