Tenneco Clean Air India IPO Opens Today – Price Band ₹378 to ₹397 per Share

Tenneco Clean Air India’s ₹3,600 crore IPO has opened for subscription today. The price band for the shares is fixed between ₹378 and ₹397, and investors can apply for a minimum of 37 shares per lot. The IPO will remain open till November 14 (Friday).

This IPO is a complete Offer for Sale (OFS) which means all the money raised will go to the selling shareholder, Tenneco Mauritius Holdings, and not to the company itself.

In the share allocation, 50% is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for Retail Investors.

Before the IPO opened, Tenneco Clean Air India allotted 2.72 crore shares to anchor investors, raising about ₹1,080 crore at the upper price band of ₹397 per share. Major investors include SBI Mutual Fund, HDFC MF, ICICI Prudential MF, Kotak Mahindra MF, BlackRock, Goldman Sachs, Nomura, Axis MF, and others.

Tenneco Clean Air India (TCAIL) is one of India’s leading makers of automotive emission control systems and components, supplying to both OEMs (Original Equipment Manufacturers) and the aftermarket. The company has 12 manufacturing plants and 2 R&D centres across India.

The IPO is being managed by JM Financial, Citigroup Global Markets India, Axis Capital, and HSBC Securities & Capital Markets.

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What Brokers Say

SBI Securities: Tenneco India is a key supplier of clean air and powertrain solutions with strong parent support and a large patent base. It is well positioned to benefit from the growing demand for cleaner and more premium vehicles in India. At the upper price of ₹397, the valuation seems fair, and they recommend SUBSCRIBE.

Reliance Securities: Tenneco Clean Air India is seen as a strong and future-ready player with a global background and diverse products. With increasing emission standards and clean air demand, the company is in a good position to grow further. They also recommend SUBSCRIBE.