Tenneco Clean Air India Limited is coming with a ₹3,600.00 crore mainboard IPO structured entirely as an Offer for Sale. The offer opens on November 12, 2025 and closes on November 14, 2025, with allotment expected on November 17 and a proposed listing on BSE and NSE on November 19, 2025. The price band and lot size will be announced; the minimum retail application and total number of shares will be updated once declared.
Tenneco Clean Air IPO
Mainboard book‑built issue (100% Offer for Sale)
UPCOMING IPOTenneco Clean Air India Limited is coming with a ₹3,600.00 crore mainboard IPO structured entirely as an Offer for Sale of 9,06,80,101 shares. The offer opens on November 12, 2025 and closes on November 14, 2025, with allotment expected on November 17 and a proposed listing on BSE and NSE on November 19, 2025. The price band is fixed at ₹378 to ₹397 per share; the minimum retail application is 1 lot of 37 shares (₹14,689 at upper band).
| Face Value | ₹10 per share |
|---|---|
| Issue Price Band | ₹378 to ₹397 per share |
| Offer Structure | Offer for Sale (100%) |
| Total Shares | 9,06,80,101 shares (aggregating up to ₹3,600.00 crore) |
| Issue Type | Book‑building IPO |
| Listing | BSE, NSE |
| Shareholding (Pre / Post) | 40,36,04,309 / 40,36,04,309 shares |
| Lead Manager | JM Financial Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Offer |
| NII (HNI) | Not less than 15% of the Offer |
| Retail (RII) | Not less than 35% of the Offer |
| Application Category | Maximum Bidding Limits | Bidding at Cut‑off Price Allowed |
|---|---|---|
| Only RII | Up to ₹2 Lakhs | Yes |
| Only sNII | ₹2 Lakhs to ₹10 Lakhs | No |
| Only bNII | ₹10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Employee limit: Up to ₹5 Lakhs; If applying as RII: up to ₹2 Lakhs; If applying as NII: sNII > ₹2 Lakhs and upto ₹10 Lakhs and bNII > ₹10 Lakhs | Yes for Employee and RII/NII |
| IPO Open | Wed, Nov 12, 2025 |
|---|---|
| IPO Close | Fri, Nov 14, 2025 |
| Allotment (Tentative) | Mon, Nov 17, 2025 |
| Refunds Initiation | Tue, Nov 18, 2025 |
| Credit to Demat | Tue, Nov 18, 2025 |
| Listing (Tentative) | Wed, Nov 19, 2025 |
| UPI Mandate Cut‑off | 5 PM on Fri, Nov 14, 2025 |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 37 | ₹14,689 |
| 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 |
Amounts calculated at upper price band (₹397 per share).
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. As of March 31, 2025, it operates 12 manufacturing facilities across seven states and one union territory—seven Clean Air & Powertrain Solutions facilities and five Advanced Ride Technology facilities. The ART division designs and supplies shock absorbers, struts and advanced suspension systems. As of March 31, 2025, 145 employees were dedicated to design, engineering and R&D.
Promoters
Tenneco Mauritius Holdings Limited, Tenneco (Mauritius) Limited, Federal‑Mogul Investments B.V., Federal‑Mogul Pty Ltd and Tenneco LLC.
Promoter Holding
| Pre‑Issue | 97.25% |
|---|---|
| Post‑Issue | 74.79% |
FY2023 – FY2025 & Q1 FY2026 (₹ crore)
| Period Ended | Assets | Total Income | PAT | EBITDA | Net Worth | Reserves | Total Borrowings |
|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 2,918.77 | 1,316.43 | 168.09 | 228.88 | 1,250.38 | — | — |
| FY2025 (31 Mar 2025) | 2,831.58 | 4,931.45 | 553.14 | 815.24 | 1,255.09 | 1,208.76 | — |
| FY2024 (31 Mar 2024) | 2,136.26 | 5,537.39 | 416.79 | 612.09 | 1,116.59 | 767.26 | — |
| FY2023 (31 Mar 2023) | 2,429.65 | 4,886.96 | 381.04 | 570.63 | 1,378.82 | 896.05 | 0.86 |
Source: Company RHP/DRHP and credible IPO trackers. From FY2024 to FY2025, revenue decreased ~11% while PAT increased ~33% (restated consolidated).
Refer to the Tenneco Clean Air IPO RHP for full details. All figures are as per the RHP and credible IPO trackers; post‑issue exact retail allotment numbers will be updated after allotment.
Interesting to see that Tenneco’s IPO is structured entirely as an Offer for Sale. With 50% reserved for QIBs and 35% for retail investors, it’ll be intriguing to see how the demand plays out, especially with so much of the offering targeted at institutional investors.
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