Tenneco Clean Air India Ltd. has launched its initial public offering (IPO) to raise over Rs 3,500 crore from the primary market on November 12. The grey market premium (GMP) suggested a potential listing gain of nearly 19% per share over the issue price.
The IPO, a book-built issue worth Rs 3,600 crore, is entirely an offer for sale (OFS) of 9.07 crore shares. This means all proceeds will go to the selling shareholders, with the company not receiving any fresh capital from the issue.
India’s automotive industry is undergoing a significant transformation, transitioning to BS-VI emission standards and embracing hybrid and low-emission technologies. Tenneco Clean Air India Ltd. is capitalizing on this shift with its Rs 3,600-crore IPO, open for subscription until November 14.
Tenneco Clean Air India plans to raise ₹3,600 crore through an offer for sale, reducing its promoter stake to 74.8%. The company, a subsidiary of US-based Tenneco Inc., specializes in designing and manufacturing clean air and powertrain products for automotive applications.
