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Tenneco Clean Air India debuted on NSE at Rs 505, 27.20% above issue price
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The company's IPO price band was Rs 378 to Rs 397 per share
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IPO worth Rs 3,900 crore is an offer-for-sale with no proceeds to firm
Tenneco Clean Air India Ltd. listed on the National Stock Exchange on Wednesday at Rs 505 apiece, a premium of 27.20% over its issue price of Rs 397 apiece.
On the BSE, the stock debuted at Rs 498, a 25.44% premium.
The company’s Rs 3,900-crore IPO opened 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.
The company serves a diverse customer base across multiple vehicle segments, including passenger vehicles, commercial vehicles and industrial applications, such as generator sets, small commercial vehicles under 3.5 tonnes, two-wheelers and three-wheelers. Tenneco Clean Air India addresses the aftermarket through Motocare India Pvt., a subsidiary of Tenneco LLC.
Tenneco reported a consolidated revenue from operations of Rs 4,890 crore for fiscal 2025, as per the prospectus, in comparison to Rs 5,468 crore in fiscal 2024. The company's profit after tax was Rs 552 crore during the same period. In fiscal 2024, the net profit stood at Rs 417 crore.
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