Tenneco Clean Air India shares expected to make decent stock market debut; experts recommend post-listing strategy

Tenneco Clean Air India shares to list on November 19. 

Shares of Tenneco Clean Air India are expected to list at a decent premium on November 19, going by recent grey market trends, with market experts suggesting that investors may consider a long-term approach after listing.

Platforms tracking grey market activity pegged the company’s grey market premium (GMP) at over 30 percent. Investorgain quoted a GMP of Rs 120 per share, implying a potential listing gain of about 30.23 percent. IPO Watch placed the premium at 31 percent in the unregulated market.

Narendra Solanki, Head of Fundamental Research – Investment Services at Anand Rathi Shares and Stock Brokers, said the issue appears “fully priced”, noting that the IPO is valued at a price-to-earnings multiple of 23.8 times FY26 annualised earnings and a market-cap-to-sales ratio of 3.2 times. “The post-issue market capitalisation works out to about Rs 16,023 crore. Despite valuations, the company’s leadership in clean air systems, its diversified portfolio and global-backed innovation support long-term growth prospects. Investors may hold the issue for the long term post listing,” he said.

Shruti Jain, Chief Strategy Officer at Arihant Capital Markets, said investors could consider taking profits if the stock lists at a strong premium. “Long-term investors can consider holding the stock, as the company operates in a niche segment with strong products and potential over a longer horizon,” she added.

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Bhavik Joshi, Business Head at INVasset PMS, said Tenneco Clean Air India’s IPO marks the debut of an automotive component maker with an established presence in emission control and ride performance systems. He highlighted the company’s leadership across several categories and noted that its financial performance has shown steady growth, supported by strong parentage and consistent return ratios. According to him, while valuations leave limited room for sharp listing gains, the company remains well positioned for medium- to long-term growth within the auto component space.

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