The much-anticipated initial public offering (IPO) of Tenneco Clean Air India Ltd officially opened for subscription today, November 12. This marks a significant event for investors looking to participate in the public market debut of this automotive components subsidiary of the global Tenneco Inc.
Tenneco Clean Air IPO: Key Dates and Financial Details
The subscription window for the Tenneco Clean Air IPO is short and decisive. The offer will remain open for public bidding until November 14. Investors can expect the final allotment of shares to be finalized by November 17. Shortly after, the company's equity shares are scheduled to make their debut on the stock exchanges. The official IPO listing date is set for November 19, when Tenneco Clean Air India shares will be listed on both the BSE and NSE.
The company has set a price band of ₹378 to ₹397 per share for its public issue. This is not a fresh issue of capital, but entirely an Offer for Sale (OFS) of 9.07 crore equity shares. Through this book-building process, the company aims to raise a substantial ₹3,600 crore.
How to Apply and Grey Market Sentiment
For retail investors interested in applying, the lot size is set at 37 shares. Given the upper end of the price band, this translates to a minimum investment amount of ₹14,689. The book running lead manager for the issue is JM Financial Ltd., while MUFG Intime India Pvt. Ltd. is acting as the registrar for the IPO.
The market sentiment surrounding the IPO appears strong, as reflected in the grey market premium (GMP). According to market experts, the Tenneco Clean Air IPO GMP today is ₹61 per share. This indicates that in the unofficial grey market, the company's shares are trading at approximately ₹458 apiece, which is a premium of 15.4% over the upper issue price of ₹397. This positive GMP often signals high investor demand and a potentially strong listing.
What This Means for the Market
The successful launch of the Tenneco Clean Air IPO highlights the continued investor appetite for well-established industrial players in the Indian market. As a subsidiary of a global parent, the company's public offering is being closely watched as a barometer for similar future issues. The strong GMP suggests that the market is optimistic about the company's prospects post-listing, making it a key event to follow in the current financial week.
