IPO Overview
Incorporated in September 2021 and headquartered at Sonvay, Tehsil Mhow, Indore, Madhya Pradesh, TNA Solutions Limited is a home textile manufacturer engaged in producing value-added home furnishing products for both domestic and international customers. The company manufactures a wide range of home textile products including sheet sets, pillow covers, towels, comforters, quilts, and mattress protectors. With consistent revenue growth across the past three financial years, TNA Solutions has scaled its revenue from ₹35.85 crore in FY24 to ₹104.58 crore in FY26, reflecting rapid expansion in the home textile segment.
The company is now launching its SME IPO on the BSE SME platform, aiming to raise ₹37.86 crore entirely through a fresh issue of 54,08,000 equity shares. The IPO is priced in the band of ₹66 to ₹70 per share with a lot size of 2,000 shares, making the minimum retail investment approximately ₹2,80,000 (2 lots). The IPO opens on 30 September 2026 and closes on 6 October 2026, with listing expected on 9 October 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 30 September 2026 |
| IPO Close Date | 6 October 2026 |
| Allotment Date | 7 October 2026 (Expected) |
| Refund Initiation | 8 October 2026 |
| Credit to Demat | 8 October 2026 |
| Listing Date | 9 October 2026 (Tentative) |
| Price Band | ₹66 – ₹70 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹2,80,000 (2 lots = 4,000 shares) |
| Issue Size | ₹37.86 crore |
| Fresh Issue | 54,08,000 shares (₹37.86 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds will flow directly into the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | 2,72,000 shares (reserved — Pace Stock Broking Services Pvt. Ltd.) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The issue is entirely a fresh issue, and no promoter or existing shareholder is selling shares. All funds raised will go directly to the company for business use.
Objects of the Issue (Fund Utilization)
The company proposes to utilize the net proceeds from the IPO towards funding capital expenditure requirements for business expansion, and the remainder for general corporate purposes. As per the RHP, a portion of proceeds is also earmarked for working capital needs.
- Funding capital expenditure requirements for expansion
- Working capital requirements
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: Credora Partners Private Limited
- Registrar to the Issue: Maashitla Securities Pvt. Ltd.
- Market Maker: Pace Stock Broking Services Pvt. Ltd.
Promoters & Management
The company is promoted by three members of the Jain family — Mr. Ambuj Jain, Mr. Ayush Jain, and Ms. Tanu Jain.
- Mr. Ambuj Jain — Managing Director; holds 66.50% of pre-issue equity (99,75,000 shares), the dominant promoter stake
- Mr. Ayush Jain — Director & CFO; holds 1.95% of pre-issue equity (2,92,500 shares)
- Ms. Tanu Jain — Director and co-promoter
Combined promoter holding pre-IPO: 68.62% of issued, subscribed, and paid-up capital. Post-IPO promoter holding is expected to stand at approximately 50.48%.
A non-compete agreement was signed on July 29, 2026 with Avni Impex — a related entity linked to Ayush Jain — to address potential conflict of interest arising from a similar line of business.
Company Details
TNA Solutions Limited is a Madhya Pradesh-based home textile manufacturer focused on producing value-added home furnishing products. The company caters to both domestic retail buyers and international export customers, operating from its registered facility at Sonvay, Tehsil Mhow, Indore.
Sectors Served:
- Domestic Home Textile Retail
- International Export Markets (home furnishing buyers)
Key Products Manufactured:
- Sheet Sets
- Pillow Covers
- Towels
- Comforters & Quilts
- Mattress Protectors
- Top-of-Bed Products (value-added home furnishing)
Key Capabilities:
- Diversified home textile product portfolio catering to varied customer segments
- Experienced, hands-on promoter management with direct oversight of operations
- Rapid scaling of revenue over three consecutive financial years
Manufacturing / Operations:
- Registered Office & Operations: Survey No. 403/5, Sonvay, Tehsil Mhow, Rao, Indore, Madhya Pradesh – 453331
Corporate Identity:
- CIN: U46410MP2024PLC071835
- Auditor: ATK & Associates, Chartered Accountants (Firm Reg. No. 018918C)
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹35.85 | ₹2.70 |
| FY25 | ₹81.49 | ₹6.70 |
| FY26 | ₹104.58 | ₹9.58 |
Key Financial Metrics
- Revenue grew from ₹35.85 crore in FY24 to ₹104.58 crore in FY26 — a near 3x growth in just two years.
- PAT grew from ₹2.70 crore in FY24 to ₹9.58 crore in FY26 — a growth of ~255% over two years.
- Revenue growth YoY (FY25 to FY26): ~28%; PAT growth YoY: ~44%
- PAT margin FY26: ~9.2%
- Total borrowings as of FY26: ₹46.29 crore — indicating significant debt on books
- Post-IPO promoter holding: ~50.48%
Company Strengths
- Rapid and consistent revenue and profit growth over three consecutive financial years — revenue scaled nearly 3x from FY24 to FY26
- Diversified home textile product portfolio covering both top-of-bed and utility textile segments
- Catering to both domestic and international customer segments, reducing geographic revenue concentration
- Experienced and hands-on promoter management with deep involvement in daily operations
- Entire IPO is a fresh issue — no promoter exit; all capital raised goes directly into the business
- Strong demand tailwinds in the home textile sector driven by rising domestic consumption and growing export opportunities from India
Key Risks & Challenges
- High debt: Total borrowings of ₹46.29 crore as of FY26 against a net worth of ₹35.94 crore — indicating a leveraged balance sheet and financial risk
- Very young company: Incorporated in September 2021, the company has a limited operational track record of only ~5 years
- Conflict of interest: Promoter Ayush Jain is linked to Avni Impex — a business engaged in a similar line of activity — which required a formal non-compete agreement as late as July 2026
- Promoter concentration risk: Ambuj Jain alone holds 66.50% of pre-issue equity, creating high dependence on a single individual for strategic and operational decisions
- SME IPO liquidity risk: Limited secondary market trading volumes on the BSE SME platform may affect exit options for investors
- Sector cyclicality: Home textile demand can be sensitive to consumer spending patterns, export policy changes, and raw material price volatility (cotton, yarn)
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
