The Indian stock market welcomes a significant new listing today as Tenneco Clean Air India Limited makes its debut on the bourses. The much-anticipated initial public offering (IPO) of the clean air and powertrain products manufacturer culminates with the official listing of its equity shares.
Key Listing Details and Market Debut
Tenneco Clean Air India shares will be listed and admitted to dealings on both the BSE and NSE starting today, Wednesday, November 19, 2025. This follows the successful conclusion of the company's public issue, which was open for subscription from November 12 to November 14. The allotment of shares was finalized on November 17, paving the way for today's market entry.
A notice on the BSE informed trading members that the scrip will be part of a Special Pre-open Session (SPOS) on the listing day. Investors will be able to start trading Tenneco Clean Air shares from 10:00 AM.
Strong Grey Market Indication and Financial Performance
Ahead of the formal listing, the trends in the grey market premium (GMP) have painted a bullish picture. Tenneco Clean Air IPO GMP today stands at a robust ₹103 per share. This indicates that in the unofficial grey market, the shares are trading at a significant premium over the issue price.
This strong GMP signals that the estimated listing price could be around ₹500 per share, which would represent a handsome premium of 26% to the issue price of ₹397 per share. Market analysts echo this optimism, expecting the stock to list at a solid premium.
The company's fundamentals support this positive sentiment. Tenneco Clean Air India has demonstrated impressive financial growth, with its net profit surging from ₹381 crore in FY23 to ₹553 crore in FY25. Concurrently, its margins expanded healthily from 7.9% to 11.3%. This positive momentum continued into the first quarter of FY26, showcasing robust profitability.
Analyst Outlook and IPO Subscription Frenzy
While the excitement is palpable, some experts advise a note of caution regarding immediate gains. Bhavik Joshi, Business Head at INVasset PMS, noted that with a P/E multiple of approximately 24x on annualized FY26 earnings, the issue is fairly valued and may leave limited room for listing gains. However, he also highlighted the company's strong fundamentals, including its solid parentage, consistent dividend record, and high return ratios, with a Return on Capital Employed (RoCE) above 50% in FY25.
The public issue itself witnessed an overwhelming response from investors. The Tenneco Clean Air IPO was subscribed a massive 48.73 times overall. The breakdown reveals even more staggering numbers: the Retail Individual Investors (RIIs) category was subscribed 7.05 times, while the Non-Institutional Investors (NII) segment saw a 54.42 times subscription. The most overwhelming demand came from Qualified Institutional Buyers (QIBs), whose category was subscribed a colossal 117.63 times.
The company raised ₹3,600 crore through this book-building issue, which was entirely an Offer for Sale (OFS) of 9.07 crore equity shares. The price band for the IPO was set at ₹378 to ₹397 per share. JM Financial Ltd. acted as the book running lead manager, with MUFG Intime India Pvt. Ltd. serving as the registrar for the issue.
