TNA Solutions IPO

Name: TNA Solutions IPO
Brand: TNA Solutions
SKU: 544983
Availability: Discontinued

Listed SME

Min Investment

₹2,80,000

4000 Shares

Min Investment

₹2,80,000 · 4000 Shares

Price Band ₹66–70

Lot Size 2000 shares

Issue Size ₹38 Cr

Listed At ₹56.00 -20%

Subscribed 55.31×

Listed On BSE SME

TNA Solutions IPO Listing Day Performance

TNA Solutions listed on BSE SME on 09 October 2026 at ₹56.00, a 20% discount to the issue price of ₹70. A retail investor allotted the minimum application of 4,000 shares (2 lots) lost ₹56,000 at the listing price.

Issue price

₹70

upper band

Listing price

₹56.00

pre-open auction

Listing loss

−20%

−₹14 per share

Loss per application

−₹56,000

4,000 shares

GMP vs actual listing

Last GMP before listing	₹2 (+2.9%)
GMP-implied listing	₹72
Actual listing	₹56.00
Difference	−₹16 (−22.2%)

Demand going into listing

Subscribed overall	55.31×
QIB	35.64×
NII	102.49×
Retail	46.22×

Listing price = opening price from the exchange's pre-open call auction on listing day. Watch live price

Market Sentiment

Grey Market Premium What is GMP?

Full history

+₹2

+2.9% ▼ ₹1 since last update

Est. listing ₹72

Upper price ₹70

GMP range ₹2 – ₹10

28 Sept · ₹7 07 Oct · ₹2

Updated 07 Oct, 8:53 pm IST Unofficial grey-market data

GMP estimate ₹72

Actual listing ₹56

Listed below the GMP estimate by ₹16 (-22.2%)

Subscription Status

Full details

QIB

35.64x

NII

102.49x

bNII (>10L)

115.44x

sNII (2-10L)

76.59x

Retail

46.22x

Total

55.31x

Updated: Oct 06, 2026 5:58 pm IST

Analysis Score 55 / 100

Mixed Signals

Data: 80%

GMP Score · 44% weight 43

Subscription Score · 38% weight 60

Financial Health · 19% weight 77

Weighted average of the parts above; updates as GMP and subscription change. not investment advice.

IPO Details

Price Band	₹66–70 per equity share
Face Value	₹10 Per Equity Share
Lot Size	2000 shares (Min 2 lots · ₹2,80,000)
Total Issue Size	₹37.86 crore
Fresh Issue	Entire issue — no offer for sale, so all proceeds go to the company
Issue Type	Book build Issue
Lead Manager	Credora Partners Pvt.Ltd.
Registrar	Maashitla Securities Pvt. Ltd.
Promoters	Ambuj Jain, Ayush Jain and Tanu Jain
Listing at	BSE SME
BSE Code	`544983`
ISIN	`INE10VL01011`
Listing Price	₹56.00
Listing Gain	-20.00%

Day-wise Subscription (times subscribed)

QIB

0x D1

4.77x D2

4.77x D3

4.77x D6

35.64x Final

NII

0.1x D1

0.48x D2

0.48x D3

2.29x D6

102x Final

Retail

0.46x D1

0.64x D2

0.64x D3

2.42x D6

46.22x Final

Total

0.25x D1

1.78x D2

1.78x D3

3.06x D6

55.31x Final

Each panel has its own scale.

