Tenneco Clean Air IPO Enters Final Day with Strong Investor Response
The initial public offering of Tenneco Clean Air India Ltd, a subsidiary of the US-based Tenneco Group, has entered its third and final day of public subscription today, November 14. The IPO, which opened for bidding on November 12, has attracted significant investor interest, with subscription figures reaching 2.93 times the offered shares by the end of the second bidding day, according to data from the Bombay Stock Exchange.
IPO Details and Price Band
The company has fixed the price band at ₹378 to ₹397 per share for the public offering. What makes this IPO particularly noteworthy is that it comprises solely of an Offer for Sale (OFS) from the promoter, Tenneco Mauritius Holdings Ltd. This structure means that no new equity shares are being issued as part of the offering.
Since the offering is completely an OFS, Tenneco Clean Air India Ltd will not receive any funds from the IPO proceeds. Instead, all the money raised will go directly to the selling shareholder, Tenneco Mauritius Holdings Ltd, which is divesting part of its stake in the Indian subsidiary.
Strong Market Interest and GMP Performance
The grey market premium (GMP) for Tenneco Clean Air IPO shares stands at ₹78 today, indicating robust investor demand and positive market sentiment toward the offering. The healthy subscription numbers of 2.93 times demonstrate that both institutional and retail investors are showing confidence in the company's prospects.
Tenneco Clean Air India specializes in manufacturing and delivering essential, intricately designed, and technology-driven solutions for clean air systems, powertrains, and suspension components. The company serves both domestic Indian original equipment manufacturers and international export markets, positioning itself as a key player in the automotive components sector.
As the bidding window closes today, market participants will be closely watching the final subscription numbers and the listing date announcement. The strong response so far suggests that investors recognize the company's strategic position in the growing clean air and automotive technology space.
