TNA Solutions IPO: GMP, Subscription Status, Review and Allotment Odds
Indore-based maker of sheet sets, pillow covers, towels, comforters and quilts for global retailers, plus its own online brand, Ambra Linens.
Fast growth, reasonable valuation and anchor support. Held back by high debt, a short track record and thin retail demand so far.
Our own view, not investment advice.
Subscription by category
Times subscribed, snapshot at 5:07 PM on 1 Oct 2026
Key numbers
FY26, restated
| Revenue | ₹110.45 cr |
| Net profit | ₹9.58 cr |
| EBITDA margin | 12.1% |
| ROE | 32.6% |
| Debt to equity | 1.29 |
| Anchor money | ₹10.75 cr |
IPO timeline
2 Oct was a market holiday. Two bidding days remain: 5 Oct and 6 Oct.
TNA Solutions stitches bed sheets, pillow covers, towels and quilts in Indore and sells them mostly to retailers and importers abroad. It has grown fast: revenue went from ₹36 crore in FY24 to ₹110 crore in FY26. Now it is raising ₹37.86 crore on the BSE SME platform, mainly to fund working capital.
The price is reasonable at about 14.9 times post-issue earnings, and anchor investors have put in ₹10.75 crore. The worry is the balance sheet. Borrowings quadrupled in two years to ₹46 crore, and debt now exceeds equity. Growth has been funded largely with loans.
TNA Solutions IPO at a glance
| Detail | TNA Solutions IPO |
|---|---|
| Issue size | ₹37.86 crore (54.08 lakh shares, entirely fresh issue) |
| Price band | ₹66 to ₹70 per share (face value ₹10) |
| Lot size | 2,000 shares |
| Individual investor minimum | 2 lots, 4,000 shares (₹2,80,000) |
| sHNI minimum | 3 lots, 6,000 shares (₹4,20,000) |
| bHNI minimum | 8 lots, 16,000 shares (₹11,20,000) |
| Quota (net issue) | QIB 49.88%, Retail 35.05%, NII 15.07% |
| Anchor round | ₹10.75 crore on 29 Sep 2026 |
| Bidding dates | 30 Sep to 6 Oct 2026 |
| Allotment | 7 Oct 2026 |
| Refund and demat credit | 8 Oct 2026 |
| Listing | 9 Oct 2026 on BSE SME |
| Market cap at upper band | About ₹142.86 crore post-issue |
| Promoter holding | 68.69% before, 50.48% after |
| Lead manager | Credora Partners |
| Registrar | Maashitla Securities |
| Market maker | Pace Stock Broking Services |
The minimum application for individuals is two lots, or ₹2,80,000 at the upper band, as SME rules require. With 2 October a holiday, only 5 and 6 October remain for bidding.
What TNA Solutions actually does
TNA Solutions Ltd was incorporated in September 2021 and is promoted by Ambuj Jain, Ayush Jain and Tanu Jain. It makes home textiles: sheet sets, pillow covers, towels, comforters, quilts and mattress protectors.
The company buys grey or processed fabric and uses third parties for weaving, dyeing and printing. In-house, at its Indore unit, it handles the value-added steps: cutting, stitching, embroidery, finishing, quality checks and packing. That keeps capital needs low, but it also means the company depends on outside mills for the most technical parts of the process.
Most sales are B2B, to global retailers and importers who sell the products under their own labels. In 2022 the company launched its own brand, Ambra Linens, which it sells online. It had 193 people on its payroll and 66 contract workers as of 31 July 2026.
The numbers behind the business
Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total income | 36.32 | 84.13 | 110.45 |
| EBITDA | 5.13 | 10.26 | 12.68 |
| Net profit | 2.69 | 6.66 | 9.58 |
| Net worth | 4.98 | 22.86 | 35.94 |
| Borrowings | 11.38 | 25.73 | 46.29 |
| Total assets | 24.33 | 57.47 | 94.21 |
What these numbers tell us, in plain language:
- Growth has been rapid. Revenue rose from ₹36.3 crore in FY24 to ₹84.1 crore in FY25 and ₹110.5 crore in FY26. Profit grew from ₹2.7 crore to ₹9.6 crore over the same period. FY26 growth (31%) was slower than FY25 (132%), which is natural as the base gets bigger.
- Debt funded that growth. Borrowings went from ₹11.4 crore to ₹46.3 crore in two years, and debt to equity was 1.29 in FY26. Textiles tie up money in fabric stock and in receivables from overseas buyers. The ₹20 crore working-capital allocation from the IPO should reduce the need for more loans.
- Margins are typical for the industry. EBITDA margin was 12.1% and net margin 9.2% in FY26, slightly down from FY25 as the company scaled up.
- Returns are high on a small base. ROE was 32.6% and ROCE 42.8%. Both will fall after the fresh equity comes in.
