Tenneco Clean Air Raises Rs 1,080 Crore From Anchor Investors Ahead Of IPO

Tenneco Clean Air India Ltd. has secured Rs 1,080 crore from anchor investors, just a day before its initial public offering opens for subscription.

According to a circular on the BSE website, the anchor book drew strong interest from 41 global and domestic funds, including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC MF, Kotak Mahindra Mutual Fund, Nomura Funds Ireland Public Limited Company - Nomura Mutual Fund, BlackRock Global Funds , Goldman Sachs Funds, Axis Mutual Fund, Motilal Oswal MF,Canara Robeco Mutual Fund among others.

On the Indian side, Axis Mutual Fund, Kotak Mahindra Mutual Fund and SBI Mutual Fund participated in the anchor round among others

Tenneco Clean Air India allotted 2.72 crore equity shares to anchor investors at Rs 397 per share. Of this, 1.47 crore shares, or 54.15% of the anchor book, were allocated to 17 domestic mutual funds through 41 schemes.

The company’s Rs 3,900 crore IPO opens on Nov. 12 and closes on Nov. 14, with a price band of Rs 378 and Rs 397 per share. JM Financial Ltd., Citigroup Global Markets India Pvt., Axis Capital Ltd. and HSBC Securities and Capital Markets (India) Pvt. will be the book running lead managers to the issue.

The IPO share allotment status is expected to be finalised on Nov. 17. The firm will not receive any proceeds from the IPO as it is an entirely offer-for-sale issue.

Qualified Institutional Buyers will be offered up to 50% of the net offer. Retail investors will be allocated at least 35% of the net issue and the remaining 15% will be reserved for Non-Institutional Investors. 

Tenneco Clean Air India, a key subsidiary of the US-headquartered Tenneco Group, is a Tier I automotive component supplier. The parent company reported a revenue of $16,777 million for the fiscal year ended Dec. 31, 2024.

Established in India in 1979 with its first manufacturing facility in Parwanoo, Himachal Pradesh, Tenneco Clean Air India specialises in manufacturing and supplying advanced, technology-driven clean air, powertrain and suspension solutions.