True Colors IPO
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Schedule of True Colors
| Issue open date | 23 Sep 2025 |
| Issue close date | 25 Sep 2025 |
| UPI mandate deadline | 25 Sep 2025 (5 PM) |
| Allotment finalization | 26 Sep 2025 |
| Refund initiation | 29 Sep 2025 |
| Share credit | 29 Sep 2025 |
| Listing date | 30 Oct 2025 |
| Mandate end date | 10 Oct 2025 |
| Lock-in end date for anchor investors (50%) | 26 Oct 2025 |
| Lock-in end date for anchor investors (remaining) | 25 Dec 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About True Colors
True Colors is a fully integrated provider of digital textile printing solutions that uniquely combines the supply of high-end digital textile printing machines and compatible inks, in-house manufacturing of sublimation paper, and customized printing services and printed fabrics. Incorporated in October 2021 and converted to a public company in March 2025, the company operates across three core verticals: importing and distributing wide-format digital textile inkjet printers from globally recognized brands like KONICA MINOLTA, HOPETECH, ITTEN, PENGDA and SKYJET; manufacturing sublimation paper in-house; and providing digital textile printing services including job-work printing and printed fabric supply. With 671 employees as of June 2025, True Colors delivers an end-to-end ecosystem positioning itself as a one-stop solution for modern, high-quality, and efficient textile printing needs across India.
Financials of True Colors
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹127.96 crores |
| Fresh Issue | ₹108.86 crores |
| Offer for sale | ₹19.10 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Funding working capital requirements | 48.90 (45%0 |
| Repayment/prepayment of borrowings | 40.40 (37.11%) |
| General corporate purposes | 19.56 (18%) |
Strengths
- Fully integrated business model covering machinery, consumables, manufacturing, and services in digital textile printing
- Established partnerships with globally recognised brands like KONICA MINOLTA, HOPETECH, ITTEN, PENGDA and SKYJET
- In-house sublimation paper manufacturing provides better margins and supply chain control
- Pan-India presence with offices in key textile hubs, including Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata, and Varanasi
Risks
- Heavy dependence on the import of digital textile printing machines exposes the company to foreign exchange fluctuations
- No long-term agreements with the majority of customers, leading to order uncertainty and demand forecasting challenges
- Raw material price increases could adversely affect business operations and margins
- Primary India-focused presence limits international growth potential and exposes it to domestic market saturation
- Highly competitive digital printing industry requiring constant innovation and R&D investment
Allotment Status for True Colors
To check your allotment status – click here.
Subscription Figures for True Colors
As per media reports (Link), the Grey Market Premium (GMP) of True Colors is reported at ₹45 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 5:00 PM on September 24, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 12.70 | 49.99 | 3.93x |
| NII | 9.57 | 30.78 | 3.21x |
| Retail | 22.29 | 164.44 | 7.38x |
| Total | 44.58 | 245.22 | 5.50x |