LIVE: Tenneco Clean Air IPO allotment likely today; GMP jumps to 31% ahead of listing – Key factors investors should watch

The IPO follows a structured allocation: 50% of the shares are meant for Qualified Institutional Buyers, 15% for Non-Institutional Investors, and 35% for retail investors. Anchor investors received 30% of the overall shares ahead of the issue opening.

Tenneco Clean Air operates under the global Tenneco group. The business is mainly involved in making clean air technologies, powertrain components, and suspension-related solutions for automobile manufacturers.

The total issue size stands at Rs 3,600 crore. In this offer, 9.06 crore shares are being sold to the public.

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.

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The Tenneco Clean Air India Limited IPO subscription closed on November 14. The overall issue was booked 58.83 times. The Qualified Institutional Buyers (QIBs) led the response with a 166.42 times subscription. The Non-Institutional Investors (NIIs) segment was subscribed 40.74 times, while the retail investors portion received a more moderate 5.11 times subscription.

“The IPO is considered competitively priced as it is valued at a Price-to-Earnings (P/E) multiple of approximately 29x based on FY25 earnings. This represents a significant discount compared to its auto ancillary peers, such as Bosch Ltd. and Uno Minda, which are trading at an average P/E of around 48-50x. The company’s primary moat is its dominant market leadership, holding over 50% share in key segments like clean air solutions for commercial trucks and shock absorbers for passenger vehicles. This position is secured by high switching costs from deep OEM integration (like Maruti Suzuki and Tata Motors) and access to its global parent’s advanced, proprietary technology required to meet strict emission norms,” said Deven Choksey Research in its IPO note.

“At the upper price band of Rs 397, TCAIL is valued at 29x FY25 P/E, which appears reasonable relative to peers. Supported by strong parentage, market leadership in clean-air and ride performance systems, established OEM partnerships, robust financials, and healthy return ratios, the company is well-positioned to capitalize on structural tailwinds in India’s auto sector, including premiumization and tightening emission norms. Hence, we recommend a ‘Subscribe’ rating for the long term,” said Geojit in its IPO note.

Visit the registrar’s official site: MUFG Intime.

Select ‘Tenneco Clean Air’ from the dropdown.

Choose any option: PAN, Application Number, DP ID/Client ID, or Bank Account Number.

Enter the required details and click Search to know your allotment.

– Go to the NSE IPO application tracking page.

– Click on ‘Equity and SME IPO Bid Details’.

– Select ‘Tenneco Clean Air’ from the list.

– Enter your application number and PAN.

– Submit to view your allotment status.

– Visit the BSE IPO allotment status page.

– Select ‘Equity’ as the issue type.

– Choose ‘Tenneco Clean Air’ from the dropdown.

– Enter your application number or PAN.

– Complete the captcha (I’m not a robot) and click Search.

If the allotment is confirmed today, here’s the expected schedule:

November 17 – Allotment finalisation

November 18 – Refunds and Demat credit

November 19 – Stock market listing on BSE and NSE

Tenneco Clean Air India manufactures highly engineered clean air, suspension, and powertrain components.

Its customer base includes:

– Domestic OEMs

– Export markets across global automotive hubs

The company operates as part of the US-based Tenneco Group.

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.