The True Colors IPO will open on September 23, 2025, and close on September 25, 2025. The True Colors IPO is a book-built issue. The company will raise approximately ₹127.97 crore through the IPO, consisting of fresh shares worth ₹108.87 crore and 10,00,000 equity shares with a face value of ₹10.
The price band for the True Colors IPO is ₹181 to ₹191 per share. The retail share is 35%, QIBs 50%, and HNIs 15%. The True Colors IPO will be listed on the BSE on September 30, 2025. The allotment date for the True Colors IPO is September 26, 2025.
The company reported revenue of ₹234.05 crore in 2025, compared to ₹160.91 crore in 2024. The company reported a profit of ₹24.69 crore in 2025, compared to ₹8.25 crore in 2024. Based on the financials, IPO investors should invest in the IPO GMP for the long term.
True Colors IPO Details
| IPO Date | September 23, 2025 to September 25, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹181 to ₹191 per share |
| Lot Size | 600 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 66,99,600 shares (aggregating up to ₹127.96 Cr) |
| Reserved for Market Maker | 3,36,000 shares |
| Fresh Issue (Ex Market Maker) | 53,63,600 shares (aggregating up to ₹102.44 Cr) |
| Offer for Sale | 10,00,000 shares of ₹10 (aggregating up to ₹19.10 Cr) |
| Net Offered to Public | 63,63,600 shares (aggregating up to ₹121.54 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,89,55,000 shares |
| Share Holding Post Issue | 2,46,54,600 shares |
True Colors IPO Market Lot
The True Colors IPO minimum market lot is 1,200 shares with ₹2,29,200 application amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 1,200 | ₹2,29,200 |
| Retail Maximum | 2 | 1,200 | ₹2,29,200 |
| S-HNI Minimum | 3 | 1,800 | ₹3,43,800 |
| S-HNI Maximum | 8 | 4,800 | ₹9,16,800 |
| B-HNI Minimum | 9 | 5,400 | ₹10,31,400 |
IPO Reservation
| Investor Category | Share Offered | % Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
True Colors IPO Anchor Investors
| Anchor Bidding Date | 2025 |
| Anchor Investors List | . |
| Shares Offered | – Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | October 26, 2025 |
| lock-in period end date 50% shares (90 Days) | December 25, 2025 |
True Colors IPO Dates
The True Colors IPO date is September 23 and the close date is September 25. The True Colors IPO allotment will be finalized on September 26 and the IPO listing on September 30.
| IPO Open Date: | September 23, 2025 |
| IPO Close Date: | September 25, 2025 |
| Basis of Allotment: | September 26, 2025 |
| Refunds: | September 29, 2025 |
| Credit to Demat Account: | September 29, 2025 |
| IPO Listing Date: | September 30, 2025 |
| IPO Bidding Cut-off Time: | September 25, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Ashish Kumar Durlbhbhai Mulani, Sanjay Raghubhai Desai, Sagarkumar Bipinbhai Mulani and Panchani Satishkumar Jayantibhai.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,89,55,000 | 94.87% |
| Promoter Holding Post Issue | – | -% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores | % |
| Funding working capital requirements of the company | 48.90 | -% |
| Repayment/prepayment of all or certain of our borrowings availed of by the Company | 40.40 | -% |
| General corporate purposes | – | -% |
About True Colors IPO
To be updated soon
True Colors IPO Company Financial Report
The company reported revenue of ₹234.05 crores in 2025 against ₹160.91 crores in 2024. The company reported profit of ₹24.69 crores in 2025 against profit of ₹8.25 crores in 2024.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹80.94 | ₹75.47 | ₹3.92 | ₹45.53 |
| 2024 | ₹160.91 | ₹149.43 | ₹8.25 | ₹105.91 |
| 2025 | ₹234.05 | ₹200.98 | ₹24.69 | ₹154.97 |
True Colors IPO Valuation – FY2025
Check True Colors IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | -% |
| ROCE: | 35.94% |
| EBITDA Margin: | 17.48% |
| PAT Margin: | 10.57% |
| Debt to equity ratio: | 0.86 |
| Earning Per Share (EPS): | ₹13.77 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 44.53% |
| Net Asset Value (NAV): | ₹29.26 |