TNA Solutions Limited IPO
Listed 09 Oct 2026, 51.39× subscribed, on the SME platform.
Dates
Issuer's timetable, IST.
- 30 SeptBidding opens
- 6 OctBidding closesRetail UPI mandates by 5 pm IST
- 7 OctAllotmentStatus from MAASHITLA SECURITIES PRIVATE LIMITED
- 9 OctListingSME platform
- 30 SeptBidding opens
- 6 OctBidding closesRetail UPI mandates by 5 pm IST
- 7 OctAllotmentStatus from MAASHITLA SECURITIES PRIVATE LIMITED
- 9 OctListingSME platform
Demand and allotment odds
Times subscribed by investor category, one shared scale
- InstitutionsQIB35.64×
- Non-institutionalNII75.84×
- Above ₹10 lakhbNII115×
- ₹2–10 lakhsNII76.59×
- RetailRII46.17×
Max 115×, log scale; tick = 1× (fully subscribed). 27,673 applications.
How this is worked out
Retail is 46.17× subscribed. Allotment is a lottery on the minimum application, so roughly 1 in 46.2 applications gets one. Bidding for extra lots does not improve these odds.
How this is worked out
HNI is 75.84× subscribed. This category is allotted proportionately, so a bid receives roughly 1/75.8 of the shares applied for, subject to the minimum-lot draw.
From SEBI allotment rules. Retail is a lottery on the minimum (2 lots); more lots do not raise the odds.
Grey-market premium
Unofficial dealer quotes; not from NSE, BSE or SEBI.
over the upper band, rising since 29 Sept 2026
Unregulated and unverifiable; not a listing-price forecast. See recent outcomes.
The offering
Terms, and valuation at the upper band.
Terms
- Price band
- ₹66 – ₹70
- Face value
- ₹10.00
- Lot size
- 2,000 shares
- Minimum application
- ₹2,80,0002 lots at the upper band
- Total issue size
- —
- Anchor investors
- Allotted
- Registrar
- MAASHITLA SECURITIES PRIVATE LIMITED
- Lead managers
- Credora Partners Private Limited
- ISIN
- INE10VL01011
Company and valuation
- P/E at upper band
- —
- EPS, peer table
- ₹6.41as printed in the peer comparison
- EPS, issue terms
- ₹4.78a second figure in the document: another period or basis
- EPS, post-issue
- ₹6.41
- NAV per share
- ₹119.80
- Return on equity
- 46.31%
- EBITDA margin
- 12.12%
- ROCE, latest period
- 42.84%
- Debt/Equity, latest period
- 1.29
- RoNW, latest period
- 26.67%
- PAT Margin, latest period
- 9.16%
- EBITDA Margin, latest period
- 12.12%
- P/B (x), latest period
- 0.58
“Latest period” rows can be a part year, so ratios there may read low.
Who gets what
Split by investor category, and minimum bids.
- QIB47.4%
- NII (HNI)14.3%
- Retail33.3%
- Market Maker5.0%
| Category | Shares | Share of issue |
|---|---|---|
| QIB | 25,62,000 | 47.37% |
| Anchor Investor | 15,36,000 | 28.40% |
| QIB (Ex. Anchor) | 10,26,000 | 18.97% |
| NII (HNI) | 7,74,000 | 14.31% |
| bNII > ₹10L | 5,16,000 | 9.54% |
| sNII < ₹10L | 2,58,000 | 4.77% |
| Retail | 18,00,000 | 33.28% |
| Market Maker | 2,72,000 | 5.03% |
Total issue 54,08,000 shares. Indented rows sit inside the row above.
What each category may bid
- Individual investors (IND) (Min)
- ₹2,80,0002 lots, 4,000 shares
- Individual investors (IND) (Max)
- ₹2,80,0002 lots, 4,000 shares
- S-HNI (Min)
- ₹4,20,0003 lots, 6,000 shares
- S-HNI (Max)
- ₹9,80,0007 lots, 14,000 shares
- B-HNI (Min)
- ₹11,20,0008 lots, 16,000 shares
Small-HNI minimum is several lots, not one.
