TNA Solutions IPO: dates, price band, lot size and GMP
TNA Solutions IPO is open 30 Sep – 6 Oct 2026 on the SME, price band ₹66 – ₹70, lot 2,000 shares, GMP ₹6 (+9.3% over the upper band). Allotment 7 Oct, listing 9 Oct.
Updated 6 Oct 2026, 13:11 IST. Dated dealer references.
BuyUnlistedShares tracks 197 IPOs on its calendar; the TNA Solutions IPO has a price band of ₹66 – ₹70, a lot of 2,000 shares and a grey-market premium of ₹6 (+9.3% over the upper band) as of 06 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 30 Sep – 6 Oct 2026 |
| Price band | ₹66 – ₹70 |
| Lot size | 2,000 shares |
| Issue size | ₹37.86 Cr |
| Fresh issue | ₹35.95 Cr |
| GMP (unofficial) | ₹6.5 |
| Subscription | 14.41x |
| Registrar | Maashitla Securities Pvt.Ltd. |
| Lead managers | Credora Partners Pvt.Ltd. |
| Status | Open now |
Timeline
- Issue opens: 30 Sep
- Issue closes: 6 Oct
- Allotment: 7 Oct
- Refunds: 8 Oct
- Demat credit: 8 Oct
- Listing: 9 Oct
GMP today
Grey-market premium ₹6 per share (9.3% over the upper band of ₹70), estimated listing price about ₹76.5. Unofficial, dated, not a forecast. Day-by-day GMP trend.
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 5.21x |
| NII | 27.43x |
| sNII | 20.65x |
| bNII | 30.82x |
| Retail | 14.05x |
| Total | 14.41x |
Last updated 6 Oct 2026, 12:51 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | BSE SME |
| Market cap at the upper band | ₹142.86 Cr |
| P/E (pre-issue) | 10.95x |
| P/E (post-issue) | 14.89x |
| Fresh issue (shares) | 51,36,000 |
| Total shares offered | 51,36,000 |
| Promoter holding pre-issue | 68.69% |
| Promoter holding post-issue | 50.48% |
| Promoters | Ambuj Jain, Ayush Jain, Tanu Jain |
| Lead managers | Credora Partners Pvt.Ltd. |
| Registrar phone | 011-45121795 |
| Registrar email | investor.ipo@maashitla.com |
| Company website | tnasolutions.co.in |
| Anchor bid date | 29 Sep 2026 |
| Anchor lock-in ends (50%) | 6 Nov 2026 |
| Anchor lock-in ends (remaining) | 5 Jan 2027 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 2 | 4,000 | ₹2,80,000 |
| Retail (maximum) | 2 | 4,000 | ₹2,80,000 |
| sNII (minimum) | 3 | 6,000 | ₹2,80,000 |
| bNII (minimum) | 3 | 6,000 | ₹11,20,000 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 29.9% | 15,36,000 | |
| QIB | 20% | 10,26,000 | Not more than 50% of the Offer |
| NII (HNI) | 15.1% | 7,74,000 | Not less than 15% of the Offer |
| sNII | 5% | 2,58,000 | |
| bNII | 10% | 5,16,000 | |
| Retail | 35% | 18,00,000 | Not less than 35% of the Offer |
| Market Maker | 5.3% | 2,72,000 |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 30 Sep | 0.00x | 0.10x | 0.19x | 0.06x | 0.38x | 0.21x |
| Day 2 · 1 Oct | 4.77x | 0.12x | 0.21x | 0.08x | 0.64x | 1.71x |
| Day 3 · 5 Oct | 4.77x | 1.94x | 1.81x | 2.00x | 2.42x | 2.99x |
| Day 4 · 6 Oct | 5.21x | 27.43x | 20.65x | 30.82x | 14.05x | 14.41x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹6.39 |
|---|---|
| EPS (post-issue) | ₹4.7 |
| P/E (pre-issue) | 10.95x |
| P/E (post-issue) | 14.89x |
| RoNW | 26.67% |
| RoCE | 42.84% |
| RoE | 32.6% |
| PAT margin | 9.16% |
| EBITDA margin | 12.12% |
| Price / book | 0.58x |
| NAV per share | ₹119.8 |
| Debt / equity | 1.29 |
| Market cap (upper band) | ₹142.86 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 94.21 | 57.47 | 24.33 | +63.9% |
| Total Income | 110.45 | 84.13 | 36.32 | +31.3% |
| Profit After Tax | 9.58 | 6.66 | 2.69 | +43.8% |
| EBITDA | 12.68 | 10.26 | 5.13 | +23.6% |
| NET Worth | 35.94 | 22.86 | 4.98 | +57.2% |
| Reserves and Surplus | 32.94 | 20.01 | 3.07 | +64.6% |
| Total Borrowing | 46.29 | 25.73 | 11.38 | +79.9% |
About TNA Solutions
