Impressive Listing Performance
Tenneco Clean Air India, a subsidiary of the US-based Tenneco Group, delivered a powerful debut on the stock exchanges on Wednesday, November 19. The company’s shares were listed at ₹505 apiece on the National Stock Exchange (NSE), marking a 27.20% premium over the IPO issue price of ₹397.
On the BSE, the stock opened at ₹498, reflecting a 25.44% gain from its issue price.
Investor Gains from the IPO
A single IPO lot comprised 37 shares. Investors who were allotted shares in the Tenneco Clean Air IPO earned a profit of ₹18,685 per lot based on the listing price.
The IPO was a pure offer for sale (OFS) of 9.07 crore equity shares, amounting to ₹3,600 crore, by promoter Tenneco Mauritius Holdings Ltd. Since there was no fresh issue, the company itself will not receive any funds from the IPO; all proceeds will go directly to the selling shareholder.
Company’s View on the Listing
In its Red Herring Prospectus (RHP), the company stated that the listing is expected to enhance brand visibility, improve recognition, and create liquidity and a public market for its equity shares in India.
Exceptional Subscription Figures
The IPO witnessed remarkable demand, being subscribed 58.83 times with total bids for 3,92,21,37,751 shares against 6,66,66,666 shares available.
Category-Wise Subscription Details
Qualified Institutional Buyers (QIBs):
Reserved – 1,90,47,617 | Bids – 3,16,98,44,427 | Subscription – 166.42x
Non-Institutional Investors (NIIs):
Reserved – 1,42,85,715 | Bids – 58,20,17,659 | Subscription – 40.74x
Retail Investors:
Reserved – 3,33,33,334 | Bids – 17,02,75,665 | Subscription – 5.11x
Total Subscription: 58.83x
Promoters and Pre-IPO Anchors
The promoters of the company include Tenneco (Mauritius) Ltd, Tenneco LLC, Tenneco Mauritius Holdings Ltd, Federal-Mogul Investments BV, and Federal-Mogul Pty Ltd.
Before the public issue, the company raised ₹1,079.99 crore from anchor investors such as SBI MF, ICICI Prudential MF, HDFC MF, SBI Life Insurance, Fidelity, Nomura Funds Ireland, BlackRock, Norway’s Government Pension Fund Global, Abu Dhabi Investment Authority, and Goldman Sachs.
About Tenneco Clean Air India
Tenneco Clean Air India Limited specializes in producing highly engineered, technology-driven clean air, powertrain, and suspension solutions. Its diverse product lineup includes exhaust aftertreatment systems, catalytic converters, mufflers, shock absorbers, and struts, making it a key player in the automotive components sector.
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