Tenneco Clean Air IPO: Check IPO Date, Live Subscription and Key Details
Tenneco Clean Air India Limited, a subsidiary of the global automotive leader Tenneco Inc., specializes in emission control and ride performance systems. The company operates through two divisions: Clean Air & Powertrain Solutions, supplying advanced exhaust and after-treatment solutions (catalytic converters, DPFs, mufflers) to meet stringent emission standards like Bharat Stage VI; and **Advanced Ride Technologies**, providing shock absorbers and advanced suspension systems. Tenneco Clean Air operates 12 manufacturing facilities across seven states in India, serving major domestic and global OEMs and Tier 1 suppliers. The business leverages its parent's global R&D strength to deliver advanced, locally-affordable technologies.
Price Range
₹378.0 - ₹397.0
Issue Size
₹3,600 Crore
Lot Size
37 shares
IPO Type
Mainboard
GMP
₹103(+25.94%)
Est. Listing Price
₹500
Invisible
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Invisible
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Key Metrics
Check Live GMP
Face Value
₹10
EPS
16.66
P/E Ratio
23.83
RoNW
46.65%
ROE
42.65%
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Timeline
IPO Opens
12 Nov
IPO Closes
14 Nov
Allotment
17 Nov
Listing
19 Nov
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 12 November 2025 | Subscription starts |
| IPO Close Date | 14 November 2025 | Subscription ends |
| Allotment Date | 17 November 2025 | Allotment |
| Listing Date | 19 November 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,689 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,90,957 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,05,646 |
SHNI (Max)Below ₹10,00,000 | 68 | ₹9,98,852 |
BHNIAbove ₹10,00,000 | 69 | ₹10,13,541 |
IPO Objectives
- The IPO is entirely an Offer for Sale (OFS). The company will not receive any proceeds. The objective is to achieve the benefits of listing and provide liquidity to the selling shareholder (Tenneco Inc.).
Strengths
- The company is a leading supplier benefiting from Tenneco Inc.'s global technology and R&D network.
- It offers a wide range of products across clean air and advanced ride technologies, designed to meet changing emission standards (BS VI).
- The business has an extensive manufacturing footprint with 12 modern plants across seven states, ensuring proximity to major OEMs.
- It shows strong financial growth, with Profit After Tax (PAT) increasing by 33% and high EBITDA margin (16.53%) in FY25.
- The company operates in a high-growth and high-entry-barrier industry driven by stringent government mandates (BS VI, CAFE norms).
Weaknesses
- The IPO is a Pure Offer for Sale (OFS), meaning the company will receive no fresh proceeds for expansion or debt repayment.
- The business is vulnerable to automotive industry cycles and any slowdown in vehicle production or sales in India.
- It faces exposure to volatility in raw material prices (steel, aluminum, precious metals for catalysts), which can impact profitability.
- The company is highly dependent on a limited number of major OEMs for a substantial portion of its revenue.
- There is a risk of revenue volatility due to a significant 11% decrease in total income between FY24 and FY25.
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Financial Performance
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 2,918.77 | 2,831.58 | 2,136.26 | 2,429.65 |
| Revenue (₹ Cr.) | 1,316.43 | 4,931.45 | 5,537.39 | 4,886.96 |
| PAT (₹ Cr.) | 168.09 | 553.14 | 416.79 | 381.04 |
| Net Worth (₹ Cr.) | 1,250.38 | 1,255.09 | 1,116.59 | 1,378.82 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Tenneco Clean | 12.77 | 23.83 | 42.65% | 1,250.38 |
| Bosch | 7.86 | 40.75 | 14.59% | 13,813 |
| Timken India | 8.19 | 49.85 | 16.43% | 2,945 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.01x | 2.46x | 174.78x |
| NII | 1.16x | 7.57x | 42.79x |
| S-HNI | 1.3x | 7.19x | 29.61x |
| B-HNI | 1.09x | 7.75x | 49.38x |
| RII | 0.37x | 1.53x | 5.37x |
| Total | 0.44x | 3.09x | 61.79x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 1,81,36,020 | 3,16,98,44,427 | 1,25,842.82 |
| NII | 1,36,02,015 | 58,20,17,659 | 23,106.1 |
| Small NII | 45,34,005 | 13,42,72,001 | 5,330.6 |
| Big NII | 90,68,010 | 44,77,45,658 | 17,775.5 |
| RII | 3,17,38,035 | 17,02,75,480 | 6,759.94 |
| Total | 6,34,76,070 | 3,92,21,37,566 | 1,55,708.86 |
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Company Details
- Tenneco Clean Air India Ltd.
- RNS2, Nissan Supplier Park SIPCOT Industrial Park, Oragadam Industrial Corridor Sriperumbudur Taluk, Kancheepuram, -602105
- +91 124 4784 530
- TennecoIndiaInvestors@tenneco.com
- http://www.tennecoindia.com/
Registrar Details
- MUFG Intime India Pvt.Ltd.
- +91-22-4918 6270
- tennecocleanair.ipo@in.mpms.mufg.com
- https://linkintime.co.in/Initial_Offer/public-issues.html