The Tenneco Clean Air IPO has seen fairly steady response from investors. It’s Day 2 and the IPO has been subscribed nearly 3x times overall so far till 2 pm on November 13. The grey market premium for the IPO has also seen a steady uptick. It is up 22% as of the last update.
| Tenneco Clean Air IPO | Key Details |
| Price Band | Rs 378-397 per share |
| IPO Date | November 12-14 |
| GMP | 22% |
| IPO Allotment date | November 18 |
| Listing date | November 19 |
Here is a detailed analysis of the issue –
Tenneco Clean Air IPO details
The Rs 3,600 crore is an offer for sale of 9.07 crore shares amounting to Rs 3,600 crore. This means there is no fresh issue of shares, and the proceeds will go to the key shareholders offloading their stake. The company has set the IPO price band between Rs 378- 397 per equity share. The IPO opened on November 12 and will bid for three days closing on November 14.
Tenneco Clean Air IPO: GMP trending higher
The grey market premium for the IPO has been trending higher. As of the last update, it indicates a 22% GMP, indicating the issue may list at a 22% higher rate compared to the upper end of the issue price – Rs 397 per share.
However, readers must remember that the GMP is an unofficial metric of investor sentiment. The actual listing price can be very different.
Tenneco Clean Air IPO: Subscription details
The IPO has been subscribed 2.66 times. Breaking it down, the retail portion is subscribed 1.31 times, the qualified institutional buyer (QIB) segment 2.29 times, and the non-institutional investor (NII) category 6.30 times.
Tenneco Clean Air IPO: Key dates to watch out for
Tentatively, the IPO allotment is expected to be finalised on November 18, while the listing on BSE and NSE is likely to be on November 19. JM Financial, Citi Global Markets, Axis Capital, anb HSBC Securities will handle Tenneco’s IPO, while MUFG is the registrar to the offer.
Tenneco Clean Air IPO: Investment lot size
To participate investors must bid in lot size of 37. Retail investors will have to bid for a minimum of 37 shares worth Rs 14,689. While, the lot size for small non-institutional investors is 14 lots equating to 518 shares worth Rs 2,05,626,. Big NII are required to bid in lots of 69, which totals to 2,553 shares amounting to Rs 10,13,541.
