Abhishek Sinha
The Tenneco Clean Air India IPO has received a strong investor response, getting fully subscribed on Day 2 of bidding. The public issue, which opened on November 12, will close on November 14. On the first day, the issue was subscribed 42%, while by the second day, the overall subscription had risen to 2.93 times, as per BSE data.
Subscription Status (Day 2)
According to the latest figures, investors applied for 19.52 crore shares against the 6.66 crore shares available, reflecting broad-based participation across investor categories.
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Non-Institutional Investors (NIIs): Subscribed 7.18 times, booking 10.25 crore shares against 1.42 crore on offer.
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Qualified Institutional Buyers (QIBs): Subscribed 2.34 times, bidding for 4.45 crore shares against 1.90 crore available.
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Retail Investors: Subscribed 1.44 times, applying for 4.80 crore shares against the 3.33 crore on offer.
The numbers highlight solid interest from institutional and high-net-worth investors, indicating strong market confidence in the company’s fundamentals and prospects.
Company Overview
Tenneco Clean Air India Ltd. designs and manufactures advanced, precision-engineered clean air, powertrain, and suspension systems for Indian and global automotive manufacturers. The company serves as a key component supplier to major OEMs, focusing on sustainable and emission-reducing technologies.
Brokerage Review and Recommendations
Brokerage firm ICICI Direct has given a “Subscribe” rating to the IPO, citing Tenneco’s leadership in clean-air and ride performance systems and its strong partnerships with leading OEMs.
“Tenneco’s established position and long-term customer relationships, combined with rising demand for cleaner and more efficient vehicles, place it well for sustainable growth,” the report said.
The brokerage added that the issue looks attractively priced at about 29x FY25E P/E and 19x EV/EBITDA, supported by strong 30%+ return ratios.
Similarly, SBICAP Securities also recommended subscribing, noting that Tenneco effectively leverages its parent company’s portfolio of 5,000 patents and 7,500 trademarks to design India-specific solutions. The brokerage believes the company is poised to benefit from the premiumisation trend in India’s automotive sector.
“At the upper price band of ₹397, valuations appear reasonable. We recommend investors to subscribe to the issue,” SBICAP stated.
Tenneco Clean Air IPO GMP Today
In the grey market, Tenneco Clean Air’s IPO is currently commanding a premium of ₹85 per share. Based on the upper price band of ₹397, the estimated listing price is around ₹482, implying a 21.4% listing gain for investors.
IPO Details
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IPO Open Date: November 12, 2025
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IPO Close Date: November 14, 2025
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Price Band: ₹378–₹397 per share
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Total Issue Size: ₹— (Mainboard issue)
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Minimum Lot Size: 37 shares
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Listing On: BSE & NSE
Analyst Takeaway
With strong investor participation, robust fundamentals, and positive brokerage sentiment, Tenneco Clean Air India’s IPO appears well-positioned for a healthy listing. Both institutional and retail interest point toward confidence in the company’s growth trajectory in India’s rapidly evolving automotive ecosystem.
ANKUR TYAGI
