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    TNA Solutions IPO

    Updated 25 Sept 2026, 6:50 pm.

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    GMP disclaimer: GMP is unofficial and unregulated. It is not a recommendation or a reliable estimate of listing price or returns. Consider the RHP and your own risk assessment before applying.

    Minimum investment (Individual investors (IND))

    ₹2,80,000

    2 lots · 4,000 shares at the upper price band

    Price band

    ₹66–70

    Latest GMP

    Not yet quoted

    Est. listing price

    —

    Issue size

    ₹35.95 Cr

    GMP history

    Each point is a recorded observation from the scheduled data sync.

    GMP history will appear after the scheduled sync records observations.

    GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.

    Issue details

    Board
    SME
    Price band
    ₹66–70
    Issue size
    ₹35.95 Cr
    Lot size
    2,000
    Opens
    30 Sept 2026
    Closes
    6 Oct 2026
    Allotment
    7 Oct 2026
    Listing
    9 Oct 2026
    Est. listing price
    —
    Listing price
    Awaited
    Listing gain
    Awaited
    Registrar
    Maashitla Securities Pvt.Ltd.
    Minimum investment
    ₹2,80,000 (2 lots · 4,000 shares)
    Face value
    ₹10 per share
    Issue type
    Bookbuilding IPO
    Sale type
    Fresh capital only
    Listing at
    BSE SME
    Refunds
    8 Oct 2026
    Shares credited
    8 Oct 2026
    Promoter holding
    68.69% before · 50.48% after
    Lead managers
    Credora Partners Pvt.Ltd.

    Full issue details

    Details as published for this issue, read 25 Sept 2026, 2:05 pm. Verify against the RHP before applying.

    IPO Details

    IPO Date30 Sep to 6 Oct, 2026
    Listing DateFri, Oct 9, 2026 T
    Face Value₹ 10 per share
    Price Band₹66 to ₹70
    Lot Size2,000 Shares
    Sale TypeFresh capital only
    Issue TypeBookbuilding IPO
    Listing AtBSE SME
    Total Issue Size54,08,000 shares (agg. up to ₹ 38 Cr)
    Reserved for Market Maker2,72,000 shares (agg. up to ₹ 2 Cr) Pace Stock Broking Services Pvt.Ltd.
    Fresh Issue (Ex Market Maker)51,36,000 shares (agg. up to ₹ 36 Cr)
    Net Offered to Public51,36,000 shares (agg. up to ₹ 36 Cr)
    Share Holding Pre Issue1,50,00,000 shares
    Share Holding Post Issue2,04,08,000 shares

    IPO Timetable (Tentative)

    IPO Open
    Wed, Sep 30, 2026
    IPO Close
    Tue, Oct 6, 2026
    Allotment
    Wed, Oct 7, 2026
    Refund
    Thu, Oct 8, 2026
    Credit of Shares
    Thu, Oct 8, 2026
    Listing
    Fri, Oct 9, 2026

    Issue Reservation

    • QIB47.41%
    • NII (HNI)14.31%
    • Retail33.25%
    • Market Maker5.03%
    Issue Reservation: Share of the issue reserved for each investor category. Figures as published in the table below.
    Investor CategoryShares% of Net Issue% of Total Issue
    QIB25,64,00049.92%47.41%
    - Anchor Investor15,38,000—28.44%
    - QIB (Ex. Anchor)10,26,000—18.97%
    NII (HNI)7,74,00015.07%14.31%
    - bNII > ₹10L5,16,000—9.54%
    - sNII < ₹10L2,58,000—4.77%
    Retail17,98,00035.01%33.25%
    Firm Reservations
    Market Maker2,72,000—5.03%
    Total54,08,000100.00%100.00%

    TNA Solutions IPO comprises a total issue size of 54,08,000 shares. The net offer to the public is 51,36,000 shares, after excluding 2,72,000 shares allotted on a firm basis. Of the Net offer 25,64,000 (49.92%) are allocated to QIB , 7,74,000 (15.07%) allocated to NII 17,98,000 (35.01%) allocated to RII .

    IPO Lot Size

    Individual investors (IND) (Min)₹2,80,000
    Individual investors (IND) (Max)₹2,80,000
    S-HNI (Min)₹4,20,000
    S-HNI (Max)₹9,80,000
    B-HNI (Min)₹11,20,000
    IPO Lot Size: What an application costs at the upper price band, by category. Figures as published in the table below.
    ApplicationLotsSharesAmount
    Individual investors (IND) (Min)24000₹2,80,000
    Individual investors (IND) (Max)24000₹2,80,000
    S-HNI (Min)36000₹4,20,000
    S-HNI (Max)714000₹9,80,000
    B-HNI (Min)816000₹11,20,000

    Investors can bid for a minimum of 4,000 shares and in multiples of 2,000 shares thereof.

    IPO Subscription Details

    About TNA Solutions Ltd.

    Incorporated in September 2021, TNA Solutions Limited is engaged in the manufacturing of home textile products for domestic and international customers. Its manufacturing facility is located in Indore, Madhya Pradesh, where it converts processed fabrics into finished home furnishing products based on customer specifications. The Company offers a diversified portfolio of home textile products, including sheet sets, pillow shells and covers, towels, and top-of-bed products such as comforters, quilts, dohars and mattress protectors. It primarily operates under a B2B manufacturing model, supplying products to global retailers, importers and domestic brands under their respective brands or specified labels. The Company also operates through B2C channels, including e-commerce marketplaces, wholesalers and retailers, and has its own brand "Ambra Linens", launched in 2022.

