Apollo Global Management said to weigh Tenneco India IPO at $2-bn valuation

Apollo Global Management said to weigh Tenneco India IPO at $2-bn valuation

Apollo Global Management Inc. is considering listing auto-parts supplier Tenneco Inc.’s India business, people familiar with the matter said, joining others that have done or plan initial public offerings of their units in the world’s most populous country.

The US alternative asset manager is speaking with prospective arrangers about an IPO that could take place in Mumbai this year and value Tenneco Automotive India Pvt at about $2 billion, the people said, asking not to be identified because the deliberations are private. An IPO might raise $400 million to $500 million, the people said.

Considerations are preliminary and details could change, the people said.

A representative for Apollo declined to comment, while Tenneco didn’t immediately respond to a request seeking comment.

Apollo took Tenneco private for $7.1 billion in 2022. The company designs, makes and sells automotive products for original equipment and aftermarket customers. Earlier this month, Tenneco sold Öhlins Racing, a manufacturer of premium suspension technology, to brake maker Brembo NV for about $405 million including debt. The asset disposal may help Tenneco invest in core areas and cut debt.

More than $20 billion was raised in IPOs in India last year, including the record-breaking listing by Hyundai Motor India, making it one of the world’s busiest markets. LG Electronics Inc. is also considering an IPO for its India unit, Bloomberg News has reported.

Sensex advanced 8.2% in 2024, its ninth-straight annual gain. The gauge is down 2.3% so far this year.