Tenneco Clean Air IPO will open for subscription on November 12, 2025, and close on November 14, 2025. This book-built issue aims to raise about ₹3,600 crores. The IPO includes a fresh issue component and an offer for sale of up to 9,06,80,101 equity shares with a face value of ₹10 each.
The price band for the Tenneco Clean Air IPO has been set between ₹378 and ₹397 per share. The company has reserved 50 percent of the issue for Qualified Institutional Buyers (QIBs), 15 percent for Non-Institutional Investors (NIIs or HNIs), and 35 percent for retail investors.
The shares are proposed to be listed on both BSE and NSE, with the listing date fixed for November 19, 2025. The basis of allotment will be finalized on November 17, 2025.
Contents
Tenneco Clean Air India IPO Key Details
| Particulars | Details |
|---|---|
| IPO Open Date | November 12, 2025 |
| IPO Close Date | November 14, 2025 |
| Face Value | ₹10 per equity share |
| Price Band | ₹378 to ₹397 per share |
| Issue Size | Around ₹3,600 crores |
| Offer for Sale | 9,06,80,101 shares |
| Issue Type | Book Built Issue |
| Listing | BSE and NSE |
| Allotment Date | November 17, 2025 |
| Refunds | November 18, 2025 |
| Credit to Demat Account | November 18, 2025 |
| Listing Date | November 19, 2025 |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Market Lot and Application Details
| Application Type | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 37 | ₹14,689 |
| Retail Maximum | 13 | 481 | ₹1,90,957 |
| S-HNI Minimum | 14 | 518 | ₹2,05,646 |
| S-HNI Maximum | 68 | 2,516 | ₹9,98,852 |
| B-HNI Minimum | 69 | 2,553 | ₹10,13,541 |
Retail investors can apply for a minimum of one lot containing 37 shares, which requires an investment of ₹14,689. The maximum limit for retail applicants is 13 lots, equivalent to 481 shares and an investment of ₹1,90,957.
Small HNIs can apply for a minimum of 14 lots (518 shares) amounting to ₹2,05,646, while Big HNIs can apply starting from 69 lots (2,553 shares) worth ₹10,13,541.
Tenneco Clean Air IPO
Open: 12-14 Nov 2025
Issue Size: ₹3600 Cr.
Objective: To list the shares on exchange for brand visibility and easy trading.
Exchange: BSE NSE
Also Read:
Anchor Investor Details
| Particulars | Details |
|---|---|
| Anchor Bidding Date | November 11, 2025 |
| Lock-in End Date (50% shares – 30 days) | December 17, 2025 |
| Lock-in End Date (50% shares – 90 days) | February 15, 2026 |
| Anchor Investors List | View PDF |
Company Background
Tenneco Clean Air was established in 2018 and specializes in designing and manufacturing clean air and powertrain products for automotive applications. The company operates 12 manufacturing facilities across India, including seven Clean Air and Powertrain Solution facilities and five Advanced Ride Technologies facilities located across seven states and one union territory.
The company sources most of its raw materials locally, with nearly 91–92 percent of costs coming from domestic suppliers who follow Tenneco Group’s global quality standards.
Financial Performance
In FY2025, Tenneco Clean Air reported revenue of ₹4,931.45 crores compared to ₹5,537.39 crores in FY2024. Profit after tax stood at ₹553.14 crores in FY2025, up from ₹416.79 crores the previous year. Despite a dip in revenue, profitability improved due to better operational efficiency.
For June 2025 quarter, the company recorded revenue of ₹1,316.43 crores and a profit of ₹168.09 crores.
| Period Ended | Revenue (₹ Cr) | Expenses (₹ Cr) | PAT (₹ Cr) | Assets (₹ Cr) |
|---|---|---|---|---|
| FY2023 | 4,886.96 | 4,379.21 | 381.04 | 2,429.65 |
| FY2024 | 5,537.39 | 4,984.28 | 416.79 | 2,136.26 |
| FY2025 | 4,931.45 | 4,198.63 | 553.14 | 2,831.58 |
| June 2025 | 1,316.43 | 1,089.21 | 168.09 | 2,918.77 |
Valuation Snapshot (FY2025)
| KPI | Value |
|---|---|
| ROE | 42.65% |
| ROCE | 56.78% |
| EBITDA Margin | 16.67% |
| PAT Margin | 11.31% |
| Debt-to-Equity Ratio | 0.17 |
| EPS (Basic) | ₹13.68 |
| RoNW | 46.65% |
| NAV | ₹31.10 |
These numbers suggest that the company has strong profitability and efficient capital utilization, making the IPO attractive for long-term investors.
