Tenneco Clean Air India IPO
Bookbuilding IPO | ₹3,600.00 Cr | Listing at BSE, NSE
IPO Open
Wed, Nov 12, 2025
IPO Close
Fri, Nov 14, 2025
Price Band
₹378.00 to ₹397.00
Market Cap (Pre-IPO)
₹16,023.09 Cr
IPO Details
| IPO Date | Nov 12, 2025 to Nov 14, 2025 |
| Listing Date | Tentative: Nov 19, 2025 |
| Face Value | ₹10.00 per share |
| Price Band | ₹378.00 to ₹397.00 |
| Lot Size | 37 Shares (Minimum: ₹14,689.00) |
| Sale Type | Offer For Sale |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹3,600.00 Crores |
| Total Shares Offered | 90,680,100 shares |
| Offer For Sale | 90,680,100 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 174.78x |
| NII | 42.79x |
| RII | 5.37x |
| Total | 61.79x |
Tenneco Clean Air India IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 4,53,40,050 (50.00%) |
| Retail Shares Offered | 3,17,38,035 (35.00%) |
| NII Shares Offered | 1,36,02,015 (15.00%) |
Tenneco Clean Air India IPO Lot Size
Investors can bid for a minimum of 37 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 37 | ₹14,689 |
| Retail (Max) | 13 | 481 | ₹190,957 |
| S-HNI (Min) | 14 | 518 | ₹205,646 |
| S-HNI (Max) | 68 | 2,516 | ₹998,852 |
| B-HNI (Min) | 69 | 2,553 | ₹1,013,541 |
Tenneco Clean Air India Financial Information (Restated Consolidated)
Tenneco Clean Air India Ltd.'s revenue decreased by 11% and profit after tax (PAT) rose by 33% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 2,918.77 | 2,831.58 | 2,136.26 | 2,429.65 |
| Total Income | 1,316.43 | 4,931.45 | 5,537.39 | 4,886.96 |
| Profit After Tax | 168.09 | 553.14 | 416.79 | 381.04 |
| EBITDA | 228.88 | 815.24 | 612.09 | 570.63 |
| NET Worth | 1,250.38 | 1,255.09 | 1,116.59 | 1,378.82 |
| Reserves and Surplus | 1,204.30 | 1,208.76 | 767.26 | 896.05 |
| Total Borrowing | 0.00 | 0.00 | 0.00 | 0.86 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 42.65% |
| ROCE (Return on Capital Employed) | 56.78% |
| Debt/Equity | 0.00 |
| RoNW (Return on Net Worth) | 46.65% |
| PAT Margin (Profit After Tax Margin) | 11.31% |
| EBITDA Margin | 16.67% |
| Price to Book Value | 12.77 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 13.71 | 16.66 |
| P/E (x) | 28.97 | 23.83 |
| Promoter Holding | 97.25% | 74.79% |
Company Promoters
- The promoters of the company are Tenneco Mauritius Holdings Limited
- Tenneco (Mauritius) Limited
- Federal-Mogul Investments B.V.
- Federal-Mogul Pty Ltd and Tenneco LLC .
Company Overview
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 products for automotive applications. The company operates within the Clean Air division, focusing on emission control technologies for both light and commercial vehicles.
In India, Tenneco Clean Air provides advanced exhaust and after-treatment systems, helping vehicle manufacturers meet increasingly stringent emission norms such as Bharat Stage VI. Its product portfolio includes catalytic converters, diesel particulate filters (DPFs), mufflers, and exhaust pipes.
The company has manufacturing facilities strategically located across India to support OEMs and Tier 1 customers. It emphasizes sustainability, innovation, and compliance with environmental regulations through advanced R&D and engineering capabilities.
As of March 31, 2025, the company have 12 manufacturing facilities, comprising seven Clean Air & Powertrain Solutions facilities and five Advanced Ride Technology facilities, across seven states and one union territory in India.
Products:
- The Clean Air & Powertrain Solutions division: Clean Air Solutions, Powertrain Solutions
- The Advanced Ride Technologies division designs, manufactures and sells shock absorbers, struts and advanced suspension systems.
As of March 31, 2025, the company had 145 employees dedicated to the design, engineering and R&D department.
Company Strengths
- Market leading supplier of critical, highly engineered and technology intensive clean air, powertrain and suspension solutions to leading Indian and global OEMs
- Strategically diversified portfolio of proprietary products and solutions well positioned to capture market and industry trends
- Innovation-focused approach aided by our ability to leverage Tenneco Group’s global R&D initiatives to cross-deploy global technologies for proprietary, modular and customized products at Indian price points
- Flexible and automated manufacturing footprint of 12 strategically located plants well-supported by a localized supply chain
Tenneco Clean Air India IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Tenneco Clean Air India Limited | 13.68 | 13.68 | 31.10 | 0.00 | 46.65 | 0.00 | Consolidated |
| Bosch | 683.25 | 683.25 | 4,682.16 | 57.39 | 15.58 | 6.74 | Consolidated |
| Timken India | 59.48 | 59.48 | 378.21 | 49.22 | 17.00 | 8.59 | Consolidated |
| SKF India | 114.50 | 114.50 | 525.50 | 19.21 | 21.43 | 8.77 | Consolidated |
| ZF Commercial Vehicle Control System India | 242.90 | 242.90 | 1,694.75 | 53.67 | 15.35 | 7.70 | Consolidated |
| Sharda Motor Industries | 109.71 | 109.71 | 184.97 | 9.67 | 30.46 | 10.09 | Consolidated |
| Gabriel India | 17.05 | 17.05 | 82.38 | 75.92 | 22.42 | 7.22 | Consolidated |
| Uno Minda | 16.42 | 16.37 | 95.99 | 75.11 | 18.36 | 11.12 | Consolidated |
| Sona BLW Precision Forgings | 9.92 | 9.92 | 88.38 | 14.76 | 14.76 | 5.42 | Consolidated |
Quick Info
| Sector | Automobile & Auto Components |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹16,023.09 Cr |
Important Dates
| IPO Open | Nov 12, 2025 |
| IPO Close | Nov 14, 2025 |
| Allotment Date | Nov 17, 2025 |
| Credit to Demat | Nov 18, 2025 |
| Listing Date | Tentative: Nov 19, 2025 |
Lead Manager(s)
JM Financial Ltd.
Registrar
Description
- Tenneco Clean Air IPO is a book build issue of ₹3,600.00 crores. The issue is entirely an offer for sale of 9.07 crore shares of ₹3,600.00 crore.
- Tenneco Clean Air IPO bidding started from Nov 12, 2025 and ended on Nov 14, 2025. The allotment for Tenneco Clean Air IPO was finalized on Nov 17, 2025. The shares got listed on BSE, NSE on Nov 19, 2025.
- Tenneco Clean Air IPO price band is set at ₹397.00 per share . The lot size for an application is 37. The minimum amount of investment required by an retail is ₹14,689 (37 shares) (based on upper price). The lot size investment for sNII is 14 lots (518 shares), amounting to ₹2,05,646, and for bNII, it is 69 lots (2,553 shares), amounting to ₹10,13,541.