Updated on 19.11.2025 @ 10:59 AM
Tenneco Clean Air India Limited is launching its mainboard Initial Public Offering (IPO) on November 12, 2025.
The issue is a 100% Offer for Sale (OFS) by its promoter, Tenneco Mauritius Holdings Limited.
The price band has been fixed at ₹378 to ₹397 per share, with a minimum lot size of 37 shares.
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The IPO has already sparked significant interest in the unlisted market, with a strong Grey Market Premium (GMP) of ₹96, indicating robust investor demand and the potential for a strong listing.
In this article, you will find Tenneco Clean Air IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review.
Investors often track the IPO GMP before deciding their subscription strategy.
Briefs of Tenneco Clean Air IPO Details
- Price Band: ₹378 – ₹397 per share
- IPO Open / Close Dates: November 12, 2025 – November 14, 2025
- Lot Size: 37 Shares
- Issue Size: 9,06,80,101 shares (aggregating up to ₹3,600 Crores)
- Fresh Issue / OFS: 100% Offer for Sale
- Registrar: JM Financial Ltd.
- Listing Exchange: BSE & NSE
What is The Tenneco Clean Air IPO GMP Today?
- Note: The current Grey Market Premium (GMP) of ₹96 suggests a potential listing premium of around 24% over the upper price band. GMP is an unofficial indicator and changes frequently based on market sentiment and subscription demand. The share finally listed at 25% premium.
You can monitor the IPO subscription status to see how heavily the issue is being subscribed.
Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 397 | 498 | 25.4 |
What Are The Important Tenneco Clean Air IPO Dates & Allotment Schedule?
- IPO Open & Close Date: November 12, 2025 – November 14, 2025
- Basis of Allotment Date: November 17, 2025
- Refund Initiation Date: November 18, 2025
- Credit of Shares: November 18, 2025
- Listing Date: November 19, 2025
What are The Objectives of Tenneco Clean Air IPO?
This is a critical point for investors to understand. The IPO is a 100% Offer for Sale, which means:
- The company, Tenneco Clean Air India, will not receive any proceeds from the public issue.
- The entire amount of ₹3,600 crores will go directly to the selling promoter, Tenneco Mauritius Holdings Limited, which is monetising a part of its stake in the company.
Briefs of Financial Performance of Tenneco Clean Air
(Amounts in ₹ Crores)
Particulars | FY25 | FY24 | FY23 |
Total Income | ₹4,931.45 | ₹5,537.39 | ₹4,886.96 |
Profit After Tax (PAT) | ₹553.14 | ₹416.79 | ₹381.04 |
Tenneco Clean Air has a stellar financial track record. The company is net debt-free, holding more cash than its total debt. Its revenue has been stable, but its profitability has been on a strong upward trend, with profit after tax (PAT) growing consistently.
Source: Tenneco Clean Air RHP
The company boasts exceptional return ratios, with a very high Return on Net Worth (RoNW) of 46.65% in FY25, and a negative cash conversion cycle, indicating highly efficient working capital management.
Based on its FY25 earnings, the IPO is priced at a P/E multiple of approximately 27x.
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Industry Outlook
- Tenneco is a Tier-I global auto component supplier with a dominant position in the Indian market for clean air (exhaust systems), powertrain, and suspension solutions.
- Its key customers are leading Indian and global OEMs across passenger and commercial vehicle segments.
- With tightening emission standards like BS6 and the upcoming TREM V norms, the demand for the company's highly engineered and technologically advanced products is set to grow robustly.
What are The Strengths and Risks of Tenneco Clean Air IPO?
Strengths:
- Market Leader with a Global Brand: A dominant player in the auto components sector, backed by the global Tenneco Group.
- Net Debt-Free with Excellent Financials: A strong balance sheet, consistent profit growth, and exceptional return ratios and working capital management.
- Technological Moat: A leader in providing highly engineered and technology-intensive solutions for emission control.
- Strong Customer Relationships: Long-standing relationships with all major automotive OEMs in India.
Risks:
- 100% Offer for Sale (OFS): This is the biggest red flag. The promoter is cashing out, and no money is being raised for the company's future growth.
- Dependence on Tenneco Group: The company is heavily reliant on its parent for technology, brand, and R&D.
- High Customer Concentration: The top 10 customers contribute over 80% of the company's value-added revenue.
- History of Internal Control Weakness: The prospectus notes a past instance of "material weakness" in internal controls related to fraudulent payments in a subsidiary.
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What are The Expert Recommendations – Should You Apply?
Subscribe for Listing Gains & Long-Term
The Tenneco Clean Air IPO offers a rare opportunity to invest in a market-leading, net debt-free company with a strong technological moat and excellent financials. While the 100% OFS structure is a concern, the underlying business is of very high quality.
- For Long-Term Investors: This is a strong candidate for a core portfolio. It is a financially robust company with a dominant market position in a sector with high entry barriers.
- For Listing Gains: The strong Grey Market Premium of around ₹96 indicates robust investor demand and suggests a healthy listing day gain of around 24% is possible. This makes the IPO very attractive for those seeking short-term gains as well.
- Our View: The business fundamentals are exceptional, and the brand is a leader in its space. While the OFS is a drawback, the strong market sentiment, healthy GMP, and reasonable valuation make it a compelling opportunity. We recommend "Subscribe" for both potential listing gains and long-term holding.
Key Takeaways
- IPO Price Band: ₹378 – ₹397 per share
- Lot Size: 37 Shares (Minimum Investment: ₹14,689)
- GMP Today: ₹96 (Indicating a strong premium of ~24%)
- Allotment & Listing Dates: Tentative listing on November 19, 2025.
- Recommendations of experts: Subscribe. A fundamentally strong, net debt-free market leader with strong investor demand, making it attractive for both listing gains and long-term investment.
FAQs on Tenneco Clean Air IPO
What is Tenneco Clean Air IPO price band?
The price band for the IPO is set at ₹378 to ₹397 per equity share.
What is Tenneco Clean Air IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Monday, November 17, 2025.
How to check Tenneco Clean Air IPO allotment status?
You can check the allotment status on the website of the IPO registrar or at the respective exchange once the basis of allotment is finalized.
What is Tenneco Clean Air IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE and NSE on Wednesday, November 19, 2025.
Should I apply for Tenneco Clean Air IPO?
Yes, this is a highly recommended IPO. The company is a net debt-free market leader with strong fundamentals and significant investor interest, as indicated by its GMP. It is attractive for both listing gains and long-term investment, despite being a 100% Offer for Sale.
IPO Disclaimer:
The content on this page is for informational purposes only and does not constitute financial advice or a recommendation to invest. Investing in IPOs involves risk of loss, and readers should do their own research or consult a qualified financial advisor before making any investment decisions. Past performance or trends do not guarantee future results.
