TNA Solutions IPO 2026: SME Issue, Price Band, Dates & Details

1 Oct 2026 · 9 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.

TNA Solutions Limited SME IPO is open for subscription from 30 Sep to 06 Oct 2026 in a price band of ₹66 to ₹70 per share. Read full issue terms, financials, peer comparison, and risk factors.

Written by the BuyUnlistedShares desk · Published 1 Oct 2026 · Updated 1 Oct 2026

Information only, not investment advice.

Direct answer: The ₹37.86 Cr SME initial public offering of TNA Solutions opened for subscription on 30 Sep 2026 and closes on 06 Oct 2026, offering equity shares in a price band of ₹66.0 to ₹70.0 per share. TNA Solutions on BuyUnlistedShares tracks key metrics from BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

Per desk records as of 30 Sep 2026 at 11:07 AM, the unofficial and indicative grey-market premium (GMP) for TNA Solutions held steady at ₹7.0 per share, representing a +10.0% premium over the upper price band of ₹70.0, maintaining a constant level from the earliest recorded data on 29 Sep 2026.

TNA Solutions IPO Structure, Dates, and Bidding Terms

TNA Solutions Limited is conducting its initial public offering on the BSE SME platform through a book-building process. The issue comprises a total of 5,136,000 equity shares of face value ₹10.0 each, aggregating to ₹37.86 Cr. The fresh issue portion totals ₹35.95 Cr.

The offer opened on 30 Sep 2026 and will close on 06 Oct 2026. Share allotment is scheduled to be finalized on 07 Oct 2026, followed by initiation of refunds and credit of demat shares on 08 Oct 2026. The equity shares are expected to list on the BSE SME platform on 09 Oct 2026.

As of 30 Sep 2026 at 11:19 AM, live subscription figures showed overall bidding reaching 0.21x, moving upward from an initial opening level of 0.08x recorded at 07:20 AM on the same day.

The market lot size for bidding is fixed at 2,000 equity shares. The minimum application requirement for retail investors is 4,000 shares (2 lots), requiring an investment of ₹280,000 at the upper price band of ₹70.0. Non-Institutional Investors (sNII and bNII) face a minimum application size of 6,000 shares, translating to ₹280,000 for sNII and ₹1,120,000 for bNII.

The offer reservation includes 1,536,000 shares for Anchor Investors, up to 1,026,000 shares (up to 50% of the offer) for Qualified Institutional Buyers (QIBs), not less than 774,000 shares (15%) for Non-Institutional Investors (NIIs), not less than 1,800,000 shares (35%) for Retail Individual Investors, and 272,000 shares reserved for Market Makers. The lead manager to the issue is Credora Partners Pvt. Ltd., and the registrar is Maashitla Securities Pvt. Ltd.

Investors monitoring primary market schedules and issuance terms can follow the IPO calendar published by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

Business Profile: Home Textile Manufacturing and Products

Incorporated originally as TNA Solutions LLP on 17 Sep 2021 and subsequently converted into a public limited company on 23 Jun 2024, TNA Solutions Limited operates as a home textile manufacturer based in Indore, Madhya Pradesh. The company is led by its promoters, Ambuj Jain, Ayush Jain, and Tanu Jain, who hold a pre-issue shareholding of 68.69%, which will dilute to 50.48% post-issue.

TNA Solutions follows an asset-light manufacturing model. The company procures greige (unprocessed) fabric from weavers and finished fabric from mills, processing houses, and stockists. Third-party textile processing houses handle weaving, dyeing, and printing activities under job work arrangements. Value-added processes, including fabric cutting, stitching, embroidery, finishing, quality assurance, packaging, and dispatch, are conducted directly at its manufacturing facility in Indore.

The company's product portfolio is categorized into four primary segments:

• Sheeting: Flat sheets, fitted sheets, and duvet sets, generating ₹5,328.72 lakh (50.95% of operational revenue in FY26).
• Pillow Pair: Pillow shells and covers, generating ₹3,331.70 lakh (31.86% of operational revenue in FY26).
• Towels: Bath and hand towels, generating ₹1,403.94 lakh (13.42% of operational revenue in FY26).
• Top of Bed (TOB): Comforters, quilts, dohars, and mattress protectors, generating ₹394.36 lakh (3.77% of operational revenue in FY26).

In FY26, business-to-business (B2B) sales contributed 99.60% (₹10,416.50 lakh) of total operational revenue, serving global retailers, importers, and domestic brands. Direct-to-consumer (B2C) sales represented 0.40% (₹42.23 lakh), supported by its proprietary brand "Ambra Linens," launched in 2022, and its dedicated e-commerce platform launched in July 2026. Geographically, exports accounted for 52.03% of FY26 operational revenue, while domestic sales accounted for 47.97%.

Financial Performance, Key Metrics, and Peer Comparison

Per restated summary financial statements in the Red Herring Prospectus, TNA Solutions has demonstrated significant top-line and bottom-line expansion over the past three fiscal years ended 31 Mar 2026.

