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14 Nov, 2025
Tenneco Clean Air India IPO
The Tenneco Clean Air IPO size is around ₹3,600 crores and is a 100% offer-for-sale by existing promoter shareholders that include Tenneco Mauritius Holdings Ltd. There is no new issue component. This is a book-built IPO and its price band is between ₹378.00 to ₹397.00 per share. The subscription period begins on 12 November 2025 and ends on 14 November 2025. Its shares are likely to be listed on the stock exchanges NSE and BSE from 19 November 2025.
Company Background
Tenneco Clean Air India Ltd. is a unit of the US-based global automotive component supplier Tenneco Inc. Established in 2018, the firm develops and produces high-tech exhaust systems and clean air solutions for Indian OEMs as well as export markets. The company specialises in emission control systems that meet strict environmental norms such as BS-VI. It has 12 plants across India in seven states and union territories, namely Maharashtra, Gujarat, Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka, among others, with a significant presence in Pune as well. Its plant in Hosur was its second plant to be operational. The company supplies to top Indian automobile makers like Tata Motors, Mahindra & Mahindra, Maruti Suzuki, Hyundai, and Volvo Eicher.
Operations and Product Range
Facility and Production
Tenneco Clean Air India's manufacturing units make a variety of emission control products such as catalytic converters, diesel particulate filters, mufflers, and exhaust manifolds. These products are used for passenger and commercial vehicles across several markets, including lowering vehicle emissions to meet global environmental standards. The company has modern production facilities to meet increasing demand in India and overseas, and its combined production capacity has exceeded 1.5 million units annually as of FY2025, backed by advanced production equipment.
Brands and Market Presence
Being part of the Tenneco Group enables the company to have access to international technologies and patents, as well as be a major supplier for OEMs. It has established deep relationships with top automobile manufacturers and serves the domestic aftermarket as well as exports to other Tenneco group companies worldwide. Around 40% of its FY25 revenue was from exports, demonstrating the company’s strong global business footprint.
Tenneco Clean Air IPO Revenue Channels
Tenneco’s net sales are driven by domestic OEM sales, international shipping to Tenneco units worldwide, and servicing the domestic replacement market. In FY2025, Tenneco Clean Air India recorded ₹4,931 crores in revenues with strong growth and profitability, posting an EBITDA margin of 16.7% and a PAT margin of 11.3%.
Management and Shareholding
Promoters and Shareholding
The promoter and the selling shareholder for the Tenneco Clean Air IPO is Tenneco Mauritius Holdings Ltd., which owns 100% of its equity shares. The OFS will lead to an increase in public shareholding post-IPO. The promoter group also comprises Tenneco Mauritius Ltd, Federal-Mogul Investments BV, Federal-Mogul Pty Ltd, and Tenneco LLC.
Board Members
The Tenneco Clean Air IPO is overseen by a board that includes both Indian and international industry veterans with experience in automotive technology, finance, and corporate governance. The management team comprises the Managing Director and independent directors with a strong vision to grow and innovate as per global industry benchmarks.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Tenneco Clean Air India IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Tenneco Clean Air India IPO Details
| Detail | Description |
|---|---|
| IPO Date | November 12, 2025 to November 14, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹378 to ₹397 per share |
| Lot Size | 37 Shares |
| Sale Type | Offer For Sale |
| Total Issue Size | 9,06,80,101 shares (aggregating up to ₹3,600.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 40,36,04,309 shares |
| Share Holding Post Issue | 40,36,04,309 shares |
Tenneco Clean Air India IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Nov 12, 2025 |
| IPO Close Date | Fri, Nov 14, 2025 |
| Tentative Allotment | Mon, Nov 17, 2025 |
| Initiation of Refunds | Tue, Nov 18, 2025 |
| Credit of Shares to Demat | Tue, Nov 18, 2025 |
| Tentative Listing Date | Wed, Nov 19, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Nov 14, 2025 |
Tenneco Clean Air India IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 37 | ₹14,689 |
| Individual investors (Retail) (Max) | 13 | 481 | ₹1,90,957 |
| S-HNI (Min) | 14 | 518 | ₹2,05,646 |
| S-HNI (Max) | 68 | 2,516 | ₹9,98,852 |
| B-HNI (Min) | 69 | 2,553 | ₹10,13,541 |
Tenneco Clean Air India IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 97.25% |
| Promoter Holding Post Issue | 74.79% |
Competitive Strength:
- • Supported by Tenneco Inc., a reputable global player in automotive parts
- • Access to proprietary technology and R&D capabilities
- • Wide range of products supplying to present and future emission norms
- • Deep relationships with leading Indian OEMs and global automakers
- • Significant scale with 12 manufacturing plants spread over key locations in India
- • Export operations constitute a significant revenue segment
- • Strong financial performance with high EBITDA and ROE ratios
Tenneco Clean Air India IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 2,918.77 | 1,316.43 | 168.09 | 1,250.38 | - | |||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 2,831.58 | 4,931.45 | 553.14 | 1,255 | - | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 2,136.26 | 5,537.39 | 416.79 | 1,116.59 | - | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 2,429.65 | 4,886.96 | 381.04 | 1,378.82 | 0.86 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 42.65% |
| ROCE | 56.78% |
| Debt/Equity | 46.65% |
| RoNW | 11.31% |
| PAT Margin | 16.67% |
| EBITDA Margin | 12.77 |
| Price to Book Value | ₹16023.09 Cr. |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 13.71 | 16.66 |
| P/E (x) | 28.97 | 23.83 |
Tenneco Clean Air IPO Objectives
Since this is an offer-for-sale IPO, all proceeds from the issue will be received by the selling shareholders. The IPO aims to enhance public shareholding, unlock liquidity, and improve corporate governance and market visibility.
Conclusion
The Tenneco Clean Air IPO is a main-board IPO of 41,45,325 equity shares of the face value of ₹10 aggregating up to ₹500.00 crores. With healthy financials, strong parentage, and a growing domestic and international presence, this IPO offers optimism for gradual expansion in line with clean air technology in vehicles.
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Frequently asked Questions (FAQs )
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How big is the Tenneco Clean Air IPO?
The size of the IPO is ₹3,600 crore, consisting of a 100% offer-for-sale from promoter shareholders.
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Who are the promoters of Tenneco Clean Air India?
The promoters are Tenneco Mauritius Holdings Ltd. and other promoter entities of the international Tenneco group.
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How will the Tenneco Clean Air IPO proceeds be used?
Because it’s an OFS, the proceeds go to the selling shareholders; there aren’t any proceeds to the company itself.
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What products does Tenneco Clean Air India manufacture?
Emission control products like catalytic converters, diesel particulate filters, exhaust manifolds and mufflers.
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What about the company’s recent financial performance?
In FY2025, the company reported revenues of around ₹4,931 crores with strong profitability (EBITDA margin 16.7%, PAT margin 11.3%).
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