Tenneco Clean Air India’s ₹3,600 crore IPO subscribed nearly 59 times on final day
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The ₹3,600-crore initial public offering of Tenneco Clean Air India Ltd, the local arm of the U.S.-based Tenneco Group, saw a stellar response on the final day of bidding on Friday, with the issue drawing 58.83 times subscription. The IPO, entirely an offer for sale of 9.07 crore shares, got bids for 392 crore shares as 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.
Within QIBs, domestic financial institutions and insurance companies emerged as major contributors, bidding for 155.75 crore shares, followed by FIIs at 85.22 crore shares, mutual funds at 24.29 crore shares, and other institutions at 51.70 crore shares.
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, with total bids of 17.02 crore shares against 3.33 crore shares reserved.
The allotment of Tenneco Clean Air India shares are expected to be finalized on November 17, while tentative date for listing of shares on the BSE and NSE is November 19. The price band was set at ₹378–₹397 per share, with a lot size of 37 shares.
November 2025
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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.
The company operates through strategically located manufacturing facilities that support major OEMs and Tier-1 customers, backed by strong R&D and engineering capabilities with an emphasis on sustainability, regulatory compliance, and continuous innovation.
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.
Financially, Tenneco Clean Air India reported an 11% decline in revenue and a 33% rise in profit after tax (PAT) in FY25 compared to FY24.
As of March 31, 2025, the company’s total income stood at ₹4,931.45 crore, down from ₹5,537.39 crore in the previous year, while PAT increased to ₹553.14 crore from ₹416.79 crore. EBITDA rose to ₹815.24 crore in FY25 from ₹612.09 crore in FY24, reflecting improved operating performance.
The company’s net worth increased to ₹1,255.09 crore, supported by higher reserves of ₹1,208.76 crore. Total assets grew to ₹2,831.58 crore, compared with ₹2,136.26 crore a year earlier.