Tenneco Clean Air India made a strong debut on Dalal Street on Wednesday, listing at a hefty premium and rewarding IPO allottees with impressive listing-day gains. The stock opened at ₹505 on the NSE, up 27.20% from the issue price of ₹397, and later inched up to ₹509 by 1:24 pm. On the BSE, shares listed at ₹498, reflecting a 25.44% premium.
The IPO — an offer for sale (OFS) of 9.07 crore shares worth ₹3,600 crore by promoter Tenneco Mauritius Holdings — did not include a fresh issue. This means all proceeds go directly to the selling shareholder, while the company gains enhanced visibility through public listing.
How Much Profit Investors Made Per Lot
Each IPO lot comprised 37 shares. With the listing price touching ₹505, investors pocketed a tidy profit of ₹18,685 per lot, making it one of the stronger debuts of the month.
Massive Subscription: 58.83 Times Overall
The public issue saw an overwhelming response, garnering bids for 3.92 billion shares against 6.66 crore shares on offer.
Subscription Breakdown:
| Category | Subscription |
|---|---|
| QIBs | 166.42× |
| Non-Institutional Investors | 40.74× |
| Retail Investors | 5.11× |
| Total | 58.83× |
Ahead of the IPO, the company also raised ₹1,079.99 crore from marquee anchor investors including SBI MF, HDFC MF, ICICI Prudential MF, BlackRock, ADIA, Nomura, and Norway’s Government Pension Fund Global.
About Tenneco Clean Air India
Part of the US-based Tenneco Group, the company manufactures high-precision, technology-driven clean air, powertrain, and suspension solutions. Its product range includes exhaust aftertreatment systems, catalytic converters, mufflers, shock absorbers, and struts—all critical components for modern vehicles.
In its RHP, the company said that the listing will help strengthen brand visibility and create liquidity for its equity shares in India’s capital market.