True Colors
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Sept 2025 | ₹5 | +2.62% | ₹2,300 | ₹196 | ₹3,000 |
| 29 Sept 2025 | ₹5 | +2.62% | ₹2,300 | ₹196 | ₹3,000 |
| 28 Sept 2025 | ₹9 | +4.71% | ₹4,100 | ₹200 | ₹5,400 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 23 Sept 2025 – 25 Sept 2025
- Listing date
- 30 Sept 2025
- Face value
- ₹1 per share
- Issue price
- ₹191 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹128 Cr
- Market cap at offer price
- ₹471 Cr
- Promoter holding
- 94.87% → 68.88% pre-issue → post-issue
- ISIN
- INE1LDV01015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- P-8, GR Flr to 3rd Flr, Somakanjiini, Wadi Patel Line Khatodara, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 19,05,600 | — | — |
| Market maker | 3,36,000 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹191
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,14,600 |
| S-HNI (min) | 2 | 1,200 | ₹2,29,200 |
| S-HNI (max) | 8 | 4,800 | ₹9,16,800 |
| B-HNI (min) | 9 | 5,400 | ₹10,31,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹191 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.03 | 10.02 |
| P/E (×) | 14.66 | 19.06 |
| Price to book (×) | 6.53 | — |
| Market cap | — | ₹471 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 44.53%
- ROCE
- 35.94%
- Debt / equity
- 0.86
- PAT margin
- 5.15%
- EBITDA margin
- 17.48%
- NAV per share
- ₹29.26
- Price to book
- 6.53
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.