Tenneco Clean Air India Ltd

Tenneco Clean Air India Ltd is the Indian subsidiary of US based Tenneco Inc, which is a global leader in the manufacture of clean air and powertrain products for automotive applications. Its product basket focuses largely on the emission control technologies for LCVs and CVs. In India, its product portfolio includes catalytic converters, diesel particulate filters, mufflers, and exhaust pipes. It helps Indian automotive vehicles meet Bharat Stage VI emission norms. It has a total of twelve manufacturing facilities in India. It also has an Advance Ride Technologies (ART) vertical which manufactures shock absorbers, struts, as well as advanced suspension systems. It is supported by a domestic supply chain. 

The IPO will be entirely an offer for sale (OFS) by the parent company, with no fresh issue component. The shares will be sold by the parent through Tenneco Mauritius Holdings Ltd. The issue is being lead-managed by JM Financial, Citigroup Global, Axis Capital, and HSBC Securities; while MUFG Intime India Private Ltd will be the registrars to the IPO. The promoters of the company are Tenneco Mauritius Holdings Ltd, Tenneco (Mauritius) Ltd, Federal Mogul Investments BV, Federal Mogul Pty Ltd, and Tenneco LLC. 

Highlights of the IPO Issue

Here are the key highlights of the public issue of Tenneco Clean Air India Ltd. 

1. The IPO of will be open from November 12th, 2025 to November 14th, 2025. It has a face value of ₹10 per share and IPO price band is set in range of ₹378 to ₹397 per share.
2. The IPO of Tenneco Clean Air India Ltd will be entirely an offer for sale of shares by the promoters of the company, with no fresh issue component.
3. The OFS of the IPO comprises the sale of 9,38,70,696 shares (938.71 lakh shares), which at the upper price band of ₹397 per share translates into ₹3,726.67 crore.
4. The overall IPO will also comprise of the OFS of sale of 9,38,70,696 shares (938.71 lakh shares), which at the upper price band of ₹397 per share translates into ₹3,726.67 crore. 

The IPO of Tenneco Clean Air India Ltd will be listed on the NSE and the BSE on the IPO mainboard. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Tenneco Clean Air India Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Tenneco Clean Air India Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 37 shares) 

Financial Highlights

The table captures the key financials of Tenneco Clean Air India Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company has largely stable financials over the last 3 years with the net margins improving and the ROE above 30% in all the years. Even the asset turnover ratio hints at fairly efficient churning of assets. Sales over the last 3 years have almost remained static, despite a spike in the previous year. 

Valuation Metrics

At the IPO price of ₹397, the latest EPS of ₹13.68 shows a P/E discounting of 29.0 times. If one looks at the peer group of specialized auto component manufacturers in India, this type of valuations is par for the course. The company also brings some other advantages to the table. For starters, the EBITDA margins have been quite robust at around 16.7% in the latest year. This has been supported by lower input costs boosting the profits. 

With emission norms becoming more stringent with Bharat Stage VI, Tenneco is likely to see continued traction for its specialized products. They have a dominating 57% market share in the clean air products vertical. Its product basket is diversified including clean air products, powertrain solutions, and advanced ride technologies. This gives them access to service a wider segment of the industry. Also, the substantial focus on local outsourcing gives them greater control over the supply chain. Being a subsidiary automatically gives the company a valuation premium. Investors must look at this stock more from the prospects of such technologies for the fast-growing Indian auto segment. 

A Brief on the Anchor Allocation

The anchor issue of Tenneco Clean Air India Ltd saw a strong response on 11th November 2025 with 28.98% of the IPO size absorbed by anchors. Out of 9,38,70,696 shares (938.71 lakh shares) on offer in the IPO, anchors picked up 2,72,04,030 shares (272.04 lakh shares) accounting for 28.98% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹397 per share. This includes the face value of ₹10 per share plus a share premium of ₹387 per share. The anchor bidding process opened and closed on 11th November 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Tenneco Clean Air India Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 11th November 2025, Tenneco Clean Air India Ltd allotted 2,72,04,030 shares to 58 anchor investors. The allocation was done at the upper IPO price band of ₹397 per share which resulted in overall anchor allocation of ₹1,080.00 crore. The anchors have already absorbed 28.98% of the total issue size of ₹3,726.67 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹478.03 crores, or, 44.26% of the overall anchor allocation of shares in Tenneco Clean Air India Ltd done on November 11, 2025. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251111-44&attachedId=33a6fff9-4d57-48ee-8fc0-b5478b33eb9e 

Out of the 2,72,04,030 shares allocated to the anchors in the IPO, there were a total of 1,47,31,440 shares allocated to mutual funds registered with SEBI. The allocation was made to 41 mutual fund schemes across 17 AMCs. Mutual funds accounted for 54.15% of the total anchor allocation of the IPO. Global FPIs, Sovereign Funds, AIFs, and insurance companies were also active in participating in the anchor allocation of Tenneco Clean Air India Ltd. 

Next Step in the IPO

Post the closure of the IPO subscription on 14th November 2025, the basis of allotment will be finalized on 17th November 2025 and the refunds will be initiated on 18th November 2025. In addition, the demat credits are expected to also happen on 18th November 2025 and the stock will list on 19th November 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 18th November 2025 under ISIN (INE19RI01016). 

IPO Subscription Status On Day-1

As of 5.35 pm on 12th November 2025, out of the 666.67 lakh shares on offer in the IPO (excluding anchor portion), Tenneco Clean Air India Ltd saw bids for 277.82 lakh shares. This implies an overall subscription of 0.42X or 42% at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Tenneco Clean Air India Ltd was as under: 

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to November 14, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.35 pm on 13th November 2025, out of the 666.67 lakh shares on offer in the IPO (excluding anchor portion), Tenneco Clean Air India Ltd saw bids for 1,952.12 lakh shares. This implies an overall subscription of 2.93X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Tenneco Clean Air India Ltd was as under: 

The subscriptions were led by the HNI / NII Investors followed by the QIB investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to November 14, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-3

As of 7.25 pm on 14th November 2025, out of the 666.67 lakh shares on offer in the IPO (excluding anchor portion), Tenneco Clean Air India Ltd saw bids for 39,221.38 lakh shares. This implies an overall subscription of 58.83X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Tenneco Clean Air India Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO of Tenneco Clean Air India Ltd was open up to November 14, 2025, and has closed for subscription as of the close of trading hours on November 14, 2025. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO, although a higher subscription is not an automatic guarantee of a strong listing of the IPO stock on the bourses. 

About the Tenneco Clean Air India Ltd

The IPO of Tenneco Clean Air India Ltd opened on November 12th, 2025 and closed on November 14th, 2025. The overall IPO comprised entirely of an offer for sale (OFS) of 9,38,70,696 shares (938.71 lakh shares) worth ₹3,726.67 crore at the upper price band of ₹397 per share. The allotment status will be finalized by end of day (EOD) of November 17, 2025. Here is how to check your allotment status for the IPO of Tenneco Clean Air India Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd). 

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select Tenneco Clean Air India Ltd   from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip OR 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Tenneco Clean Air India Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select TENNIND from the dropdown box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip AND 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Tenneco Clean Air India Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

Checking Allotment Status of IPO on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1. You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call.