Post by : Bianca Suleiman
On Wednesday, November 19, Tenneco Clean Air India experienced a lively market entry, showcasing a considerable premium over its IPO price. This enthusiasm was a clear indicator of the strong investor demand during the offer period.
The stock debuted on the NSE at ₹505, reflecting a remarkable 27.20% rise compared to the IPO price of ₹397. Although it experienced minor fluctuations, it concluded at ₹490, well above the issue price. In the BSE, shares commenced trading at ₹498, registering a 25.44% increase at the outset.
Retail investors reaped swift gains as the listing brought a profit of ₹18,685 per lot of 37 shares for those allotted.
The IPO, consisting of an offer for sale totaling 9.07 crore shares valued at ₹3,600 crore, did not feature a fresh issue component, allowing all proceeds to benefit the selling promoter, Tenneco Mauritius Holdings Ltd. As outlined in the RHP, listing on the market aims to enhance visibility and liquidity for the company's shares within India.
The demand for the IPO significantly surpassed its supply, with a staggering 58.83 times subscription rate.
Qualified Institutional Buyers (QIBs) spearheaded the interest, subscribing 166.42 times.
Non-institutional investors subscribed at 40.74 times.
Retail investors recorded 5.11 times subscription.
Prior to the IPO, Tenneco Clean Air India secured ₹1,079.99 crore from anchor investors, attracting notable domestic and international participants such as SBI MF, ICICI Prudential MF, HDFC MF, SBI Life Insurance, BlackRock, Nomura, ADIA, and Goldman Sachs.
Focused on manufacturing high-precision, technology-driven solutions including exhaust aftertreatment systems and catalytic converters, Tenneco Clean Air India is supported by established promoters such as Tenneco (Mauritius) Ltd, Tenneco LLC, Federal-Mogul Investments BV, and Federal-Mogul Pty Ltd.
With its successful debut and substantial institutional interest, Tenneco Clean Air has confidently made its entrance into the public market, underpinned by robust fundamentals and relevant sector positioning.
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