Tenneco Clean Air India IPO opens next week: Key details for investors
Tenneco Clean Air India, backed by US-based Tenneco Inc, will launch a ₹3,600 crore IPO entirely as an offer for sale starting November 12, closing on November 14, with a listing expected on November 19. The IPO has attracted strong investor interest, supported by a 24% grey market premium and the company's leadership in emission control systems.
Tenneco Clean Air India is set to open its ₹3,600 crore IPO from November 12 to 14, which will be a pure offer-for-sale by its parent company, meaning funds will go to the promoter and not the company. The IPO size was revised upward from an earlier ₹3,000 crore estimate. The allocation includes up to 50% for Qualified Institutional Buyers, at least 15% for Non-Institutional Investors, and 35% for retail investors. The basis of allotment is expected by November 17, with refunds and credit of shares on November 18, followed by a market debut on November 19 on both BSE and NSE. The company manufactures clean air, powertrain, and suspension systems and operates 12 manufacturing plants in India serving domestic and export markets. The strong investor interest is bolstered by solid financials and a 24% grey market premium, indicating positive demand ahead of the listing. The IPO is managed by a consortium of leading merchant bankers including JM Financial, Citigroup Global Markets India, Axis Capital, and HSBC Securities. This offer highlights Tenneco Clean Air India's position as a key player in emission control system manufacturing in India.
