TNA Solutions Limited IPO — Subscription & GMP
- Price band
- ₹66 – ₹70
- Lot size
- 2000
- Issue size
- ₹27.1 Cr
- Bidding
- 30 Sept 2026 → 06 Oct 2026
- Allotment
- —
- Listing
- 09 Oct 2026
Listing outcome
Official exchange pricesGMP was out by 24.3 percentage points against the buyer — it implied +4.29% and the issue listed -20.00%. Counted in our running GMP accuracy record.
Schedule
- 30 Sept 2026IPO open date
- 06 Oct 2026IPO close date
- 07 Oct 2026Allotment date†
- 07 Oct 2026Funds unblock or debit†
- 09 Oct 2026Tentative listing date
† Derived from the close date using the T+3 working-day timeline. The exchanges publish the open and close dates; the rest are indicative until confirmed, and exchange holidays are not accounted for.
Fundamentals
The business, its valuation and returnsTNA Solutions makes home textile products — sheet sets, pillow covers, towels, comforters, quilts and mattress protectors — mostly for global retailers and importers who sell them under their own brands. It began as an LLP in 2021, became a public company in 2024, and manufactures in Indore, Madhya Pradesh.
How it makes money
TNA works in the value-added end of home textiles: turning fabric into finished, packaged products to a customer's specification.
It buys unprocessed greige fabric from weavers and sends it to third-party processing houses for dyeing, printing and other wet processing, keeping ownership of the fabric throughout. It also buys ready-finished fabric from mills and stockists. At its own facility it does the cutting, stitching, embroidery, finishing, quality control and packing.
Most revenue is B2B — private-label manufacturing for retailers, importers and domestic brands. A smaller share is B2C, sold through e-commerce marketplaces and through wholesalers and retailers, including under its own brand "Ambra Linens", launched in 2022.
The numbers
- Revenue: ₹104.6 Cr in FY26, up from ₹81.5 Cr (FY25) and ₹35.9 Cr (FY24)
- Profit after tax: ₹9.6 Cr in FY26, against ₹6.7 Cr and ₹2.7 Cr
- EBITDA margin: 12.1% in FY26, easing from 14.3% in FY24
- PAT margin: 9.2% in FY26, up from 7.5%
- Net worth: ₹35.9 Cr at March 2026
- EPS: ₹6.41 for FY26, about 10.9× earnings at the top of the band
Revenue more than doubled in FY25 and grew 28% in FY26.
Where the money goes
This is entirely a fresh issue, with no offer for sale. The money is for civil construction and machinery for a new manufacturing unit, for working capital, and for general corporate purposes.
Worth knowing
- Outsourcing wet processing keeps the business light on capital, but it also means dyeing and printing quality and timelines depend on third parties.
- Private-label manufacturing for large retailers typically gives buyers strong pricing power, and export orders depend on overseas demand and currency.
- The EBITDA margin has drifted down even as revenue grew, which is worth watching as the new unit adds fixed costs.
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS | ₹6.41 | — |
| P/E ratio | 10.92× | — |
Promoter holding pre/post issue is in the offer document but we do not yet extract it. Left blank rather than estimated.
Read from the company’s offer document filed with SEBI. Figures are the latest reported financial year, as restated in that filing.
Figures are as reported and not independently audited, and are read 44 d ago.
Grey market premium
Unofficial · not from any exchangeSubscription status
Live from BSE · fetched 828 hr ago| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| 1Qualified Institutional Buyers (QIBs) | 10.26 L | 3.66 Cr | 35.64× |
| 1(a)Foreign Institutional Investors (FIIs) | — | 40.98 L | — |
| 1(b)Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 6,000 | — |
| 1(c)Mutual Funds | — | — | — |
| 2Non Institutional Investors | 10.46 L | 7.93 Cr | 75.84× |
| 2(a)Corporates | — | 18.12 L | — |
| 2(b)Individuals (Other than RIIs) | — | 7.59 Cr | — |
| 2(c)Others | — | 16.24 L | — |
| 3Retail Individual Investors (RIIs) | 18.00 L | 8.31 Cr | 46.17× |
| 3(a)Cut Off | — | — | — |
| 3(b)Price Bids | — | 8.31 Cr | — |
| 4Employee Reserved | — | 0 | — |
| 4(a)Employee (Cut off) | — | — | — |
| 4(b)Employee (Price) | — | — | — |
| 5Reservation PortionShareholder | — | 0 | — |
| 5(a)RPS (Cut off) | — | — | — |
| 5(b)RPS (Price) | — | — | — |
| Total | 38.72 L | 19.90 Cr | 51.39× |
Source: NSE issue information · BSE public issue
Demand curve
Shares bid at each price point · BSE₹66 → ₹70 · peak 19.90 Cr shares bid
Allotment status
You will need your PAN, application number or DP/client ID. These links go to the registrar and exchanges directly — UpcomingIPO never asks for those details.
Issue details
- Price band
- ₹66 – ₹70
- Lot size
- 2000 shares
- Min. bid quantity
- 4000
- Face value
- ₹10.00
- Tick size
- ₹1.00
- Shares offered
- 38.72 L
- Issue size
- ₹27.1 Cr
- Max bid · QIB
- 36.00 L
- Max bid · NII
- 25.74 L
Timeline & process
- Bidding opens
- 30 Sept 2026
- Bidding closes
- 06 Oct 2026
- Allotment
- —
- Listing
- 09 Oct 2026
Intermediaries
- Registrar
- MAASHITLA SECURITIES PRIVATE LIMITED
- Sponsor bank
- Kotak Mahindra Bank Limited
- Lead managers
- Credora Partners Private Limited