Tenneco Clean Air India Limited has successfully raised ₹1,079 crore from anchor investors ahead of its initial public offering (IPO), which is scheduled to open on November 12, 2025. The company finalized the allocation of 2,72,04,030 equity shares to these anchor investors at the upper price band of ₹397 per share. Each share has a face value of ₹10, including a share premium of ₹387.
The IPO is entirely an offer for sale (OFS) of 9,06,80,101 equity shares, aggregating up to ₹3,600 crore. This means that the company will not receive any proceeds from the IPO, as the funds will go to the selling shareholder, Tenneco Mauritius Holdings Ltd. The IPO aims to provide an exit opportunity and enhance the company's brand visibility and corporate profile in India.
The IPO will be open for subscription from November 12 to November 14, 2025. The price band has been set at ₹378 to ₹397 per share. Retail investors can apply for a minimum of 37 shares, requiring an investment of ₹14,689 at the upper price band. For small Non-Institutional Investors (sNII), the lot size is 14 lots (518 shares), amounting to ₹2,05,646, and for big Non-Institutional Investors (bNII), it is 69 lots (2,553 shares), amounting to ₹10,13,541.
The book running lead managers for the IPO are JM Financial Ltd., Citigroup Global Markets India Pvt. Ltd., Axis Bank Ltd., and HSBC Securities & Capital Markets (India) Pvt. Ltd. MUFG Intime India Pvt. Ltd. is the registrar for the issue.
The allocation structure reserves up to 50% of the shares for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Investors. The finalization of the basis of allotment is expected on November 17, 2025, with shares credited to demat accounts by November 18, 2025. The tentative listing date on the BSE and NSE is November 19, 2025.
Tenneco Clean Air India is part of the global Tenneco Group and focuses on emission control, clean air systems, powertrain solutions, and advanced ride technologies. The company supplies to major automotive manufacturers in India, helping them meet BS-VI norms and improve vehicle performance. As of March 31, 2025, Tenneco Clean Air India operated 12 manufacturing facilities across 7 states and 1 union territory.
The company holds significant market share in commercial vehicle OEMs (60%) and off-highway vehicles excluding tractors (42%), and ranks among the top 4 suppliers in the passenger vehicle segment.
Some of the marquee investors in the anchor book include SBI MF, ICICI Prudential MF, HDFC MF, Kotak Mahindra MF, and Nomura Funds Ireland Public Limited Company.
Tenneco Clean Air India's revenue only surged by 0.7 per cent during FY23-25. Its earnings before interest and tax (EBIT) and net income (PAT) saw double-digit growth during FY23-25, at 23.1 per cent and 20.4 per cent, respectively.
