True Colors Subscription
Last updated on 25-Sep-2025 17:10:05
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIBs | 1270800 | 55163400 | 43.41 |
| HNIs | 957600 | 48436800 | 50.58 |
| bHNI | 638400 | 35140800 | 55.05 |
| sHNI | 319200 | 13296000 | 41.65 |
| Individual | 2229600 | 99121200 | 44.46 |
| Total | 4458000 | 202721400 | 45.47 |
Application-Wise Breakup  | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (10L+) | 355 | 6126 | 17.26 |
| HNIs (3-10L) | 177 | 6907 | 39.02 |
| Individual | 1858 | 82601 | 44.46 |
| QIB Interest Cost Per Share (7 Days) | |||||
|---|---|---|---|---|---|
| @7% ₹11.1 | @8% ₹12.7 | @9% ₹14.3 | @10% ₹15.9 | @11% ₹17.5 | @12% ₹19.1 |
True Colors Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| bHNI | 9 | 5400 | 1031400 | 355 |
True Colors Reservation
| Category | Shares Offered | % |
|---|---|---|
| Anchor | 1905600 | 28.44% |
| QIB | 1270800 | 18.97% |
| HNI | 957600 | 14.29% |
| INDIVIDUAL | 2229600 | 33.28% |
| Market Maker | 336000 | 5.02% |
| Total | 6699600 | 100% |
True Colors About
IPO Details
| Total Issue Size | 66,99,600 shares(aggregating up to ₹127.96 Cr) |
| Fresh Issue | 56,99,600 shares(aggregating up to ₹108.86 Cr) |
| Offer for Sale | 10,00,000 shares (aggregating up to ₹19.10 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,89,55,000 shares |
| Share Holding Post Issue | 2,46,55,000 shares |
| Reserved for Market Maker | 3,36,000 shares(aggregating up to ₹6.42 Cr) |
| Market Maker | Giriraj Stock Broking Pvt.Ltd. |
Key Performance Indicator (KPI)
| KPI | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| RONW | 44.53% | 56.42% | 61.52% |
| ROCE | 35.94% | 18.56% | 21.43% |
| DEBT/ EQUITY | 0.86 | 3.87 | 3.15 |
| P/E Pre IPO | 14.66 | ||
| P/E Post IPO | 19.07 |
Company Financial In Crore
| Period Ended | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| 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 | 14.5 | 5.67 |
| Net Worth | 55.45 | 14.61 | 6.37 |
| Reserves and Surplus | 36.5 | 14.14 | 5.9 |
| Total Borrowing | 47.51 | 56.56 | 20.04 |
COMPARISON WITH INDUSTRY PEERS
Source: RHP,Company does not have any peer group company for comparison with Industry Peer.
About Company
Business Model:
The operations include both manufacturing and trading, with three main pillars in digital textile printing:
- Machinery & Ink Supply – Imports and distributes wide-format digital textile printers from brands such as KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, SKYJET.
- Inks –
- Sublimation Inks: For polyester fabrics, designed for transfer printing.
- Reactive Inks: For natural fibres like cotton, viscose, and silk, offering rich colour saturation and fastness.
- Disperse Inks: For direct-to-fabric printing on polyester materials.
- Printing Services – Provides digital textile printing for outsourcing needs and is expanding into printed fabric supply.
Market Presence:
The company has a pan-India network with regional offices and service hubs in major textile hubs, including Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata, and Varanasi.
True Colors IPO Objectives
The Company True Colors IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
Funding working capital requirements of the company: ₹ 48.90 Crores.
Repayment/prepayment of all or certain of our borrowings availed of by the Company: ₹ 40.40 Crores.
General corporate purposes.
Strength
Complete Digital Textile Printing Ecosystem: The company operates across the full value chain—importing and distributing machines, supplying high-performance inks, manufacturing sublimation paper, and offering printing services—ensuring control over quality and customer satisfaction.
Strong Nationwide Presence & Quick Support: With regional offices and service hubs in key textile hubs across India, the company ensures fast technical assistance, timely spare parts delivery, and uninterrupted supply of consumables to minimize production downtime.
Long-Term Customer Relationships & Recurring Revenue: A relationship-driven B2B model, backed by continuous supply of specialized inks and sublimation paper, ensures product compatibility, consistent performance, and steady repeat business.
Weakness
Lack of Long-Term Customer Contracts: Absence of long-term agreements with most customers makes the business vulnerable to order changes, cancellations, and demand fluctuations.
Raw Material Price Volatility: Rising raw material costs can negatively impact profitability and overall financial performance.
Dependence on Ink & Machine Trading Segment: A large share of revenue comes from ink and digital printing machine sales; any drop in demand for this segment could harm business performance.
True Colors Lead Manager(s)
True Colors Address
Somakanjiini
Wadi Patel Line Khatodara,
Surat, Gujarat, 395002
Phone: +91 7069169145
Email: cs@truecolorsgroup.com
Website: https://truecolorsgroup.com/
True Colors Registrar
True Colors Reviewers
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