TNA Solutions Limited is a home textile manufacturing company based in Indore, Madhya Pradesh, catering to both domestic and international markets. The Company specializes in converting processed fabrics into a wide range of finished home furnishing products tailored to customer requirements. Its product portfolio includes bed sheet sets, pillow covers and shells, towels, comforters, quilts, dohars, mattress protectors, and other home textile offerings.
The Company primarily operates as a business-to-business (B2B) manufacturer, supplying products to global retailers, importers, and Indian brands under private labels and customer-specified branding. In addition to its B2B operations, TNA Solutions has expanded its presence in the direct-to-consumer segment through e-commerce platforms, wholesalers, retailers, and its own brand, Ambra Linens , which was introduced in 2022. To strengthen its digital retail reach, the Company launched a dedicated e-commerce website for Ambra Linens in July 2026.
TNA Solutions follows an asset-light manufacturing approach by sourcing greige fabrics from weavers and processed fabrics from mills, processing units, and stockists. While third-party partners handle fabric-related activities such as weaving, dyeing, and printing, the Company undertakes value-added processes including cutting, stitching, embroidery, finishing, quality inspection, packaging, and dispatch from its manufacturing facility in Indore.
With a significant share of revenue derived from exports, the Company serves a geographically diverse customer base and emphasizes consistent product quality, operational efficiency, and on-time order fulfillment. Its manufacturing and operational processes are supported by technology-driven systems and a structured quality management framework. The business is led by an experienced promoter group with expertise spanning sourcing, product development, production planning, quality control, and customer relationship management.
Objects of the issue
- Funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plant and machinery — ₹6.76 Cr
- Funding of Working Capital Requirements — ₹20 Cr
- General Corporate Purposes
Net proceeds: ₹26.76 Cr
Peer comparison
| Company | EPS (Basic) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|
| TNA Solutions Ltd. (issuer) | 6.41 | 119.8 | — | 32.6% | — | — |
| Vtm Ltd. | 1.11 | 31.32 | 41.84x | 5.18% | 1.48 | — |
| Faze Three Ltd. | 11.53 | 182.33 | 37.35x | 6% | 2.36 | — |
Note: Basic and Diluted EPS for peers are sourced from the audited financial statements for the relevant year. P/E Ratio has been computed based on the closing market price of equity shares on the NSE/BSE website on, September 22, 2026, divided by the EPS. Return on Net worth is calculated as restated return, attributable to the owners of the company divided by the average equity excluding non-controlling interest at the end of the relevant financial year.
Strengths (per the offer document)
- Diversified home textile product portfolio — Our product portfolio comprises sheet sets, pillow shells, towels and comforters, of different sizes and quality enabling us to cater to the varied requirements of customers operating in the home…
- Geographically diversified, export-oriented revenue base — For Fiscal 2026, our revenue from operations was derived from various states of India and overseas jurisdictions, reflecting our diversified geographic footprint, which enables us to maximise our…
- Experienced, hands-on promoter management — Our Company is led by a promoter management team with complementary experience across production, marketing, finance and design within the home textile industry.
