TNA Solutions Limited
Bookbuilding IPO · BSE
- Price band
- ₹66 - ₹70
- Lot size
- 2,000 shares
- Issue amount
- ₹37.86 cr
- Total subscription
- 55.28×
- Opens
- 30 Sept 2026
- Closes
- 6 Oct 2026
- Allotment
- 7 Oct 2026
- Listing
- 9 Oct 2026
Offer at a glance
Issue overview
- Issue size
- 54,08,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,32,000
- Fresh issue
- ₹37.86 cr
- Offer for sale
- ₹0 cr
- Registrar
- Maashitla Securities Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,40,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,50,00,000
- Shares after issue
- 2,04,08,000
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 4,000 | ₹2,80,000 |
| sHNI | 3 | 6,000 | ₹4,20,000 |
| bHNI | 8 | 16,000 | ₹11,20,000 |
Share reservation
Subscription & GMP
Subscription by category
Reported 6 Oct 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 450 | 20,775 |
| HNIs(10L +) | 86 | 3,681 |
| HNIs (2-10L) | 43 | 3,181 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 7.18 | 255.96 |
| RETAIL | 12.6 | 581.7 |
| NIB | 5.42 | 555.3 |
| HNIs 2+ | 1.81 | 138.32 |
| HNIs 10+ | 3.61 | 416.98 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 6.41 | 4.73 | 0 |
| ROE | 32.6 | 47.83 | 84.38 |
| ROCE | 42.84 | 51.65 | 89.4 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 10.92 | 0 | 0 |
| POST IPO(PE) | 14.91 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| TNA Solutions Limited | 10.92 | 0 | 10.00 | 119.80 | 32.60 | 6.41 |
| VTM Limited | 41.84 | 0 | 10.00 | 31.32 | 5.18 | 1.11 |
| Faze Three Limited | 37.35 | 0 | 10.00 | 182.33 | 6.00 | 11.53 |
Company information
Company profile
TNA Solutions Limited, established in 2021 as TNA Solutions LLP and converted into a public limited company in 2024, is engaged in the manufacturing of home textile products for domestic and international customers. Its product portfolio includes sheet sets, pillow shells and covers, towels, and top-of-bed products such as comforters, mattress protectors and quilts. The company sources greige fabric from weavers and finished fabric from mills, processing houses and stockists, while using third-party processors for dyeing, printing and other wet-processing activities without transferring ownership of the fabric. At its manufacturing facility in Indore, Madhya Pradesh, the fabric undergoes cutting, stitching, embroidery, finishing, quality checks and packing before dispatch. Most products are manufactured according to customer specifications and supplied under the brands of global retailers, importers and domestic companies. B2B manufacturing contributed 99.60% of revenue from operations in Fiscal 2026, while exports accounted for around 52.03% of revenue, with the USA and UAE being the key overseas markets. The company also operates its own consumer brand, Ambra Linens, launched in 2022, which is sold through online marketplaces, retailers and wholesalers, and through its own website since July 2026. Going forward, TNA Solutions plans to expand its owned brand while continuing its core B2B manufacturing operations and is establishing a new manufacturing facility in Madhya Pradesh to increase production capacity.
Strengths
- Diversified Home Textile Portfolio: The company manufactures sheet sets, pillow shells, towels and comforters in different sizes and qualities for domestic and international buyers. In FY2025-26, sheeting contributed 50.95% , pillow pairs 31.86% , towels 13.42% and top-of-bed products 3.77% of revenue from operations, providing a diversified product mix.
- Export-Oriented Geographic Revenue Base: Exports contributed approximately 52.03% of revenue from operations in FY2026, while domestic sales accounted for 47.97% . The company serves customers across multiple Indian states and international markets such as the USA, UAE, South Africa, Israel and Singapore , reducing reliance on a single market.
- Experienced Promoter-Led Management: Managing Director Ambuj Jain has 19 years of experience in the textile industry, including experience with Trident, GHCL and Birla Century. Director and CFO Ayush Jain has 8 years of finance and accounting experience, while Non-Executive Director Tanu Jain has 5 years of product design experience, supported by experienced senior management in marketing and operations.
Risk factors
- Dependence on Sheeting Segment: Sheeting products, including flat sheets, fitted sheets and duvet sets, contributed ₹5,328.72 lakhs or 50.95% of revenue from operations in FY2026. Lower demand or changing customer preferences could reduce sales, increase unsold inventory and put pressure on margins.
- Single Manufacturing Facility: All manufacturing operations are carried out at one facility in Indore, Madhya Pradesh . Equipment failures, accidents, natural disasters, regulatory issues or labour disputes could disrupt or temporarily stop production, leading to additional costs and affecting business performance.
- High Dependence on B2B Manufacturing: B2B manufacturing for domestic and international brands contributed 99.60% of revenue from operations in FY2026, while B2C sales accounted for only 0.40% . Lower orders, customer losses or pricing pressure from B2B clients could affect revenue, while the relatively new Ambra Linens brand may take time to provide meaningful diversification.
Promoters
Ambuj Jain
Ayush Jain
Tanu Jain
Registrar & documents
Lead manager
Credora Partners Private Limited
Registrar & contacts
Maashitla Securities Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Survey No. 403/5, Sonvay, Tehsil Mhow, Rao, Indore, Madhya Pradesh, 453331
07317150314
[email protected]Company website ↗Understanding TNA IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.