How the subscription is playing out, day by day
| Category | Day 2 (1 Oct, 5:07 PM) |
|---|---|
| QIB | 4.77x |
| NII | 0.12x |
| Retail | 0.64x |
| Total | 1.71x |
Institutions are interested. Anchor investors put in ₹10.75 crore on 29 September, and the QIB portion was subscribed 4.77 times by 5:07 PM on 1 October. Retail stood at 0.64x and NII at 0.12x, and the overall issue was covered 1.71 times.
Retail and HNI investors usually bid late in SME issues, and two days remain. We will update the final numbers after 6 October.
The GMP story so far
The grey market premium was about ₹6 on 4 October, around 9% over the upper band of ₹70. That suggests a listing near ₹76, a modest but positive signal.
How to check TNA Solutions IPO allotment status
- Go to the Maashitla Securities IPO allotment page, or the BSE allotment status page.
- Select TNA Solutions from the list of issues.
- Enter your PAN, application number or DP/Client ID.
- Submit to see how many shares you were allotted.
Allotment is expected on 7 October 2026, with refunds and demat credit on 8 October. Shares are due to list on BSE SME on 9 October.
The listing outlook
If the ₹6 GMP holds, TNA Solutions could list around ₹76, a gain of roughly 9%. The anchor lock-in (half for 30 days, half for 90 days) limits early selling. The final retail and NII numbers will decide whether that premium survives.
What to weigh before you apply
Growth bought with debt
Revenue tripled, but borrowings quadrupled. That is manageable while orders keep coming, but if a big overseas buyer delays payment or cuts orders, interest costs would bite quickly. The IPO helps, but it does not fully reset the balance sheet.
Export demand and a short record
TNA depends on retailers and importers abroad, so currency moves, freight costs and demand in its export markets all matter. The company has only five years of history, and its growth has come in a period of strong demand for Indian home textiles.
Strengths and risks
Strengths
- Revenue up from ₹36 crore to ₹110 crore in two years
- Anchor book of ₹10.75 crore and QIB subscribed 4.77 times on day 2
- Post-issue P/E of about 14.9x
- Asset-light model with outsourced weaving and dyeing
- Own D2C brand, Ambra Linens, alongside B2B exports
- Entirely fresh issue; no promoter is selling
Risks
- Borrowings of ₹46 crore and debt to equity of 1.29
- Incorporated in 2021, so the track record is short
- Dependence on overseas retailers and importers
- Key processes such as weaving and dyeing are done by third parties
- Retail at 0.64x and NII at 0.12x on day 2
- SME stock: lower liquidity and a ₹2.8 lakh minimum ticket
Scouter verdict: A fast-growing home textiles maker at a fair price, with institutional backing. The debt load and short history keep us at Charged rather than Power Up. Suitable for investors who are comfortable with SME risk and export-led businesses. This is our own view, not investment advice.
Your chances of getting an allotment
- The retail quota works out to about 900 lots. Under SEBI’s SME rules every individual investor applies for the minimum of two lots (4,000 shares, ₹2,80,000), so roughly 450 retail applications can be filled in full.
- Once the retail book is oversubscribed, allotment is decided by a random draw. Every successful applicant gets the minimum application size; nobody gets a partial one.
- Applying for more than the minimum does not improve your retail odds. Separate applications from different PANs in your family do.
What to watch from here
- Retail and NII subscription on 5 and 6 October
- Whether the ₹6 GMP holds
- Allotment status on 7 October through Maashitla Securities
- Listing on 9 October
- After listing: debt levels and receivable days in the first results
TNA Solutions IPO: frequently asked questions
The price band is ₹66 to ₹70 per share with a lot size of 2,000 shares. Individual investors must apply for at least 2 lots (4,000 shares), which costs ₹2,80,000 at the upper band.
By 5:07 PM on 1 October 2026 the issue was subscribed 1.71 times overall, with QIB at 4.77x, retail at 0.64x and NII at 0.12x. The issue closes on 6 October 2026.
The grey market premium was about ₹6 on 4 October 2026, roughly 9% over the upper band. GMP is unofficial and can change quickly.
Shares are due to list on BSE SME on 9 October 2026, after allotment on 7 October.
Allotment is expected on 7 October 2026. You can check it on the Maashitla Securities website or the BSE allotment page using your PAN or application number.
About ₹20 crore will fund working capital and ₹6.76 crore will go to civil construction and plant and machinery, with the rest for general corporate purposes.
Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.
On this page
Key valuation
| P/E (pre-issue) | 10.95x |
| P/E (post-issue) | 14.89x |
| ROE | 32.6% |
| ROCE | 42.84% |
| Debt to equity | 1.29 |
| EBITDA margin | 12.1% |
| Anchor money | ₹10.75 cr |
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