The ₹3,600-crore initial public offering of Tenneco Clean Air India opens today at a price band of ₹378-397 with a market lot size of 37 shares. The entire fundraising is an offer for sale (OFS) component, and the company will not receive any of the proceeds, which will go to the promoter selling stakeholder, Tenneco Mauritius Holdings. The IPO will close for subscription on November 14 (Friday).
The company has reserved not more than 50% of the issue for qualified institutional buyers (QIB), up to 15% for non-institutional Institutional Investors (NII), and not less than 35% for retail investors.
Tenneco Clean Air India Ltd has allotted 2,72,04,030 equity shares to anchor investors and raised Rs 1,079.99 crore at the upper price band of Rs 397 per equity share. Some of the marquee investors include SBI MF, ICICI Prudential MF, HDFC MF, Kotak Mahindra MF, Nomura Funds Ireland Public Limited Company – Nomura MF, BlackRock Global Funds, Goldman Sachs Funds, Axis MF, Motilal Oswal MF, Canara Robeco Mutual Fund, among others.
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. It operates twelve (12) manufacturing facilities across India and two (2) Research and Development (R&D) centres in India.
JM Financial Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited and HSBC Securities and Capital Markets (India) Private Limited are the book-running lead managers to the issue.
Brokers’ views
SBI Securities: Tenneco India, a part of the Tenneco Group, is a supplier of critical, highly engineered, technology-intensive clean air, powertrain, and suspension solutions, with market-leading positions. The company effectively leverages the parent’s 5,000 patents and 7,500 trademarks to design and develop products suited for Indian OEMs. It is ready to leverage the rising trend of premiumization in the Indian Auto industry. At the upper price band of Rs 397, the issue is valued at FY25 P/E and EV/EBITDA multiples of 29.0x and 19.3x, respectively. We recommend investors SUBSCRIBE to the issue.
AUM Capital: TCAIL is a leading supplier of emission control solutions to major OEMs across India, well-positioned to benefit from the stricter Bharat Stage (BS) VI and upcoming BS VII norms. With 12 manufacturing plants, strong global parentage, and a diversified product portfolio, TCAIL has a clear long-term demand visibility. Capacity expansion plans, a healthy cash position, and export opportunities further provide the company with levers for earnings growth. We would hence recommend a SUBSCRIBE to the issue.
Reliance Securities: Tenneco Clean India emerges as a strong, future-ready player in the automotive emission control space, supported by its global lineage, diversified product base, and deep integration with leading OEMs. The company is strategically positioned at the intersection of India’s tightening emission norms, industrial clean air demands, and the global shift toward regulatory-compliant vehicular systems. Given the strong developments, we recommend SUBSCRIBING.
Geojit Investments: At the upper price band of ₹397, TCAIL is valued at 29x FY25 P/E, which appears reasonable relative to peers. Supported by strong parentage, market leadership in clean-air and ride performance systems, established OEM partnerships, robust financials, and healthy return ratios, the company is well-positioned to capitalize on structural tailwinds in India’s auto sector, including premiumization and tightening emission norms. Hence, we recommend a ‘Subscribe’ rating for the long term.
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Published on November 12, 2025