Anchor book
- Shares allotted
- 15,36,000 shares
- Anchor portion
- ₹10.75 Cr
- Bid date
- 29 Sept 2026
- Lock-in ends, first 50%
- 06 Nov 2026
- Lock-in ends, the rest
- 05 Jan 2027
Lock-in dates = when anchor shares may first be sold.
What the money is for
Stated use of net proceeds, ₹ Cr.
- CapexFunding of capital expenditure requirement towards civil construction…₹6.76 Cr
- Working capitalFunding of Working Capital Requirements₹20.00 Cr
- General purposesGeneral Corporate Purposes—
Unstated amounts (general purposes) mean the rows do not sum to the issue.
How the issuer compares
Peers named by the issuer itself.
| Company | EPS (₹) | P/E | NAV (₹) | RoNW |
|---|---|---|---|---|
| TNA Solutions Limitedthis issue | 6.41 | — | 119.80 | 32.60% |
| VTM Limited | 46.44 | 41.8× | 31.32 | 5.18% |
| Faze Three Limited | 430.60 | 37.4× | 182.33 | 6.00% |
The offer document prints no P/E for the issuer; figures are pre-listing.
Risks worth reading
Ranked by severity.
mediumA substantial majority of our revenue from operations is derived from our B2B manufacturing segment. Any reduction in demand from our B2B customers or our inability to expand our B2C business may adversely affect our business, financial condition, results of operations and cash flows.
mediumOur revenue from operations is significantly dependent on our sheeting segment, and any adverse change in demand, consumer preferences, or market conditions affecting this segment could adversely affect our business, financial condition, results of operations and cash flows.
mediumOur business operations are dependent on our manufacturing facility. Any slowdown or shutdown in our manufacturing operations or strikes, work stoppages or increased wage demands by our employees that could interfere with our operations could have an adverse effect on our business, financial…
Positives the filing discloses (1)
- Healthy return on equity
ROE of 46.3%.
What happened to comparable issues
Last 8 listings, most comparable first. Context, not a forecast.
| Issue | Subscribed | Listing gain | Listing gain bar |
|---|---|---|---|
| Vedant Poly Fabs Limited | 1.9× | unchanged 0.0% | |
| Maxwell Engineering Solutions Limited | 491× | up +90.0% | |
| HGS (India) Limited | 231× | up +33.3% | |
| Ravita Engineering Services Limited | 6.7× | unchanged 0.0% | |
| Vaibhav Vyapaar Limited | 3.1× | down minus 2.0% | |
| R.K. Fashion Accessories Limited | 2.6× | down minus 2.4% | |
| Eventions Limited | 2.3× | down minus 5.9% | |
| Papadmalji Agro Foods Limited | 2.5× | up +0.4% |
Different companies at different prices. Bars share one scale (full = 90%).
Offer documents
Primary sources.
- PROSPECTUS30 Sept 2026AnalysisPDF (opens SEBI site in a new tab)
Common questions
What is the TNA Solutions Limited IPO GMP today?
The most recent grey-market premium recorded for TNA Solutions Limited is ₹10 per share — about 14.3% over the ₹70 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the TNA Solutions Limited IPO subscribed?
TNA Solutions Limited is subscribed 51.39× overall (QIB 35.64×, NII 75.84×, retail 46.17×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, MAASHITLA SECURITIES PRIVATE LIMITED.
What is the minimum investment in the TNA Solutions Limited IPO?
One lot is 2,000 shares, so a retail application at the ₹70 cut-off price blocks ₹1,40,000. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the TNA Solutions Limited IPO?
The retail portion is subscribed 46.17×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 46. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the TNA Solutions Limited IPO allotment date?
Allotment is scheduled for 2026-10-07, with listing on 2026-10-09. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, MAASHITLA SECURITIES PRIVATE LIMITED.
Source: offer document, NSE and BSE bidding data; allotment basis from the registrar. Grey-market premium is unofficial. For information only, not investment advice: consult a SEBI-registered adviser before applying.