TNA Solutions IPO

Incorporated in September 2021, TNA Solutions Limited manufactures home textile products for domestic and international customers. Based in Indore, Madhya Pradesh, the company produces sheet sets, pillow covers, towels, comforters, quilts, dohars and mattress protectors. It primarily follows a B2B manufacturing model, supplying global retailers, importers and domestic brands under specified labels, while also operating B2C channels through e-commerce, wholesalers and retailers. Its own brand, Ambra Linens, was launched in 2022, with a dedicated website introduced in July 2026. The company has an export-oriented revenue base, technology-enabled processes and multi-stage quality controls. As of July 31, 2026, it had 193 employees and 66 contractual employees.

TNA Solutions Limited IPO Overview

TNA Solutions Limited IPO is a bookbuilding issue of ₹37.86 crore comprising 54,08,000 fresh equity shares. The IPO will open for subscription on 30 September 2026 and close on 6 October 2026. The price band is fixed at ₹66 to ₹70 per share, with a lot size of 2,000 shares. Retail investors need to apply for a minimum of two lots, or 4,000 shares, requiring ₹2,80,000 at the upper price band. The minimum S-HNI application is three lots, or 6,000 shares, amounting to ₹4,20,000. The allotment is expected on 7 October, followed by refunds and demat credit on 8 October. The shares are proposed to list on the BSE SME platform on 9 October 2026. Credora Partners Pvt. Ltd. is the book-running lead manager, Maashitla Securities Pvt. Ltd. is the registrar, and Pace Stock Broking Services Pvt. Ltd. is the market maker.

TNA Solutions Limited IPO Details

Particulars	Details
IPO Date	30 September 2026 to 6 October 2026
Listing Date	9 October 2026
Face Value	₹10 per share
Issue Price Band	₹66 to ₹70 per share
Lot Size	2,000 shares
Total Issue Size	54,08,000 shares (aggregating up to ₹37.86 Cr)
Fresh Issue	54,08,000 shares (aggregating up to ₹37.86 Cr)
Offer for Sale	NA
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Share Holding Pre Issue	1,50,00,000 shares
Share Holding Post Issue	2,04,08,000 shares
Market Maker Portion	2,72,000 shares

TNA Solutions Limited IPO Reservation

Investor Category	Shares Offered
QIB	49.92% of the Net Issue
Retail	35.01% of the Net Issue
NII (HNI)	15.07% of the Net Issue

TNA Solutions Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	4,000	₹2,80,000
Retail (Max)	2	4,000	₹2,80,000
S-HNI (Min)	3	6,000	₹4,20,000
S-HNI (Max)	7	14,000	₹9,80,000
B-HNI (Min)	8	16,000	₹11,20,000

TNA Solutions Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	68.69%
Post-Issue	50.48%

TNA Solutions Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹6.41
Price/Earnings (P/E) Ratio	10.95x
Return on Net Worth (RoNW)	32.60%
Net Asset Value (NAV)	₹119.80
Return on Equity	32.60%
Return on Capital Employed (ROCE)	42.84%
EBITDA Margin	12.12%
PAT Margin	9.16%
Debt to Equity Ratio	1.29

Objectives of the Proceeds

I. ₹6.76 crore will fund civil construction of the new manufacturing unit and purchase of additional plant and machinery.

II. ₹20 crore will support working capital requirements for the company’s expanding manufacturing and operational activities.

III. A portion of the proceeds will be allocated towards general corporate purposes, supporting routine business and strategic requirements.

Key Financials (in ₹ crore)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	94.21	57.47	24.33
Revenue	110.45	84.13	36.32
Profit After Tax	9.58	6.66	2.69
Reserves and Surplus	32.94	20.01	3.07
Total Borrowings	46.29	25.73	11.38

IPO Strengths

I. Diversified Home Textile Product Portfolio.

II. Multi-Stage In-House Quality Control System.

III. Technology-Enabled and Integrated Operations.

IV. Experienced and Hands-On Promoter Management.

V. Geographically Diversified and Export-Oriented Revenue Base.

Peer Group Comparison

Company Name	EPS	NAV (₹)	P/E (x)	RoNW (%)	P/BV
TNA Solutions Ltd.	6.41	119.80	—	32.60	—
Peer Group
VTM Ltd.	1.11	31.32	41.84	5.18	1.48
Faze Three Ltd.	11.53	182.33	37.35	6.00	2.36