LIVE: Will Tenneco Clean Air IPO Deliver a Strong Listing? GMP Rises 29% — Key Dates, Allotment, Listing & More

Tenneco Clean Air India has finalised its IPO allotment on November 17, and successful bidders will soon receive shares in their demat accounts. Refunds for unsuccessful applicants are expected to be processed on November 18.

The company is set to list on the stock exchanges on November 19, with grey market activity indicating a potentially upbeat debut.

Tenneco Clean Air IPO — Key Details

Detail Information

Price Band ₹378–₹397 per share

IPO Dates November 12–14

GMP ~29%

Allotment Date November 18

Listing Date November 19

Issue Size ₹3,600 crore (100% OFS)

GMP Trend: Up by Nearly 30%

In the grey market, Tenneco Clean Air shares are trading around ₹514, reflecting a ~30% premium over the upper price band.

However, GMP is unofficial and may change with market sentiment.

IPO Subscription Highlights

The issue witnessed robust demand, subscribing 58.83 times overall:

Total bids: 3.92 billion shares

Shares on offer: 6.66 crore

This strong response was broad-based across investor categories.

Issue Structure: Pure Offer-for-Sale

The entire ₹3,600 crore IPO is OFS.

No fresh capital is being raised, and proceeds will go to Tenneco Mauritius Holdings, the selling shareholder.

Other promoter entities include Federal-Mogul Investments BV, Tenneco LLC, and Federal-Mogul.

Company Overview

Tenneco Clean Air India is a key supplier of:

Advanced clean air systems

Suspension components

Powertrain solutions

It serves domestic OEMs and exports to global automotive markets, benefiting from Tenneco Group’s international R&D and technological expertise.

Analyst Recommendations

Anand Rathi Research

Rated: Subscribe (Long-Term)

They cite:

Strong leadership in clean air technology

Rising SUV and premium vehicle demand

Diversified product portfolio

Deep OEM partnerships and global R&D access

Canara Bank Securities

Rated: Subscribe (For Listing Gains + Long-Term)

Key insights:

Solid financials: ₹553 crore PAT, 16.67% EBITDA margin

12 manufacturing plants, 86% domestic sourcing

Attractive valuation:

P/E: 29x (vs. peers at 48x)

P/B: 12.7x

They note dependence on parent-company tech (2.5% royalty) as a risk.

Financial & Market Metrics

P/E (FY26 expected): ~24x

P/B Ratio: 12.81

Total Assets: ₹2,918.77 crore (as of June 30, 2025)

Industry Tailwinds

Upcoming regulatory norms—including BS6 Stage 2, expected BS7, and TREM V—will require advanced emission-control tech, directly benefitting Tenneco Clean Air.

Additionally, the new vehicle scrappage policy is likely to boost OEM demand.

Risk Factors

Global economic volatility

Commodity price swings

Automotive industry cyclicality

Continued reliance on parent for technology and IP