The initial public offering (IPO) of Tenneco Clean Air India closed with an impressive subscription rate of 58.83 times. The IPO attracted interest from all categories of investors, particularly qualified institutional buyers, whose segment was oversubscribed by 166.42 times. Non-institutional investors, who previously showed limited participation in IPOs, including that of PhysicsWallah, became more aggressive in this offering, subscribing 40.74 times. Retail investors’ portion was subscribed 5.11 times.
This ₹3,600-crore IPO, priced between ₹378 and ₹397, was entirely an offer for sale by its promoter, Tenneco Mauritius Holdings.
As part of the IPO process, Tenneco raised ₹1,079.99 crore from anchor investors by allocating 2.72 crore shares at ₹397 each. Notable participants in the anchor book included prominent names such as SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Nomura Funds Ireland Public Limited Company – Nomura Mutual Fund, BlackRock Global Funds, Goldman Sachs Funds, Axis Mutual Fund, Motilal Oswal Mutual Fund, and Canara Robeco Mutual Fund.
Tenneco Clean Air India (Tenneco or TCAIL) is a leading manufacturer and supplier of advanced emission control systems and related automotive components in India, serving both original equipment manufacturers (OEMs) and the aftermarket. The company operates 12 manufacturing facilities and two Research and Development (R&D) centers across India.
JM Financial, Citigroup Global Markets India Private Ltd, Axis Capital, and HSBC Securities and Capital Markets (India) Private Ltd served as the book-running lead managers for the offering.
This article was published on November 14, 2025.