Category	Day 1	Day 2	Day 3	Day 6	Final
QIB	0.00x	4.77x	4.77x	4.77x	35.64x
NII	0.10x	0.48x	0.48x	2.29x	102.49x
bNII > ₹10L	0.06x	0.61x	0.61x	2.53x	115.44x
sNII 2-10L	0.19x	0.21x	0.21x	1.81x	76.59x
Retail	0.46x	0.64x	0.64x	2.42x	46.22x
Total	0.25x	1.78x	1.78x	3.06x	55.31x

Market Lot Size

Category	Lots	Shares	Amount (₹)
Retail Minimum	2	4,000	₹2,80,000
Retail Maximum	2	4,000	₹2,80,000
S-HNI Minimum	3	6,000	₹4,20,000
S-HNI Maximum	7	14,000	₹9,80,000
B-HNI Minimum	8	16,000	₹11,20,000

IPO Reservation

QIB 20% NII 15.1% Retail 35% Anchor 29.9%

Category	Shares Offered	Shares %
QIB	10,26,000	19.98%
NII (HNI)	7,74,000	15.07%
bNII > ₹10L	5,16,000	10.05%
sNII < ₹10L	2,58,000	5.02%
Retail	17,98,000	35.01%
Anchor	15,38,000	29.95%
Total	51,36,000

Financial Analysis

Financial Data

EPS (Pre)

₹6.41

ROE

32.60%

ROCE

42.84%

RoNW

32.60%

EBITDA Margin

12.12%

NAV/Share

₹119.80

Revenue Growth

31.28%

Profit Margin

8.67%

Financial Performance

2026 vs 2025 Revenue +31.3% Profit (PAT) +43.8% Total Assets +63.9%

Metric	2024	2025	2026
Revenue	36.32	84.13	110.45
Expense	32.18	74.75	97.56
Profit (PAT)	2.69	6.66	9.58
Total Assets	24.33	57.47	94.21

Values in Crores (₹)

Peer Comparison

Company	EPS	P/E	RoNW %	NAV	Income
TNA Solutions This IPO	6.41	-	32.60	119.80	-
VTM Limited	1.11	41.84	5.18	31.32	371.98 Cr
Faze Three Limited	11.53	37.35	6.00	182.33	860.11 Cr

Peer median P/E 39.6x across 2 listed peers

Strengths & Risks

Strengths

Strongly subscribed — 55.3x overall (final).
Strong institutional (QIB) demand — 35.6x.
Revenue grew 31% in the latest reported year.
Solid profit margin — 8.7%.
Strong return on equity — 33%.

Risks & Concerns

Lists on the exchange's SME platform, where trading is usually thinner than on the main board — selling at your price can be harder.

From this issue's live data. Not investment advice — read the RHP.

Purpose	Amount (Cr)
Funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plant and machinery	6.76
Funding of Working Capital Requirements	20.00
General Corporate Purposes	-

Resources & Documents

Anchor Investors

Anchor Bidding Date

September 29, 2026

Shares Offered to Anchors

15,38,000

Lock-in End (30 Days, 50%)

November 06, 2026

Lock-in End (90 Days, 50%)

January 05, 2027

IPO Documents

Draft Red Herring Prospectus Red Herring Prospectus Anchor Investor List

TNA Solutions IPO - Quick Take

TNA Solutions has set a price band of Rs 66–Rs 70 per share for an issue size of Rs 38 crore. The stock listed with a 20.00% discount versus its issue price on October 09, 2026.

The issue is promoted by Ambuj Jain, Ayush Jain and Tanu Jain with Credora Partners Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plan… (Rs 7 crore) and funding of Working Capital Requirements (Rs 20 crore).

On fundamentals, the company is posting revenue growth of 31.3%, a profit margin of 8.7%, return on equity of 32.6% in its most recent reported period. Listed peers in this segment include VTM Limited (P/E 41.84x) and Faze Three Limited (P/E 37.35x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.

On our data-signal score, the combined signals for this issue currently read mixed — some indicators read positively and others do not. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.

By IPO Cracker Editorial Team · Editorial Policy · Data Sources Last updated: Oct 09, 2026

Related guides: What is GMP? · Anchor Investor explained · Allotment Process · How to Apply · Compare with peers

This summary is built from exchange, RHP and registrar data. Not investment advice. How we score IPOs »

TNA Solutions IPO: Lead Manager & Registrar Track Record

How the firm running this issue and its registrar have fared on the other IPOs we track. Each firm's figures leave out TNA Solutions itself, so they describe what came before it.