- Multi-stage in-house quality control system — Quality is embedded throughout our manufacturing process, from incoming fabric inspection to final random inspection prior to dispatch.
- Technology-enabled, integrated operations — Our operations are supported by an Enterprise Resource Planning (“ERP”) system that integrates sales order management, procurement, inventory and warehouse management, production planning, job work…
Risk factors (as disclosed by the company)
- Any shortage, delay or disruption in the operations or any failure on the part of third-party job workers or processing partners may adversely affect… — Our business involves outsourcing processing activities, including dyeing, printing and other wet-processing, to third-party processing houses.
- Our Company is dependent on a limited number of suppliers for the procurement of raw materials used in our operations — We procure our principal raw materials, including greige fabric, from weavers and finished fabric from mills, processing houses and stockists.
- A substantial portion of our revenue from operations is derived from a limited number of customers — A significant portion of our revenue from operations is generated from a limited number of domestic and international customers.
- We have significant receivables on our books from our customers — To effectively manage our trade receivables, we must be able to accurately evaluate the credit worthiness of our customers and ensure that suitable terms and conditions are given to them in order to…
- There have been instances of delays in statutory filings by our company in the past — In the past, there have been certain instances of delays in filing statutory forms by our company.
- We intend to utilise a portion of the Net Proceeds towards setting up a new manufacturing unit, which will substantially increase our manufacturing capacity — One of the object of the issue is to utilise ₹ 675.56 Lakhs towards capital expenditure for setting up a new manufacturing unit at Plot No.
- There have been instances of delays in payment of statutory dues, i.e — There have been some instances of delays in past, in filing statutory forms and regulatory dues with government authorities such as GST, ESIC and PF returns.
- Our Company has experienced negative cash flows from operating and investing activities in the past and may experience negative cash flows in the future — Our company has experienced negative cash flow from “Operating Activities” for the financial year ended March 2026, March 2025 and March 2024, primarily due to increase in trade receivables, other…
From the RHP (strengths pages 156–158, risk factors pages 23–35). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- TNA Solutions IPO GMP today and trend
- TNA Solutions IPO subscription status, day by day
- TNA Solutions IPO allotment status and how to check
Frequently asked questions
When does the TNA Solutions IPO open and close?
The issue is scheduled for 30 Sep – 6 Oct 2026.
What is the TNA Solutions IPO price band?
The price band is ₹66 – ₹70 per share with a lot size of 2,000 shares.
How big is the TNA Solutions IPO?
The total issue size is ₹37.86 Cr.
What is the TNA Solutions IPO GMP today?
The grey-market premium reported today is ₹6.5 per share. GMP is an unofficial, unregulated indicator and not a prediction of the listing price.
When will TNA Solutions list?
The tentative listing date is 9 Oct on the SME platform.
How do I apply for the TNA Solutions IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), TNA Solutions · as filed with SEBI · bsesme.com
- Red herring prospectus (RHP), TNA Solutions · as filed · bsesme.com
- Registrar allotment page, Maashitla Securities Pvt.Ltd. · allotment 7 Oct · maashitla.com
- BSE SME issues page · listing 9 Oct · bsesme.com
- TNA Solutions company website · tnasolutions.co.in
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 6 Oct, 07:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “TNA Solutions IPO”, https://buyunlistedshares.com/ipo/tna-solutions-ipo, as of 06 Oct 2026.
Other IPOs on the calendar
- Paramount Syntex IPO · 30 Sep – 6 Oct 2026
- Acme India Industries IPO · 30 Sep – 6 Oct 2026
- R.K.Fashion Accessories IPO · 5 – 7 Oct 2026
- Jio Platforms IPO · 21 – 23 Oct 2026
Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
All unlisted shares · IPO calendar · Research & learning · Send an enquiry · Calculators · Ask · Community · Jobs · About · Contact · Privacy · Terms · Disclaimer · Grievance redressal
Part of the Gayatri Financial Synergy group (gayatrifin.com): AMFI-registered mutual fund distributor, Faridabad, since 2002.
