Apollo Global Management has shortlisted four investment banks as advisors as the global private equity giant prepares to list the India arm of its portfolio company, US-based auto component maker Tenneco Inc, multiple industry sources familiar with the matter told Chanakya.

“The IPO process for Tenneco’s India operations has begun, and the offering may be launched in FY26. Citi, Axis Bank, HSBC Securities, and JM Financial have been engaged for the deal,” one of the sources said.

In an initial meeting, the issuer company discussed key plans and the roadmap for the IPO, along with the roles and responsibilities for the advisors involved.

Another source added, “The quantum hasn’t been finalized, and plans may evolve based on market conditions, but as of now, the company is looking to raise approximately $400 million with a targeted valuation of $2 billion to $2.5 billion.”

A third source confirmed the details and mentioned that the filing of the draft papers was expected by May-June.

All three sources spoke to Chanakya on the condition of anonymity.

Bloomberg was the first to report the listing plans of Tenneco Automotive India Private Ltd, the Indian arm of the US firm, on January 14.

When reached for comment, Apollo Global Management, Citi, Axis Capital, and HSBC Securities declined to provide any details. Chanakya has sent email queries along with reminders to Tenneco Inc and is awaiting a response. A query to JM Financial remained unanswered at the time of publishing this article.

In February 2022, Tenneco announced that it had entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo in an all-cash transaction, with an enterprise valuation of approximately $7.1 billion, including debt. Post the completion of the buyout, the firm became a private company, the announcement added.

Tenneco is one of the world’s leading designers, manufacturers, and marketers of automotive products for original equipment and aftermarket customers. Through its DRiV, performance solutions, clean air, and powertrain groups, the company delivers advanced technology solutions for light vehicles, commercial trucks, off-highway machinery, industrial, motorsport, and aftermarket sectors. Its customer base includes major companies such as BMW, Ford, Nissan, Mercedes, Volvo, Toyota, Volkswagen, Great Wall Motors, SAIC Motors, and others, according to its website.

Recently, during an interview with CNBC TV-18, Jim Voss, CEO of Tenneco, said, “India is a key part of our past success, our current success, and certainly our future. Tenneco has been doing business in India since the 60s, with 19 manufacturing facilities, 6 aftermarket drive distribution centres, technology centres, and over 12,000 employees.”