Tenneco Clean Air India IPO off to a muted start; should you apply for it?

Tenneco Clean Air India IPO Day 1 Updates: By 11:40 AM on Day 1, the issue was subscribed 0.11 times, with NIIs at 0.24x and retail investors at 0.12x.

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Tenneco Clean Air India IPO Day 1: Tenneco Clean Air India IPO opened for subscription today, Wednesday, November 12, 2025, but witnessed a muted start. 

 

By 11:40 AM on Day 1, the issue was subscribed 0.11 times, with NIIs at 0.24x and retail investors at 0.12x.

 

The ₹3,600 crore IPO is entirely an offer for sale (OFS) of 90.7 million shares and will close on November 14, 2025.

 

Founded in 2018, Tenneco Clean Air India Ltd, a subsidiary of Tenneco Inc., designs and manufactures clean air and powertrain products for automotive applications. 

 

It focuses on emission control systems such as catalytic converters, diesel particulate filters, mufflers, and exhaust pipes, supporting automakers in meeting Bharat Stage VI norms.

 

The company operates 12 manufacturing facilities across India and employs 145 R&D professionals, stressing upon innovation, sustainability, and regulatory compliance. 

 

Tenneco Clean Air India IPO: Should you apply?

 

SBI Securities

 

Tenneco India, part of the global Tenneco Group, supplies critical, high-technology clean air, powertrain, and suspension solutions with leading market positions. The company leverages its parent’s 5,000 patents and 7,500 trademarks to design products tailored for Indian OEMs and is well placed to benefit from the growing premiumisation trend in the Indian auto industry. At the upper price band of ₹397, the IPO is valued at 29x FY25 P/E and 19.3x EV/Ebitda. SBI Securities recommends a ‘Subscribe’ rating.

 

Reliance Securities

 

Reliance Securities also sees Tenneco Clean Air India as a strong, future-ready player in automotive emission control, backed by its global lineage, diversified product portfolio, and close integration with OEMs. With exposure to tightening emission norms, industrial clean-air needs, and the global push for compliant vehicular systems, Reliance Securities too recommends investors to ‘Subscribe’ to the issue.  CATCH STOCK MARKET LIVE UPDATES TODAY

 

Tenneco Clean Air India IPO: All you need to know

 

Tenneco Clean Air India IPO lot size

 

The Tenneco Clean Air IPO allows investors to bid for a minimum of 37 shares, and thereafter in multiples of 37. The IPO has separate investment limits for retail investors and high net-worth individuals (HNIs).

 

For Retail Investors, the minimum investment is one lot comprising 37 shares, amounting to ₹14,689. The maximum investment permitted under the retail category is 13 lots, which equals 481 shares, translating to an amount of ₹1,90,957.

 

For Small HNIs (S-HNI), the minimum investment starts from 14 lots or 518 shares, requiring a minimum outlay of ₹2,05,646. The maximum limit under this category is 68 lots, representing 2,516 shares, with a total investment of ₹9,98,852.

 

Meanwhile, Big HNIs (B-HNI) need to apply for a minimum of 69 lots, which corresponds to 2,553 shares, involving an investment of ₹10,13,541 or more.

 

Tenneco Clean Air India IPO objective

 

The company will not receive any proceeds from the Offer (the “Offer Proceeds”) and all the Offer Proceeds will be received by the Promoter Selling Shareholder after deduction of Offer-related expenses and relevant taxes thereon, to be borne by the Promoter Selling Shareholder, the company’s RHP stated.

 

Tenneco Clean Air India IPO allotment, listing date

 

The allotment for the Tenneco Clean Air IPO is expected to be finalized on November 17, 2025. Tenneco Clean Air IPO will list on BSE and NSE, with a tentative listing date fixed as November 19, 2025. The IPO price band is set at ₹378 to ₹397 per share.

 

Tenneco Clean Air India IPO GMP

 

Tenneco Clean Air India IPO GMP stands at ₹79, indicating an expected listing gain of around 19.90 per cent. GMP refers to the Grey Market Premium.

 

Tenneco Clean Air India IPO lead managers

 

JM Financial Ltd, Citigroup Global Markets India, Axis Capital, and HSBC Securities and Capital Markets (India) are the book-running lead managers, while MUFG Intime India Pvt. Ltd. is the registrar of the issue.

 

Tenneco Clean Air India IPO financials

 

Tenneco Clean Air India Ltd. reported a decline of 11 per cent in revenue and a 33 per cent rise in profit after tax (PAT) between FY24 and FY25. For the period ended June 30, 2025, the company’s total income stood at ₹1,316.43 crore, while PAT was ₹168.09 crore and Ebitda came in at ₹228.88 crore.

 

For the financial year ending March 31, 2025, total income was ₹4,931.45 crore, compared to ₹5,537.39 crore in FY24 and ₹4,886.96 crore in FY23. PAT rose to ₹553.14 crore in FY25 from ₹416.79 crore in FY24 and ₹381.04 crore in FY23. 

 

The company’s total assets grew to ₹2,831.58 crore in FY25 from ₹2,136.26 crore in FY24.