Allotment of shares for the Tenneco Clean Air IPO will be finalised on Monday, November 17, after the public issue drew massive interest and was subscribed more than 60 times.
The IPO saw heavy bidding across categories. Overall, it was subscribed 61.79 times, with the retail category booked 5.37 times, QIBs subscribed 174.78 times, and NIIs subscribed 42.79 times as of November 14.
but received bids for 3,92,21,37,714 shares, amounting to Rs 1,55,708.87 crore.
The IPO is a book-built issue of Rs 3,600 crore, entirely an offer for sale of 9.07 crore shares, meaning no fresh capital will be infused into the company.
The subscription window opened on November 12 and closed on November 14. The price band was set at Rs 378 to Rs 397 per share.
Retail investors needed a minimum investment of Rs 14,689 for one lot of 37 shares. For small NIIs, the minimum investment was Rs 2,05,646, while large NIIs required Rs 10,13,541.
Investors can check their allotment status using either the BSE website or the MUFG Intime India portal.
On the BSE website:
Visit the BSE IPO allotment page
Select ‘Equity’ and choose ‘Tenneco Clean Air India Limited’
Enter your application number and PAN
Fill in the captcha and click ‘Search’
On the MUFG Intime India website:
Go to the IPO allotment page
Select ‘Tenneco Clean Air India Limited’
Search using Application Number, Demat Account Number, or PAN
Enter the details, captcha, and click ‘Submit’
Once allotment is complete, refunds for non-allottees will be processed, while successful applicants will receive shares in their demat accounts.
The grey market premium for the IPO has strengthened in recent days due to high demand.
The latest GMP stands at Rs 122 as of November 17 (7:35 AM).
With the upper price band at Rs 397, the estimated listing price is Rs 519, suggesting potential listing gains of around 30.73%.
Market experts believe the valuation is reasonable and the company is well-positioned for long-term growth in India’s auto technology and emission-control space.
Rajan Shinde, Research Analyst, Mehta Equities Ltd, said, “Based on FY 2026 annualised earnings and fully diluted post-IPO paid-up capital, the company is asking for a PE of 23.8x, which appears fairly priced versus the industry average of 45–50x. Given its leadership position, global pedigree, and readiness to capture regulatory and electrification tailwinds, we recommend investors ‘Subscribe’ for the long term.”
Geojit Investments Ltd said, “At the upper price band of Rs 397, TCAIL is valued at 29x FY25 P/E, which appears reasonable relative to peers. Supported by strong parentage, market leadership in clean-air and ride performance systems, established OEM partnerships, and healthy return ratios, we recommend a ‘Subscribe’ rating for the long term.”
Tenneco Clean Air is scheduled to list on the BSE and NSE on November 19, 2025.