Tenneco Clean Air India Ltd on Friday announced a price band of Rs 378–397 per share for its upcoming initial public offering (IPO), which could value the company at over Rs 16,000 crore at the upper end of the range.
The Rs 3,600-crore public issue will open for subscription on November 12 and close on November 14, the company said in a public announcement. Allocation to anchor investors is scheduled for November 11.
Tenneco Clean Air India IPO GMP
According to market observers tracking grey market activity, shares of Tenneco Clean Air India are commanding a premium of about 21 percent in the unregulated market. Investorgain quoted a grey market premium (GMP) of Rs 85 per share, indicating a potential listing gain of around 21.41 percent.
The company said the IPO aims to achieve the benefits of listing on the stock exchanges.
Tenneco Clean Air to launch IPO on November 12, raises pure OFS size to Rs 3,600 crore
Tenneco Mauritius Holdings Ltd, Tenneco (Mauritius) Ltd, Federal-Mogul Investments BV, Federal-Mogul Pty Ltd, and Tenneco LLC are listed as promoters of the company.
Tenneco Clean Air India, part of the US-based Tenneco Group, manufactures and supplies clean air, powertrain, and suspension solutions for Indian original equipment manufacturers (OEMs) and export markets.
The company’s shares are proposed to be listed on stock exchanges on November 19.
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