Tenneco Clean Air India finalised its IPO allotment on November 17. After this process, the company will begin crediting shares to successful bidders’ demat accounts. Issuing refunds to those who did not get shares will likely be on November 18.
| Tenneco Clean Air IPO | Key Details |
| Price Band | Rs 378-397 per share |
| IPO Date | November 12- 14 |
| GMP | 29% |
| IPO Allotment date | November 18 |
| Listing date | November 19 |
GMP trend
In the unofficial market, Tenneco’s unlisted shares were trading around Rs 514. This suggests a grey market premium (GMP) of nearly 30% over the upper price band of Rs 397.
However, it is also important to note that GMP is not the official listing price and may fluctuate based on market sentiment.
Subscription numbers
The IPO saw heavy interest across categories. The issue was subscribed 58.83 times, receiving bids for 3.92 billion shares, against just 6.66 crore shares on offer.
Pure offer-for-Sale
Tenneco’s Rs 3,600 crore IPO was entirely an offer-for-sale (OFS). This means the company is not raising fresh capital. All proceeds go to the selling shareholder, Tenneco Mauritius Holdings.
No new shares are being issued. Other group entities participating as promoters include Federal-Mogul Investments BV, Tenneco LLC, and Federal-Mogul.
Tenneco Clean Air IPO Allotment Status Highlights: Follow Live Coverage on Tenneco Clean Air IPO GMP, Allotment Status, Grey Market Premium, Listing Date, Review and More
Tenneco Clean Air IPO Allotment Status, GMP Live: Clean air solutions division
The division includes Clean Air Solutions, where the company designs, manufactures and sells exhaust after treatment systems, such as catalytic converters, mufflers and exhaust pipes to OEMs, and Power train Solutions, where it designs, manufactures and sells engine bearings, sealing systems and ignition products (such as spark plugs and ignition coils) to OEMs and the aftermarket under the ‘Champion’ brand.
Tenneco Clean Air IPO Allotment Status, GMP Live: Strong parentage support
The company leverages Tenneco Group’s extensive portfolio of over 5,000 active patents and 7,500 trademarks (as of June 2025) to deliver innovation-led solutions for Indian OEMs. It also operates two R&D technical centres in India, focused on developing products tailored to local market needs.
Its operations are structured into two primary divisions: ’Clean Air & Powertrain Solutions,’ offering exhaust systems, catalytic converters, and engine components; and ’Advanced Ride Technologies,’ which provides shock absorbers, struts, and other advanced suspension systems. With 12 manufacturing facilities across India, the company not only serves the domestic market but also functions as an export hub for Tenneco Group’s global network.
Tenneco Clean Air IPO Allotment Status, GMP Live: Company overview
Tenneco Clean Air India manufactures advanced clean air, suspension, and powertrain components for the automotive industry. The company serves a diverse customer base, including domestic original equipment manufacturers (OEMs) and export clients across major global automotive markets. It operates as a part of the US-based Tenneco Group, leveraging global expertise while catering to both Indian and international clients.
Tenneco Clean Air IPO Allotment Status, GMP Live: Anand Rathi take on this IPO
“Given its strong market leadership’s clean air and advance automotive components, growing SUVs premiumization demand and strategically diversified product portfolio supported by long standing OEM partnerships & Global R&D access. These strengths position Tenneco to capitalize on growing domestic demand and export opportunities, driving steady growth ahead Hence, we assign Subscribe for long term only rating for the issue,” said Anand Rathi Research in its IPO note.
Tenneco Clean Air IPO Allotment Status, GMP Live: Canara Bank Securities take on this IPO
“Despite reliance on its parent for technology and IP (2.5% royalty and renewal risks), it maintains solid fundamentals with Rs 553 crore PAT, 16.67% EBITDA margin, 12 plants, and 86% domestic sourcing. At the upper price band of Rs 397, valuations are attractive with a P/E of 29x and P/B of 12.7x versus peers at 48x and 8.5x. We recommend a SUBSCRIBE rating for both listing gains and long-term growth,” said Canara Bank Securities in its IPO note.
Tenneco Clean Air IPO Allotment Status, GMP Live: Key players of the issue
The book running lead managers for the company’s IPO are JM Financial, Citi Global Markets, Axis Capital, and HSBC Securities. MUFG is the registrar to the offer.
Tenneco Clean Air IPO Allotment Status, GMP Live: GMP trend
The Grey Market Premium (GMP) of the company is in the range of Rs 110–125 ahead listing.
This suggested an estimated 20–30% listing gain over the issue price. However, this is not the official listing price and may fluctuate based on market sentiment.
Tenneco Clean Air IPO Allotment Status, GMP Live: Price-to-Book Value: 12.81
P/E ratio: approx. 24x (based on expected FY26 earnings).
This is lower than the sector average P/E of about 48x, indicating a comparatively moderate valuation.
Tenneco Clean Air IPO Allotment Status, GMP Live: Efficiency and cost controls
The company highlights stronger cost controls within the Indian operations, leading to improved margins.
However, this is still subject to global pricing pressures and industry cycles.
Tenneco Clean Air IPO Allotment Status, GMP Live: Assets and balance sheet
As of June 30, 2025, Tenneco Clean Air India reported assets of Rs 2,918.77 crore. Its asset base has been growing steadily for the past two financial years.
Tenneco Clean Air IPO Allotment Status, GMP Live: External market risks
Global economic uncertainty, commodity price volatility, and industry slowdowns may influence valuations and stock performance after listing.