Financial records indicate that total income expanded from a low of ₹36.32 Cr in FY24 to ₹84.13 Cr in FY25, reaching a high of ₹110.45 Cr in FY26.

Profit After Tax (PAT) rose from ₹2.69 Cr in FY24 to ₹6.66 Cr in FY25 and ₹9.58 Cr in FY26. Operating EBITDA expanded from ₹5.13 Cr in FY24 to ₹10.26 Cr in FY25 and ₹12.68 Cr in FY26. Net worth increased from ₹4.98 Cr in FY24 to ₹22.86 Cr in FY25 and ₹35.94 Cr as of 31 Mar 2026. Total borrowings stood at ₹46.29 Cr as of 31 Mar 2026, yielding a Debt-to-Equity ratio of 1.29x.

Key financial ratios as of 31 Mar 2026 include a Return on Net Worth (RoNW) of 32.60%, Return on Capital Employed (ROCE) of 42.84%, Return on Equity (ROE) of 32.60%, PAT Margin of 9.16%, and EBITDA Margin of 12.12%. Net Asset Value (NAV) per equity share was ₹119.80 as of 31 Mar 2026.

Based on FY26 restated earnings, pre-issue basic EPS stands at ₹6.39 (weighted restated EPS ₹6.41). At the upper price band of ₹70.0, the issue commands a post-issue Price-to-Earnings (P/E) ratio of 14.89x (pre-issue P/E of 10.95x). The Price-to-Book (P/BV) ratio stands at 0.58x relative to its FY26 NAV.

In comparison with listed peers as of 31 Mar 2026:

The average industry P/E ratio across peer companies stands at 39.60x per RHP disclosures as of 31 Mar 2026.

Objects of the Offer and Utilization of Capital

The net proceeds generated from the fresh issue portion will be deployed toward specific capital expenditure, working capital requirements, and general corporate purposes, totaling ₹26.76 Cr in estimated fund utilization:

• Civil construction and machinery purchase: ₹6.76 Cr (₹675.56 lakhs) earmarked for setting up a new manufacturing unit at Indore, Madhya Pradesh.
• Working capital requirements: ₹20.00 Cr to support inventory and operational cycle expansion.
• General corporate purposes: Remaining balance subject to final offer price determination (not exceeding 15% of net proceeds).

Key Strengths and Risk Factors

The company's key operational strengths, as cited in its offer documents, include a diversified home textile product base across sheeting, pillow shells, towels, and top-of-bed offerings; an export-oriented revenue footprint spanning multiple international jurisdictions; hands-on promoter leadership with experience across textile production, marketing, and design; and structured quality management systems integrated with enterprise resource planning (ERP) software.

Prospective investors should carefully evaluate internal and external risk factors detailed in the RHP:

• Subcontracting dependency: Reliance on third-party job workers and processing houses for dyeing, printing, and wet-processing activities exposes operations to potential partner delays or quality disruptions.
• Supplier and customer concentration: Raw materials (greige and processed fabrics) are procured from a limited set of suppliers without long-term contracts. Similarly, a substantial share of operational revenue is derived from a limited group of domestic and international clients.
• Negative operating cash flows: The company recorded negative cash flows from operating activities for the fiscal years ended 31 Mar 2024, 31 Mar 2025, and 31 Mar 2026, driven primarily by increases in working capital commitments, trade receivables, and inventory levels.
• Trade receivables: High outstanding trade receivables expose the business to potential counterparty credit and collection risks.
• Statutory filing delays: The company experienced past instances of administrative delays in filing statutory regulatory returns and submitting government dues such as GST, ESIC, and Provident Fund (PF).

For detailed updates on SME issues, unlisted shares valuation, and upcoming public offerings, explore the Unlisted shares screener or submit an enquiry with BuyUnlistedShares. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 delivers research-backed information across Indian capital markets.

Frequently Asked Questions

When does the TNA Solutions IPO open and close?

The TNA Solutions IPO opened for bidding on 30 Sep 2026 and closes on 06 Oct 2026. Basis of allotment is scheduled for 07 Oct 2026, with listing on BSE SME scheduled for 09 Oct 2026.

What is the minimum investment required for retail investors?

Retail investors must apply for a minimum of 2 lots (4,000 equity shares), which requires an application amount of ₹280,000 at the upper price band of ₹70.0 per share.

What is the current GMP of TNA Solutions IPO?

As of 30 Sep 2026 at 11:07 AM, the unofficial and indicative grey-market premium (GMP) stands at ₹7.0 per share (+10.0% over upper band ₹70.0). Unofficial grey-market estimates do not represent guaranteed listing performance.

Is TNA Solutions IPO a good investment for my portfolio?

We do not make that call. Investors must review the Red Herring Prospectus, evaluate the company's financial debt, operational risks, working capital requirements, and consult a qualified financial advisor aligned with their personal risk profile.

Where can I track primary market issues and pre-IPO equities?

Investors can track primary market schedules and unlisted company updates through resources such as Sollfege Smart Electronics IPO Opens 2026: Price, Dates & Details or regional coverage like Where to Buy Unlisted Shares in Patna (2026): Companies and Prices.

Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.