Peer Comparison
| Company Name | EPS (₹) | PE Ratio | RoNW (%) | NAV (₹) | Income (₹ Crores) |
|---|---|---|---|---|---|
| Bosch Ltd | 683.25 | 46.21 | 15.56 | 4,683.48 | 18,087.40 |
| Timken India Ltd | 59.48 | 54.61 | 17.00 | 378.21 | 3,147.81 |
| SKF India Ltd | 114.50 | 40.20 | 21.43 | 525.50 | 4,919.90 |
| ZF Commercial Vehicle Control System India Ltd | 242.90 | 53.71 | 15.35 | 1,694.75 | 3,830.96 |
| Sharda Motor Industries Ltd | 109.71 | 16.92 | 30.46 | 369.92 | 2,836.57 |
| Gabriel India Ltd | 17.05 | 34.73 | 22.42 | 82.38 | 4,063.38 |
| Uno Minda Ltd | 16.42 | 64.51 | 17.66 | 99.75 | 16,774.61 |
| Sona BLW Precision Forgings Ltd | 9.92 | 48.12 | 14.76 | 88.38 | 3,546.02 |
Promoter and Shareholding
| Particulars | Shares | % Holding |
|---|---|---|
| Promoter Holding (Pre-Issue) | 40,36,04,309 | 100% |
| Promoter Holding (Post-Issue) | 40,36,04,309 | – |
The promoters include Tenneco Mauritius Holdings Limited, Tenneco (Mauritius) Limited, Federal-Mogul Investments B.V., Federal-Mogul Pty Ltd, and Tenneco LLC.
Objects of the Issue
The company has not disclosed detailed utilization plans in the current draft, but the proceeds are expected to support general corporate purposes and strengthen working capital.
IPO Lead Managers
- JM Financial Ltd.
- Citigroup Global Markets India Pvt. Ltd.
- Axis Bank Ltd.
- HSBC Securities & Capital Markets (India) Pvt.Ltd.
Registrar Details
| Registrar | MUFG Intime India Pvt. Ltd |
|---|---|
| Phone | +91-22-4918 6270 |
| tennecocleanair.ipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Company Address
| Address | Tenneco Clean Air India Ltd, RNS2, Nissan Supplier Park SIPCOT Industrial Park, Oragadam Industrial Corridor, Sriperumbudur Taluk, Kancheepuram, Tamil Nadu – 602105 |
|---|---|
| Phone | +91 124 4784 530 |
| TennecoIndiaInvestors@tenneco.com | |
| Website | http://www.tennecoindia.com |
FAQs about Tenneco Clean Air IPO
u003cstrongu003eWhat is the Tenneco Clean Air IPO?u003c/strongu003e
It is a mainboard IPO aiming to raise ₹3,600 crores through a mix of fresh issue and offer for sale. The price band is ₹378–₹397 per share, and the shares will list on BSE and NSE.
u003cstrongu003eWhen will the IPO open and close?u003c/strongu003e
The IPO will open on November 12, 2025, and close on November 14, 2025.
u003cstrongu003eWhat is the issue size and lot size?u003c/strongu003e
The issue size is ₹3,600 crores, and the minimum lot size is 37 shares requiring ₹14,689.
u003cstrongu003eWhen will the allotment and listing take place?u003c/strongu003e
The allotment is expected on November 17, 2025, and listing on November 19, 2025
u003cstrongu003eHow can investors apply for the IPO?u003c/strongu003e
Investors can apply through ASBA via their bank account or UPI-enabled stockbroker platforms. Offline applications through stockbrokers are also accepted.
u003cstrongu003eWhat portion is reserved for each investor category?u003c/strongu003e
QIBs have a 50 percent quota, NIIs 15 percent, and retail investors 35 percent.
Expert Comment
Tenneco Clean Air has shown steady financial growth and profitability, with a strong return on equity and an efficient business model.
The company’s focus on clean air and powertrain solutions aligns with the growing demand for sustainable automotive components in India. Long-term investors looking for exposure in the auto ancillary sector may consider applying for this IPO.
