Tenneco Clean Air IPO
Tenneco Clean Air Ltd. is launching a Book-Built Mainboard IPO of Rs. 3,000 crore, consisting entirely of an Offer for Sale by its promoters and existing shareholders.
Tenneco Clean Air IPO opens for subscription on Nov 12, 2025 and closes on Nov 14, 2025. The price band is fixed between Rs. 378 and Rs. 397 per share, with a lot size of 37 shares, requiring a minimum investment of Rs. 14,689 for retail investors. For small HNIs, the minimum application size is 518 shares (Rs. 2,05,646) and for large HNIs 2,553 shares (Rs. 10,13,541). The allotment for the Tenneco Clean Air IPO is expected to be finalized on Nov 17, 2025. Tenneco Clean Air IPO will list on BSE, NSE with a tentative listing date fixed as Nov 19, 2025.
The company’s equity shares are proposed to be listed on BSE and NSE.
JM Financial Ltd. is the Book Running Lead Manager, and MUFG Intime India Pvt. Ltd. is the Registrar to the issue.
🕗 Last Update: 19 November 2025, 6.00 AM
👉 GMP | Reviews | Subscription | Allotment
IPO Key Dates
| IPO Opens on | 12 Nov. 2025 |
| IPO Closes on | 14 Nov. 2025 |
| Allotment on | 17 Nov. 2025 |
| Initiation of Refunds | 18 Nov. 2025 |
| Credit of Shares | 18 Nov. 2025 |
| Listing Date | 19 Nov. 2025 |
IPO Key Details
| Particulars | Details |
|---|---|
| IPO Type | Book-Built Issue |
| Sale Type | 100% Offer for Sale |
| Total Issue Size | Rs. 3,600.00 crore |
| Face Value | Rs. 10 per share |
| Price Band | Rs.378-397 |
| Lot Size | 37 Shares |
| Listing At | BSE, NSE |
| Pre-Issue Share Capital | 40,36,04,309 shares |
| Post-Issue Share Capital | 40,36,04,309 shares |
Investor Reservation
| Category | Shares Offered |
|---|---|
| QIB | Not more than 50% of the Offer |
| Retail | Not less than 35% of the Offer |
| NII | Not less than 15% of the Offer |
How Shares can be applid?
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 1 | 37 | 14,689 |
| Retail (Max) | 13 | 481 | 1,90,957 |
| S-HNI (Min) | 14 | 518 | 2,05,646 |
| S-HNI (Max) | 68 | 2,516 | 9,98,852 |
| B-HNI (Min) | 69 | 2,553 | 10,13,541 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 100.00% |
| Promoter Holding Post-Issue | To be announced |
Promoters:
Tenneco Mauritius Holdings Ltd., Tenneco (Mauritius) Ltd., Federal-Mogul Investments B.V., Federal-Mogul Pty Ltd., and Tenneco LLC.
About Tenneco Clean Air India Ltd.
Incorporated in 2018, Tenneco Clean Air India Ltd. is a subsidiary of Tenneco Inc., a global automotive technology leader. The company designs and manufactures clean air and powertrain systems that help automakers meet evolving emission norms such as Bharat Stage VI.
Its Indian operations focus on emission control technologies, exhaust after-treatment systems, and advanced suspension systems for both light and commercial vehicles.
Its product line includes catalytic converters, diesel particulate filters (DPFs), mufflers, and exhaust pipes.
As of March 31, 2025, the company operated 12 manufacturing facilities (7 Clean Air & Powertrain units and 5 Advanced Ride Technology plants) across 7 states and 1 union territory in India.
Workforce: 145 employees are dedicated to R&D, design, and engineering functions.
Divisions & Products
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Clean Air & Powertrain Solutions:
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Clean Air Systems
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Powertrain Components
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Advanced Ride Technologies:
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Shock absorbers
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Struts
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Advanced suspension systems
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Competitive Strengths
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Market-leading supplier of high-tech clean air and suspension systems to global and Indian OEMs.
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Diversified product portfolio aligned with emission and electrification trends.
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Strong R&D and innovation capabilities leveraging global Tenneco technologies.
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12 automated and strategically located plants supported by localized supply chain.
Financial Snapshot (Rs. crore)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 2,831.58 | 2,136.26 | 2,429.65 |
| Total Income | 4,931.45 | 5,537.39 | 4,886.96 |
| Profit After Tax | 553.14 | 416.79 | 381.04 |
| EBITDA | 815.24 | 612.09 | 570.63 |
| Net Worth | 1,255.09 | 1,116.59 | 1,378.82 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 42.65% |
| ROCE | 56.78% |
| RoNW | 46.65% |
| PAT Margin | 11.31% |
| EBITDA Margin | 16.67% |
Company Contact
Tenneco Clean Air India Ltd.
RNS2, Nissan Supplier Park, SIPCOT Industrial Park,
Oragadam Industrial Corridor, Sriperumbudur Taluk,
Kancheepuram, Tamil Nadu – 602105
📞 +91 124 4784 530
✉ TennecoIndiaInvestors@tenneco.com
🌐 http://www.tennecoindia.com/
Lead Managers
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JM Financial Ltd.
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Citigroup Global Markets India Pvt. Ltd.
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Axis Bank Ltd.
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HSBC Securities & Capital Markets (India) Pvt. Ltd.
Registrar
MUFG Intime India Pvt. Ltd.
📞 +91-22-4918 6270
✉ tennecocleanair.ipo@in.mpms.mufg.com
🌐 https://linkintime.co.in/Initial_Offer/public-issues.html
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
Tenneco Clean Air India Ltd., a subsidiary of global auto-tech major Tenneco Inc., manufactures emission-control and powertrain components aligned with BS-VI norms. The company has a strong domestic footprint with 12 manufacturing plants across 7 states and 1 UT, supported by 145 R&D and engineering staff. Revenues have remained stable at Rs. 4,931 crore in FY25, while profitability improved sharply with PAT rising to Rs. 553 crore from Rs. 417 crore YoY. EBITDA also strengthened to Rs. 815 crore, indicating operational efficiency.
Chanakya View: The company enjoys a robust RoNW of 46.65%, driven by improved margins and efficient capital utilisation. Based on FY25 EPS of Rs. 13.68, the IPO is valued at a P/E of 29.02, which appears reasonable compared to global auto-tech peers given its strong BS-VI aligned product portfolio.
This 100% Offer for Sale will allow global investors to participate in India’s evolving auto component space. With stable financials, deep client relationships and improving profitability, the IPO offers meaningful medium-term growth prospects. – Must Apply
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Disclaimer
This article is for informational purposes only. Chanakya Ni Pothi does not engage in Grey Market trading or recommend decisions based solely on GMP trends. Investors should consult their SEBI-registered advisors before investing.
