TNA Solutions IPO
TNA Solutions IPO is an SME IPO raising ₹38 Cr at ₹66 – ₹70 a share. It listed on 9 Oct 2026 at ₹56, −20.0% against its issue price of ₹70, and trades at ₹42 today (−39.9% since issue). It was subscribed 51× in total.
51.4 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs70 + OFS by subtraction from exchange total Rs38 Cr. Checked: exchange issue size Rs38 Cr vs derived Rs38 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 72% below the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| TNA Solutions Limited | — | 32.6% | ₹6.41 |
| VTM Limited | 41.84× | 5.18% | ₹1.11 |
| Faze Three Limited | 37.35× | 6% | ₹11.53 |
| This issue | 10.9× | 32.6% | ₹6.41 |
derived: cut-off price Rs70 / stated EPS Rs6.41 (FY 2026 Basic & Diluted EPS, restated consolidated). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.