Tenneco Clean Air shares make strong market debut with 27% listing premium

Tenneco Clean Air India Ltd made a strong market debut on Wednesday, listing at a significant premium to its issue price following robust investor demand during the initial public offering (IPO).

The stock opened at Rs 505 on NSE, reflecting a 27.20 per cent premium over the IPO price of Rs 397. On BSE, shares began trading at Rs 498, marking a 25.44 per cent premium.

The IPO saw substantial interest across all investor categories. The Rs 3,600-crore public issue was subscribed 58.83 times, receiving bids for about 392 crore shares against 6.66 crore shares on offer.

The offer was entirely an offer-for-sale (OFS), with no fresh equity being issued. Consequently, all proceeds will go to the selling shareholder, Tenneco Mauritius Holdings.

Other promoter group entities participating in the OFS include Federal-Mogul Investments BV, Tenneco LLC and Federal-Mogul Investments.

Tenneco Clean Air India is engaged in the manufacturing and supply of highly engineered, technology-intensive components used in clean air, powertrain and suspension systems.

The company caters to major Indian original equipment manufacturers (OEMs) and also serves export markets.