SME IPOs, last 12 months

TNA Solutions listed at −20% on day one; the median of 193 listings was +1.7% (better than 3% of them).
Subscribed 55.31x against a median of 3.98x across 192 issues (higher than 72%).
Average listing-day move across all 194 SME listings we track: +11.6%.

Lead manager and registrar record on other IPOs we track
Firm	Other IPOs	Listed at / above issue	Avg move	Median
Credora Partners Pvt.Ltd. Lead manager	1 0 MB · 1 SME	100% 1 of 1	+33.3%	+33.3%
Maashitla Securities Pvt. Ltd. Registrar	32 0 MB · 32 SME	81% 26 of 32	Check allotment →

Recent listings managed by Credora Partners Pvt.Ltd. (1)

IPO	Listed	Listing-day move
Amtech Esters	17 Sep 2026	+33.3%

What a lead manager does

A SEBI-registered merchant banker that runs the issue: due diligence, drafting the offer document, setting the price band with the company, and marketing the IPO to investors.

What a registrar does

Finalises the basis of allotment, credits shares to demat accounts, releases blocked funds for unsuccessful bids and handles investor queries about the issue.

Listing-day move = exchange opening price vs issue price (band ceiling where the final price isn't recorded). Counts cover IPOs we track only. Past listings don't predict this one; this is not investment advice.

Frequently Asked Questions

TNA Solutions listed at Rs 56.00 on 09 October 2026, against an issue price of Rs 70 — a 20% discount.

−20% at the listing price — Rs 14 per share, or Rs 56,000 on the minimum retail application of 4,000 shares.

The price band of TNA Solutions IPO is Rs 66 to Rs 70 per share. Face value is Rs 10 per share.

The total issue size of TNA Solutions IPO is Rs 38 crore, comprising fresh issue of Rs 38 crore.

The lot size of TNA Solutions IPO is 2,000 shares. The minimum application is 2 lots (4,000 shares), requiring an investment of Rs 2,80,000.

TNA Solutions IPO opens for subscription on September 30, 2026 and closes on October 06, 2026. Anchor investor bidding is scheduled for September 29, 2026.

The expected allotment date for TNA Solutions IPO is October 07, 2026. Refunds for unsuccessful applicants are expected on October 08, 2026. Shares are scheduled to be credited to demat accounts on October 08, 2026.

TNA Solutions IPO is scheduled to list on October 09, 2026 on BSE. BSE script code: 544983, ISIN: INE10VL01011.

The last GMP (Grey Market Premium) recorded for TNA Solutions IPO before listing was +Rs 2 (+2.9% over issue price). The shares actually listed at Rs 56 (-20.00% versus the issue price). GMP only estimates the listing price and stops mattering once the shares trade.

TNA Solutions IPO was subscribed 55.31 times overall by the close of bidding — retail at 46.22x, QIB at 35.64x, NII at 102.49x.

Based on the final retail subscription of 46.22x for TNA Solutions IPO, the estimated retail allotment probability is approximately 2.5%. This is a low probability — approximately 2 out of every 100 retail applications may receive allotment.

The registrar for TNA Solutions IPO is Maashitla Securities Pvt. Ltd. After the allotment date, you can check your allotment status on the registrar's official website by entering your PAN, application number, or demat account details. Allotment status is also available on the BSE and NSE websites.

The book running lead manager(s) for TNA Solutions IPO are Credora Partners Pvt.Ltd.

The promoter(s) of TNA Solutions are Ambuj Jain, Ayush Jain and Tanu Jain.

TNA Solutions IPO GMP — What It Means

Its last GMP before listing was 2.9%. Of the 54 SME IPOs we have tracked with a final GMP under 10%, 21 listed above, 14 flat and 19 below the issue price; TNA Solutions listed 20% below its issue price.

See the full TNA Solutions GMP history and trend, or learn how grey market premium works and how reliable it is.

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