    The Company follows a focused manufacturing model wherein it procures greige fabric from weavers and finished or processed fabric from mills, processing houses and stockists. Third-party processing houses undertake activities such as weaving, dyeing and printing, while the Company carries out cutting, stitching, embroidery, finishing, quality assurance, packaging and dispatch at its Indore facility. It launched its own website for Ambra Linens in July 2026, further expanding its direct-to-consumer presence.

    The Company has a geographically diversified, export-oriented revenue base and focuses on product quality, manufacturing efficiency and timely delivery. Its operations are supported by technology-enabled processes and a multi-stage quality control system. The Company also benefits from experienced promoter management and capabilities across product development, production planning, sourcing, quality assurance and customer servicing.

    As of July 31, 2026, the Company had 193 employees on payroll and 66 contractual employees, with its workforce primarily engaged in production and planning, quality assurance, warehouse and stores, and other operational and support functions.

    Competitive Strengths

    Diversified Home Textile Product Portfolio.

    Multi-Stage In-House Quality Control System.

    Technology-Enabled and Integrated Operations.

    Experienced and Hands-On Promoter Management.

    Geographically Diversified and Export-Oriented Revenue Base.

    Company Financials (Restated)

    Total Income

    31 Mar 202436.32
    31 Mar 202584.13
    31 Mar 2026110.45

    Profit After Tax

    31 Mar 20242.69
    31 Mar 20256.66
    31 Mar 20269.58

    EBITDA

    31 Mar 20245.13
    31 Mar 202510.26
    31 Mar 202612.68

    NET Worth

    31 Mar 20244.98
    31 Mar 202522.86
    31 Mar 202635.94
    Company Financials (Restated): Each line is scaled to its own largest period, ₹ crore - compare periods within a line, not one line against another. Figures as published in the table below.
    Period Ended31 Mar 202631 Mar 202531 Mar 2024
    Assets94.2157.4724.33
    Total Income110.4584.1336.32
    Profit After Tax9.586.662.69
    EBITDA12.6810.265.13
    NET Worth35.9422.864.98
    Reserves and Surplus32.9420.013.07
    Total Borrowing46.2925.7311.38
    Amount in ₹ Crore

    TNA Solutions Ltd.'s revenue increased by 31% and profit after tax (PAT) rose by 44% between the financial year ending with March 31, 2026 and March 31, 2025.

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    IPO Objects of the Issue

    Funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plant and machinery6.76
    Funding of Working Capital Requirements20.00
    IPO Objects of the Issue: What the proceeds are earmarked for (₹ Cr.). Figures as published in the table below.
    #Issue ObjectsEst Amt (₹ Cr.)
    1Funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plant and machinery6.76
    2Funding of Working Capital Requirements20.00
    3General Corporate Purposes—
    Total26.76

    The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

    Key Performance Indicator (KPI)

    KPIMar 31, 2026
    ROE32.60%
    ROCE42.84%
    Debt/Equity1.29
    RoNW26.67%
    PAT Margin9.16%
    EBITDA Margin12.12%
    NAV119.80
    Price to Book Value0.58

    Check IPO Peer Comparison here.

    IPO Valuation

    Valuation MetricPre IPOPost IPO
    EPS (₹)6.394.70
    P/E (x)10.9514.89
    Market Cap at Offer Price₹105.00 Cr.₹142.86 Cr

    Disclaimer

    The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue

    The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.

    The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

    Shareholding Structure

    Pre IPO

    • Promoter and Promoter Group68.69%
    • Public31.31%

    Post IPO

    • Promoter and Promoter Group50.48%
    • Public49.52%
    Shareholding Structure: Who holds the company before and after the issue. Figures as published in the table below.
    CategoryPre IPOPost IPO
    Promoter and Promoter Group68.69%50.48%
    Public31.31%49.52%
    Total100%100%

    Company Promoters: Ambuj Jain, Ayush Jain and Tanu Jain.

    TNA Solutions IPO Recommendations

    Review BySubscribeMay ApplyNeutralAvoid
    Brokers0000
    Members0000

    IPO Registrar

    Maashitla Securities Pvt.Ltd.

    011-45121795

    investor.ipo@maashitla.com

    IPO Lead Manager(s)

    Credora Partners Pvt.Ltd.

    Contact Details

    TNA Solutions Ltd. Address

    Survey No. 403/5

    Sonvay, Tehsil Mhow

    Rao

    Indore, Madhya Pradesh , 453331

    7317150314

    Info@tnasolutions.co.in

    TNA Solutions IPO in the news

    Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.

    No coverage found yet.

    FAQ

    TNA Solutions: common questions

    Answered from this issue's own record.

    The TNA Solutions SME IPO is priced at ₹66 to ₹70 per share, for an issue size of ₹35.95 crore.

    The issue opens on 30 Sept 2026 and closes on 6 Oct 2026, with listing expected on 9 Oct 2026.

    One lot is 2000 shares, and applications must be in multiples of a lot. At the upper band that is ₹1,40,000 for one lot.