Tenneco Clean Air India makes solid debut; shares list at 27% premium over IPO price

Tenneco Clean Air India made a stellar debut on the domestic stock exchanges on Wednesday, broadly in line with Street expectations. The shares of Tenneco Clean Air, the local arm of the U.S.-based Tenneco Group, listed at ₹505 on the NSE, a premium of 27.2% over the IPO price of ₹397 apiece. On the BSE, the stock debuted 25.44% higher at ₹498 per share.

Post listing, Tenneco Clean Air shares gained as much as 30.2% to ₹517, while they hit lows of ₹479.75 and ₹480.10 on the BSE and NSE, respectively. At the time of reporting, the counter was up 23.8% at ₹491.50, with a market capitalisation of ₹19,833 crore. Meanwhile, the equity benchmarks — Sensex and Nifty50 — were trading marginally higher by 0.15%, paring opening losses.

Listing in line with expectations

Ahead of listing, Tenneco Clean Air shares were commanding a grey market premium (GMP) of ₹103 in the unlisted market, indicating a listing price of ₹505, up 27.20% from the issue price.

“The strong opening was supported by investor confidence in the company’s global backing, advanced clean-air and emission-control technology, and long-standing relationships with major automobile OEMs. Its diversified product range and alignment with tightening emission norms further strengthened sentiment,” said Shivani Nyati, Head of Wealth at Swastika Investmart.

She added that despite the upbeat debut, some caution remains due to the auto sector’s cyclicality, dependence on OEM volumes, and raw-material–linked margin pressures. “The IPO attracted solid institutional interest, driven by expectations of steady demand for emission-control systems and operational gains as scale improves.”

Nyati recommended allottees consider booking partial gains and holding the rest with a stop-loss near ₹480 per share.

IPO subscribed nearly 59 times

The ₹3,600-crore IPO of Tenneco Clean Air India received a stellar response from investors, with the issue drawing 58.83 times subscription. The IPO, entirely an offer for sale of 9.07 crore shares, received bids for 392 crore shares against 6.66 crore shares on offer.

The qualified institutional buyers (QIB) category led the subscription charts, getting subscribed a staggering 166.42 times, with bids for over 316.98 crore shares against the 1.90 crore shares on offer. The non-institutional investors (NII) segment was subscribed 40.74 times, receiving bids for 58.20 crore shares against 1.42 crore shares on offer. Retail investors subscribed their portion 5.11 times, placing bids for 17.02 crore shares against 3.33 crore shares reserved.

Incorporated in 2018, Tenneco Clean Air India Limited is a subsidiary of Tenneco Inc., a global leader in designing and manufacturing clean-air and powertrain solutions for automotive applications. The company forms part of Tenneco’s Clean Air division and specialises in advanced emission-control technologies for both light and commercial vehicles.

In India, Tenneco Clean Air supplies a comprehensive range of exhaust and after-treatment systems — including catalytic converters, diesel particulate filters (DPFs), mufflers, and exhaust pipes — enabling OEMs to comply with increasingly stringent emission regulations such as Bharat Stage VI.

As of March 31, 2025, the company operated 12 manufacturing facilities across seven states and one union territory, including seven Clean Air & Powertrain Solutions plants and five Advanced Ride Technology units.

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