Strong demand in subscription phase
The IPO was offered at a price band of Rs 181–191 per share, with a lot size of 1,200 shares for retail investors. Interest was broad-based across categories. Qualified institutional buyers (QIBs) subscribed 43.41 times, non-institutional investors (NIIs) 50.58 times, and retail investors 44.42 times.
Overall, the issue was subscribed 45.46 times, reflecting heavy demand during the three-day bidding period. Ahead of the issue, the company had also raised Rs 36.40 crore from anchor investors.
Business profile
Incorporated in 2021, True Colors operates in the import and distribution of digital textile printers, sublimation inks, reactive inks, and disperse inks, while also offering outsourced digital printing services.
The company works with leading brands such as Konica Minolta and Hopetech and has built a nationwide presence through service hubs in major textile centres like Surat, Tirupur, Ludhiana, and Panipat.The IPO proceeds will be used to fund working capital needs (Rs 48.9 crore), repay borrowings (Rs 40.4 crore), and for general corporate purposes.
Financial performance
True Colors has reported rapid growth in recent years. Revenue jumped 45% in FY25 to Rs 234.05 crore, while profit after tax (PAT) surged 199% to Rs 24.69 crore.
Investors may need to view this more as a medium-term play on India’s growing textile digitisation trend rather than chasing immediate listing gains.
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