Overview:
- True Colors Limited announces launch of IPO to fund expansion, strengthen market position, and support sustainability goals.
- IPO to include Fresh Offer of up to 57,00,000 equity shares and Offer for Sale of up to 10,00,000 equity shares.
- Company transformed from private to public limited entity on March 10, 2025.
- Funds raised to be used for working capital, debt repayment, and general corporate purposes.
- Price band set at ₹181–₹191 per share of face value ₹10 each.
- Minimum bid: 1200 shares; in multiples of 600 thereafter.
- Anchor investor portion opens on September 22, 2025; public offer from September 23–25, 2025.
- Shares to be listed on BSE SME platform.
- CEO Satish Panchani highlights IPO as milestone to scale operations, deepen R&D, and advance sustainable manufacturing.
- MD Sanjay Desai stresses IPO as step to build globally competitive, environmentally responsible textile ecosystem.
- Company operates across three verticals: turnkey textile printing solutions, in-house sublimation paper manufacturing, and digital fabric printing services.
- Distributor of leading printer brands: KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, SKYJET.
- Daily production capacity: 75,000 meters of digitally printed fabric and 350,000 meters of sublimation paper.
- Powered by 1 MW rooftop solar system to reduce environmental footprint.
- FY25 financials: revenue ₹23,365.62 lakh, EBITDA ₹4,091.20 lakh, PAT ₹2,469.38 lakh, debt-to-equity ratio 0.86.
- Focus on global market expansion, product diversification, and strengthening sustainable supply chains.
- Founded in 2021, headquartered in Surat, True Colors actively supports textile manufacturers, brands, and export houses worldwide
New Delhi [India], 22nd September, 2025: True Colors Limited, a prominent name in digital textile printing solutions and fabric processing, has officially announced its Initial Public Offering (IPO) upcoming on 23rd September i.e., next week. With this strategic move, the company aims to drive its ongoing expansion projects in manufacturing, strengthen its market position, and support its long-term vision focused on green energy and sustainability.
The funds raised will be utilized for: Funding the working capital requirements of our company; Repayment of debt; and General Corporate Purpose.
The proposed IPO will comprise a Fresh Offer of up to 57,00,000 Equity Shares and an Offer for Sale of up to 10,00,000 Equity Shares. Notably, True Colors Limited, formerly known as True Colors Private Limited, began its journey in 2021. The company underwent a significant transformation on March 10, 2025, when it was converted from a private limited entity to a public limited company, marking a major milestone in its growth trajectory.
True Colors Limited has contributed to modernizing the Indian textile sector by integrating advanced digital printing technologies with a strong commitment to environmental responsibility. The company operates across three core verticals, turnkey solutions for digital textile printing machines, in-house manufacturing of premium sublimation paper (an essential consumable in digital printing), and customized digital fabric printing services. This integrated service ecosystem, encompassing fabric printing, machinery, inks, spare parts, and sublimation paper, makes True Colors a trusted growth partner for textile manufacturers, export houses, garment manufacturers, apparel brands, fashion creators, and home décor businesses, both in India and abroad.
Commenting on the IPO plans, Satish Panchani, CEO & Co-founder of True Colors Limited, said, “True Colors was founded with a vision to modernize India’s textile backbone by introducing sustainable, technology-led solutions. Our upcoming IPO is a significant milestone, marking the next phase of our growth journey. With this, we aim to scale our operations, deepen our R&D efforts, and further our commitment to environmentally responsible manufacturing. We believe the future of textiles lies in innovation, sustainability, and agility, and we are well-positioned to support and shape that transformation.”
Over the years, True Colors Limited has developed a strong market presence, serving both domestic and international clients with high-quality, design-led textile printing solutions. The company is a trusted distributor of globally renowned digital printer brands such as KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, and SKYJET, offering machines, inks, spare parts, and comprehensive after-sales service. Its modern digital printing operations offer precision, mass customization, and environmental efficiency by significantly reducing water usage, waste, and production turnaround times. With a daily production capacity of 75,000 meters of digitally printed fabric and 350,000 meters of sublimation paper, supported by a 1 MW rooftop solar power system, True Colors continues to push technological and environmental progress in textile processing.
Also speaking on the IPO, Sanjay Desai, Managing Director at True Colors Limited, stated, “Our journey has always been about bridging the gap between technology and tradition in India’s textile industry. This IPO is more than just raising capital—it is about reinforcing our commitment to building a sustainable and globally competitive textile ecosystem. Our integrated strengths in importing and supplying machines and inks, in-house sublimation paper manufacturing, and premium fabric delivery, backed by world-class printing technologies like sublimation, reactive, fluorescent, foil, position, and double-side printing, give us a unique position in the industry. We have the expertise, infrastructure, and vision to contribute significantly to India’s digital textile innovation journey.”
The IPO has been priced in a band of ₹181 to ₹191 per equity share of face value ₹10 each, with the floor price at 18.10 times and the cap price at 19.10 times the face value. The price-to-earnings ratio based on diluted EPS for FY25 works out to 13.14 times at the floor price and 13.87 times at the cap price. Investors can bid for a minimum of 1200 equity shares and in multiples of 600 thereafter. The Anchor Investor portion will open on September 22, 2025, while the Bid/Offer will open on September 23 and close on September 25, 2025. The offer is being made through the book-building process under Chapter IX of SEBI (ICDR) Regulations, 2018, as amended, and the equity shares are proposed to be listed on the SME Platform of BSE Limited (BSE SME), with BSE as the designated stock exchange.
True Colors Limited’s growth strategy focuses on expanding into high-potential global markets, broadening its product range, and enhancing its role in sustainable supply chains. By leveraging deep experience in digital printing and a firm commitment to environmentally responsible practices, the company aims to make the textile sector more responsive, Key performance highlights of the company include revenue from operations of ₹23,365.62 lakh in FY25, EBITDA of ₹4,091.20 lakh, and a profit after tax of ₹2,469.38 lakh. With strong profit margins and a healthy debt-to-equity ratio of 0.86, the company showcases robust financial stability and operational strength.
About True Colors Limited:
Founded in 2021, True Colors Limited is a diversified provider of digital textile printing services, turnkey machinery solutions, and sublimation paper manufacturing. The company serves the evolving needs of the global textile industry by offering customized and scalable printing solutions across various fabric types. With a strong emphasis on technology, sustainability, and customer-centricity, True Colors is actively contributing to India’s growing role in global textile innovation. Headquartered in Surat, India, True Colors works with textile manufacturers, export houses, apparel brands, and design professionals worldwide.
For more information, please visit: https://truecolorsgroup.com/
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