Tenneco Clean Air IPO Allotment Status, GMP Live: Regulatory environment is in favour
The implementation of stricter emission norms (BS6 Stage 2, and the anticipated BS7 and TREM V standards) mandates more advanced after-treatment systems, directly increasing demand for the company’s products. The vehicle scrappage policy is also expected to support new vehicle sales.
Tenneco Clean Air IPO Allotment Status, GMP Live: Restructuring-related challenges
Tenneco’s global restructuring has created multiple layers of management and boards.
This may result in overlapping costs or inefficiencies that could pressure margins over time.
Tenneco Clean Air IPO Allotment Status, GMP Live: Competitive and regulatory environment
Tenneco operates in a highly competitive auto-component sector. Performance depends heavily on:
Changing emission norms
Auto sector demand cycles
OEM production levels
Global supply chain stability
Tenneco Clean Air IPO Allotment Status, GMP Live: Purpose of the offer
Since the IPO is entirely an OFS, the company will not receive funds for expansion, R&D, or capacity building.
The disinvestment is mainly for global promoters to dilute their stake and realize value.
Tenneco Clean Air IPO Allotment Status, GMP Live: Mehta Equities on IPO valuation
"On valuation parse at the upper price band of Rs 397, the issue is asking for a market cap of Rs 16,023 crore based on FY26 annualised earnings and fully diluted post- IPO paid up capital, the company is asking for a PE of 23.8x, which appears fairly priced versus the industry avg., which is trading in the range of 45-50x. Given its leadership position, global pedigree, and readiness to capitalise on regulatory and electrification tailwinds, we believe Tenneco Clean Air is well positioned to capitalise on India’s evolving automotive technology landscape. Hence, we recommend investors 'Subscribe' to the Tenneco Clean Air India Ltd IPO for the long-term perspective," said Rajan Shinde, Research Analyst at Mehta Equities.
Tenneco Clean Air IPO Allotment Status, GMP Live: Subscription recap
The IPO saw very high demand, with the total subscription reaching 58.8 times.
Breakdown by investor categories:
QIBs (Qualified Institutional Buyers): 149.85x
Non-Institutional Investors (HNIs): 40.44x
Retail Investors: 4.66x
Tenneco Clean Air IPO Allotment Status, GMP Live: Anchor book participation
Tenneco raised Rs 1,080 crore through the anchor investor portion. These shares were allotted one day before the public issue opened.
Tenneco Clean Air IPO Allotment Status, GMP Live: Lot size and minimum onvestment
Investors had to apply for a minimum of 37 shares. This translated to an investment of Rs 13,986 to Rs 14,689, depending on whether one bid at the lower or upper end of the price band.
Tenneco Clean Air IPO Allotment Status, GMP Live: Price band and final issue price
The price band for the IPO was Rs 378–Rs 397 per share. The final issue price was fixed at Rs 397 per share. Each share has a face value of Rs 10.
Tenneco Clean Air IPO Allotment Status, GMP Live: 100% offer for sale
The IPO was completely an Offer For Sale (OFS), meaning no new shares were issued. Existing shareholders sold shares worth Rs 3,600 crore, and all proceeds go to them — not to the company.
Tenneco Clean Air IPO Allotment Status, GMP Live: Presence in India
Tenneco operates multiple engineering and manufacturing facilities across India. These units build products for domestic clients as well as export markets.
The company also leverages Tenneco’s global R&D and technical expertise.
Tenneco Clean Air IPO Allotment Status, GMP Live: What the company makes
The product line includes catalytic converters, exhaust systems, oxygen sensors, and other clean-air technologies.
These components help reduce harmful emissions and ensure vehicles comply with government regulations on pollution. The company sells to both original equipment manufacturers (OEMs) and the aftermarket.
Tenneco Clean Air IPO Allotment Status, GMP Live: Company background
Tenneco Clean Air India is part of the global Tenneco group, a long-established supplier of automotive components. The India business focuses mainly on emission-control products that help vehicles meet pollution standards.
Tenneco Clean Air IPO Allotment Status, GMP Live: Checking allotment status
Investors can check the status through:
– BSE website
– NSE website
– Registrar MUFG Intime India (official allotment portal)
You’ll need your PAN, application number, or DP ID/client ID to view the status.
Tenneco Clean Air’s shares are fetching a grey market premium (GMP) of Rs 122, implying an upside of almost 31% to the issue price of Rs 397. This translates to estimated listing price of Rs 519. A retail investor can book a gain of Rs 4,514 on one lot.
Tenneco Clean Air IPO Allotment Status, GMP Live: Timeline
The shares for Tenneco’s IPO are expected to be allotted by November 17. Initiation of refunds and the credit of shares to investors demat accounts are likely to begin on November 19. The company’s stock is also expected to list and begin trading on the exchange on November 19.
Tenneco Clean Air IPO Allotment Status, GMP Live: IPO details
The Tenneco Clean Air India IPO is a pure Offer for Sale (OFS). All the shares are being sold by Tenneco Mauritius Holdings. The company will not receive any funds from the issue since no new shares are being created.
Tenneco Clean Air IPO Allotment Status, GMP Live: Financial history of the company
The company has reported strong financial ratios in recent years, including ROE of 42.65%, ROCE of 56.78%, RoNW of 46.65%, PAT margin of 11.31%, and EBITDA margin of 16.67%.