The IPO has already generated significant interest in the grey market, where it is trading at a GMP of around 16%, signalling strong investor demand ahead of listing.
The issue will remain open for three days, closing on November 14. It is an entirely offer for sale worth Rs 3,600 crore, priced in the Rs 378–397 per share band. The shares are scheduled to be listed on both NSE and BSE on November 19.
Tenneco Clean Air India IPO subscription update
As of 1:12 PM on Day 1, the Tenneco Clean Air India IPO was 19% subscribed overall.
Retail Individual Investors (RIIs) have shown moderate interest, subscribing to 19% of the 3.33 crore shares allocated to them.
Non-Institutional Investors (NIIs) have subscribed to 43% of their allocated 1.42 crore shares, reflecting slightly stronger demand in this segment.
Qualified Institutional Buyers (QIBs) have not placed any bids yet for the 1.90 crore shares reserved for them.
This early subscription pattern indicates that while retail and non-institutional investors have started participating, institutional demand is yet to pick up.
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Tenneco Clean Air India IPO GMP today
The IPO of Tenneco Clean Air India has already attracted significant attention in the grey market, signalling strong investor interest ahead of its listing. Currently, the shares are trading at a grey market premium (GMP) of around 16% over the issue price of Rs 397, indicating positive market sentiment and healthy demand.
Note: The GMP mentioned is unofficial and reflects grey market trends, not the actual listing price.
Tenneco Clean Air India IPO details
The Tenneco Clean Air India IPO is valued at Rs 3,600 crore and is a 100% offer for sale, comprising 9.07 crore shares. The price band for the IPO is set between Rs 378 and Rs 397 per share.
The IPO opens for subscription on November 12, 2025, and will close on November 14, 2025. The allotment is expected to be finalised on November 17, 2025, while the shares are scheduled to be listed on BSE and NSE with a tentative listing date of November 19, 2025.
Tenneco Clean Air India – Business overview
Tenneco Clean Air India is one of the leading players in India’s automotive component industry, specialising in the manufacture and export of clean air, powertrain, and suspension systems for both domestic and international markets. The company commands strong market positions across key segments: 57% in commercial trucks, 68% in off-highway vehicles, 19% in passenger vehicles, and 52% in shock absorbers. Its clientele includes prominent OEMs such as Maruti Suzuki, Hyundai, Tata Motors, and Ashok Leyland.
In FY25, Tenneco Clean Air India delivered robust financial performance, reporting revenue of Rs 4,890 crore, an EBITDA margin of 16.7%, PAT of Rs 553 crore, and a return on capital employed of nearly 57%. The company operates 12 automated manufacturing plants across India, with over 80% capacity utilization and 86% of materials sourced domestically. Its operations are further strengthened by two Indian R&D centres, integrated with Tenneco’s 39 global research facilities, enabling innovation and technological support for both local and international markets.
Should you subscribe?
According to Canara Bank Securities, the company’s valuations appear reasonable, with a P/E of 29x and P/B of 12.7x at the upper price band, compared with peers trading at 48x on average.
“Tenneco Clean Air India Ltd., backed by the US-based Tenneco Group, holds strong market positions and robust OEM partnerships. Despite dependence on its parent for IP, it maintains solid fundamentals and attractive margins. We recommend a Subscribe rating for both listing gains and long-term growth potential,” the brokerage said in its note.
Industry experts believe the IPO comes at a favourable time for the auto components sector. The Indian passenger vehicle market continues to expand, supported by rising demand for SUVs, stricter emission norms, and a growing shift toward cleaner and more efficient engine technologies.
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According to CRISIL, domestic PV sales are expected to grow at 4–6% CAGR through FY2030, with rising penetration of CNG, hybrid, and electric models creating new opportunities for component suppliers like Tenneco. The company’s well-diversified revenue base across domestic and export markets, strong balance sheet, and consistent cash flows could make it stand out among recent IPOs in the auto space.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)