The initial public offering (IPO) of Tenneco Clean Air India closed on a strong note with 58.83 times subscription. All category of investors have shown keen interest, especially qualified institutional buyers, whose portion received bids for 166.42 times.
Non-institutional investors, who remained mute spectators in the previous couple of IPOs including that of PhysicsWallah, turned aggressive again in this issue by subscribing 40.74 times. Retail investors portion was subscribed 5.11 times.
The ₹3,600-crore IPO came out with a price-band of ₹378-397 and was entirely an offer for sale (OFS) by its promoter Tenneco Mauritius Holdings.
Anchor investors
As part of the IPO, the company has raised ₹1,079.99 crore from anchor investors by allotting 2.72 crore shares at ₹397 a share. Some of the marquee investors who participated in the anchor book included SBI MF, ICICI Prudential MF, HDFC MF, Kotak Mahindra MF, Nomura Funds Ireland Public Ltd Company – Nomura MF, BlackRock Global Funds, Goldman Sachs Funds, Axis MF, Motilal Oswal MF, Canara Robeco Mutual Fund, among others.
Tenneco Clean Air India (Tenneco or TCAIL) is a leading manufacturer and supplier of advanced emission control systems and related automotive components in India, serving both original equipment manufacturers (OEMs) and the aftermarket. It operates 12 manufacturing facilities across India and two Research and Development (R&D) centres in India.
JM Financial, Citigroup Global Markets India Private Ltd, Axis Capital and HSBC Securities and Capital Markets (India) Private Ltd were the book-running lead managers to the issue.