Tenneco Clean Air India IPO Day 3: The (IPO) of Tenneco Clean Air India entered its last day of bidding today, November 14. This means today is the final day to bid for the IPO. The offer sailed through on the second day of the book-building process on Thursday, after being booked 42% on the first day.
Tenneco Clean Air India IPO opened for bidding on Wednesday, November 12. The IPO has largely received a positive response from the analysts, and the grey market trend remains stable.
Tenneco Clean Air India IPO allotment is expected to be finalised on Monday, November 17, with the listing expected to take place on November 19.
Tenneco Clean Air India IPO Subscription Status
Tenneco Clean Air India IPO was booked 2.93 times subscription on the second day of share sale on Thursday. The portion for qualified institutional buyers (QIBs) fetched 2.34 times subscription, while the non-institutional investors (NII) portion was subscribed 7.18 times. The segment for retail individual investors received 1.44 times bids.
Tenneco Clean Air India IPO GMP
Tenneco Clean Air India IPO GMP today stood at ₹78. This means that shares of Tenneco Clean Air India were trading ₹78 above the upper end of the price band of ₹397. At the prevailing GMP, Tenneco Clean Air India IPO listing price could be 475, a premium of 19.65%.
Tenneco Clean Air India IPO Details
Tenneco Clean Air India IPO, worth ₹3,600 crore, is an offer for sale (OFS) of 9.07 crore shares by promoter Tenneco Mauritius Holdings Ltd, with no fresh equity issuance.
Since the issue is entirely an OFS, the company will not receive any proceeds from the IPO, and all funds raised will go directly to the selling shareholder.
The objective of the IPO is to achieve the benefits of listing, the papers stated.
Tenneco Mauritius Holdings Ltd, Tenneco (Mauritius) Ltd, Federal-Mogul Investments BV, Federal-Mogul Pty Ltd, and Tenneco LLC are the promoters of the company.
Tenneco Clean Air India manufactures and supplies critical, highly engineered, technology-intensive clean air, powertrain, and suspension solutions tailored for Indian original equipment manufacturers and export markets.
Swastika Investmart said that the company is fundamentally strong and has a reasonable valuation. “Based on its recent financial data, the issue appears moderately priced. Despite a marginal decline in revenue during FY25, the company has significantly improved its EBITDA margin from 11.19% in FY24 to 16.67% in FY25. The absence of fresh issue proceeds and recent revenue decline limit near-term upside,” said the brokerage as it assigned a ‘Neutral’ rating to the IPO.
However, Reliance Securities has a ‘Subscribe’ rating as it believes that Tenneco Clean India is a strong, future-ready player in the automotive emission control space, supported by its global lineage, diversified product base, and deep integration with leading OEMs.
“The company is strategically positioned at the intersection of India’s tightening emission norms, industrial clean air demands, and the global shift toward regulatory-compliant vehicular systems. Owing to strong developments, we recommend to SUBSCRIBE,” said the brokerage.
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