Tenneco Clean Air India Ltd, a subsidiary of the US-based Tenneco Group, opened its initial public offering (IPO) for subscription on November 12, which will close on November 14. The IPO price band has been fixed between ₹378 and ₹397 per share. In the grey market, the issue is commanding a premium of ₹61, suggesting an estimated listing price of around ₹458 per share—about 15.4% higher than the upper price band.
Ahead of the launch, the company raised ₹1,080 crore from anchor investors, with participation from 58 major institutions, including SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential, Nomura, BlackRock, Fidelity, Norway’s Government Pension Fund Global, Abu Dhabi Investment Authority, and Goldman Sachs. The IPO has allocated 50% of its shares to qualified institutional buyers (QIBs), 35% to retail investors, and 15% to non-institutional investors. The minimum bid size is 37 shares.
Tenneco Clean Air India manufactures advanced clean air, powertrain, and suspension systems for Indian and global automakers. As of Day 2, overall subscription stood at 19%, with retail investors subscribing 19%, NIIs 42%, and QIBs yet to participate.