Tenneco Clean Air India IPO subscribed 59 times on final day of bidding; GMP rises

Tenneco Clean Air India IPO sees robust subscription in primary market.

Tenneco IPO got subscribed 59 times on the final day of bidding on Friday. Tenneco Clean Air India Ltd is part of the US-based Tenneco Group.

The IPO received bids for more than 392-crore shares against 6.66-crore shares on offer, translating to 58.83 times subscription, according to the NSE data.

The portion for non-institutional investors fetched 40.74 times subscription, while qualified institutional buyers subscribed 166.42 times. The segment for retail individual investors received 5.11 times subscription.

Earlier, it raised Rs 1,080 crore from anchor investors. The Rs 3,600-crore IPO will conclude on November 14.

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Tenneco Clean Air India IPO GMP Today Price

According to platforms tracking the grey market activities, the shares of Tenneco Clean Air India are commanding a GMP of more than 22 percent in the unregulated market. Investorgain quoted a GMP of Rs 89 for the shares of the company, indicating a listing gain of 22.42 percent. Meanwhile, IPO Watch quoted a GMP of 19 percent.

The objective of the IPO is to achieve the benefits of listing, the draft papers stated.

Tenneco Mauritius Holdings Ltd, Tenneco (Mauritius) Ltd, Federal-Mogul Investments BV, Federal-Mogul Pty Ltd, and Tenneco LLC are the promoters of the company. Tenneco Clean Air India manufactures and supplies critical, highly engineered, technology-intensive clean air, powertrain, and suspension solutions tailored for Indian original equipment manufacturers and export markets.

Tenneco Clean Air India IPO shares are expected to be allotted by November 17, while share listing is scheduled to take place on November 19.

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