BSE SME True Colors fades on debut

Shares of True Colors was trading at Rs 181.45 on the BSE, a discount of 5% compared with the issue price of Rs 191.

The scrip was listed at Rs 191, matching the initial public offer (IPO) price. The stock is currently frozen at its lower limit of 5% over its listing price.

The counter hit a high of Rs 191 and a low of Rs 181.45. About 20.48 lakh shares of the company changed hands at the counter.

True Colors' IPO was subscribed 42.36 times. The issue opened for bidding on 23 September 2025 and it closed on 25 September 2025. The price band of the IPO was fixed between Rs 181 to 191 per share.

The IPO comprised 66,99,600 equity shares, including a fresh issue of 56,99,600 equity shares and offer for sale (OFS) of 10,00,000 equity shares.

The company intends to utilize the net proceeds for funding working capital requirements of the company, repayment/prepayment of all or certain of borrowings availed of by the company and general corporate purposes.

Ahead of the IPO, True Colors on 22 September 2025, raised Rs 36.39 crore from anchor investors. The board allotted 19.05 lakh shares at Rs 191 each to 24 anchor investors.

True Colors is engaged in importing and distributing digital textile printers, along with manufacturing and supplying related products. The company reportedly operates in three main areas: importing wide-format printers from reputed global brands with dealership agreements, supplying specialized inks for various fabric types, and offering installation and after-sales support. It also has an in-house sublimation paper manufacturing unit to ensure quality and steady supply. Additionally, it provides digital textile printing services, including job-work printing and custom-printed fabric supply for clients who prefer outsourcing. As of 30 June 2025, the company had total 671 employees.

The company recorded revenue from operations of Rs 233.66 crore and net profit of Rs 24.69 crore for the year ended 31 March 2025.

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