US-based Tenneco Group-owned automotive component maker Tenneco Clean Air India has filed preliminary papers with the SEBI to raise up to Rs 3,000 crore via initial public offering (IPO).
It will be an entire offer-for-sale issue by promoter Tenneco Mauritius Holdings. Hence, the entire IPO money will go to the selling shareholder and the company will not receive any money from the offer.
On April 2 this year, Moneycontrol was the first to report that the private equity firm Apollo Global Management-backed Tenneco Group had picked four investment banks — Citi, Axis Capital, HSBC Securities, and JM Financial — as advisors for the IPO of its India unit.
With 12 manufacturing facilities in India, Tenneco makes highly engineered and technology intensive clean air, powertrain and suspension solutions. It served 119 customers in FY25, including all top seven passenger vehicle OEMs in India and all top five commercial trucks OEMs.
It is the largest supplier of clean air solutions to Indian commercial trucks OEMs (original equipment manufacturer), with a market share of 60 percent, and among the top two suppliers of clean air solutions to Indian off-highway vehicles OEMs (excluding tractors), with a market share of 42 percent.
The company also sells to the aftermarket primarily through Motocare India, a subsidiary of Tenneco LLC.
Tenneco in India competes with several listed peers like Bosch, Timken India, SKF Indiam, ZF Commercial Vehicle Control System India, Sharda Motor Industries, Gabriel India, Uno Minda, and Sona BLW Precision Forgings.
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On the financial front, the profit in the fiscal 2025 grew by 32.7 percent to Rs 553.1 crore but revenue declined 10.6 percent to Rs 4,890.4 crore compared to previous fiscal.
JM Financial, Citigroup Global Markets India, Axis Capital, and HSBC Securities and Capital Markets (India) are appointed as the merchant bankers to handle the Tenneco Clean Air India IPO.
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