Tenneco Clean Air to launch IPO on November 12, raises pure OFS size to Rs 3,600 crore

Tenneco Clean Air India IPO

US-headquartered Tenneco Group-backed Tenneco Clean Air India, the automotive component maker, has decided to open its Rs 3,600-crore initial public offering (IPO) on November 12.

The IPO comprises of entirely offer-for-sale by promoter Tenneco Mauritius Holdings, with no fresh issue component, as per the Red Herring Prospectus filed with the Registrar of Companies on November 5.

The company has increased its IPO size to Rs 3,600 crore, from Rs 3,000 crore planned earlier as per DRHP filed in June 2025.

Tenneco Clean Air India will not receive funds from the IPO as all the money will go to its promoter.

The IPO anchor book will be launched for a day on November 11, while the offer will remain open for the public till November 14. The IPO share allotment will be finalised by November 17, following by the trading in Tenneco shares on the BSE and NSE commencing on November 19.

The company has reserved half of its offer size for qualified institutional buyers, 15 percent for non-institutional investors, and the remainder 35 percent for retail investors.

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With 12 manufacturing facilities, Tenneco Clean Air that offers clean air, powertrain and suspension solutions for automobile and industrial sectors along with selling aftermarket through group company Motocare India claims the largest supplier of clean air solutions to commercial truck OEMs (original equipment manufacturers), and shock absorbers and struts to passenger vehicle OEMs in India.

The Gurugram-based auto parts maker served 119 customers in the fiscal 2025 including well-known names such as Ashok Leyland, Bajaj Auto, Cummins India, Daimler India Commercial Vehicle, Honda Motorcycle and Scooter India, Hyundai Motor India, John Deere India, Mahindra & Mahindra, Maruti Suzuki India, Royal Enfield, Tata Motors, and Toyota Kirloskar Motor.

On the financial front, Tenneco Clean Air reported profit at Rs 167.8 crore for the quarter ended June 2025, growing 12 percent from Rs 150 crore in the same period previous fiscal. Revenue during the same period increased 1.2 percent to Rs 1,285.6 crore, up from Rs 1,270.8 crore.

Profit in the fiscal year 2025 soared 32.5 percent to Rs 552 crore, compared to Rs 416.7 crore in previous year despite subdued revenue, supported by strong operating numbers with fall in raw material cost and other expenses. Revenue in the same years fell 10.6 percent to Rs 4,890.4 crore, down from Rs 5,467.6 crore.

EBITDA (earnings before interest, tax, depreciation and amortisation) jumped 33.2 percent to Rs 815.2 crore with margin expanding 550 bps to 16.7 percent during the same financial years.

Last week, 14 investors including 360 ONE, Kotak Mahindra Life Insurance, WhiteOak Capital, SBI Mutual Fund, Prashant Jain's 3P India Equity Fund, and ValueQuest Investment Advisors acquired 2.75 percent equity stake in Tenneco Clean Air from its promoter Tenneco Mauritius Holdings for Rs 440 crore at a valuation of over Rs 16,000 crore. The selling price for these shares was Rs 397 per share.

After selling the above stake, promoters' shareholding in the Indian company reduced to 97.25 percent, from 100 percent earlier.

The merchant bankers handling the Tenneco Clean Air India IPO are JM Financial, Citigroup Global Markets India, Axis Capital, and HSBC Securities and Capital Markets (India).