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True Colors Limited, incorporated on October 9, 2021, is a fully integrated provider of digital textile printing solutions, uniquely combining the supply of high-end digital textile printing machines and compatible inks, in-house manufacturing of sublimation paper, and customised printing services and printed fabrics. The company has announced the launch of its Initial Public Offering (IPO) to raise Rs 127.96 crores.

The IPO will open and close for the anchor portion on September 22. Bids will open on September 23, 2025, and close on September 25, 2025. The price band has been fixed at Rs 181 to Rs 191 per equity share. The shares will be listed on the BSE SME platform, with a tentative listing date of September 30, 2025.

The Company has proposed to offer up to 66,99,600 equity shares. Out of this, up to 3,36,000 equity shares are reserved for the market maker. The Anchor Investor Portion is up to 19,05,600 equity shares. The Net QIB Portion comprises up to 12,70,800 equity shares, which includes an allocation of 64,200 equity shares specifically for mutual funds and the balance 12,06,600 equity shares for other QIBs. The Non-Institutional Portion shall not be less than 9,57,600 equity shares, while the Individual Investors’ Portion shall not be less than 22,29,600 equity shares.

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GYR CAPITAL ADVISORS PRIVATE LIMITED is the book running lead manager to the issue, while BIGSHARE SERVICES PRIVATE LIMITED will serve as the registrar to the issue.

Utilisation of IPO Proceeds

The funds raised will be utilised for:

IPO Allotment and Investor Reservation

The minimum lot size investment for an individual investor (retail) is 2 lots (1,200shares) (based on upper price) amounting to Rs 2,29,200. The minimum lot size investment for HNI is 3 lots (1,800 shares), amounting to Rs 3,43,800.

Business and Key Highlights

India’s textile sector is at the cusp of a digital transformation, and True Colors Limited is uniquely positioned with its integrated ecosystem to capitalize on this shift. The company operates across three verticals - import & distribution of printers and inks, sublimation paper manufacturing, and digital textile printing services - serving manufacturers, exporters, fashion brands, and traders nationwide.

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