Tenneco Clean Air India, a subsidiary of the US-based Tenneco Group, saw its shares make a strong entry on the stock markets on Wednesday, November 19.
The stock debuted at ₹505 per share on the National Stock Exchange (NSE), showing a 27.20% premium over the IPO issue price of ₹397. By 1:24 pm, it had risen by 0.79% to reach ₹509.
On the BSE, it commenced trading at ₹498, marking a 25.44% increase from the issue price.
Tenneco Clear Air IPO: Here's the profit investors gained
The lot comprised 37 shares. Investors who were allocated shares in the Tenneco Clear Air IPO earned ₹18,685 per lot. The initial public offering was exclusively an offer for sale of 9.07 crore equity shares valued at ₹3,600 crore by the promoter, Tenneco Mauritius Holdings Ltd. Since there was no new issue component, the company will not receive any funds from the IPO. The proceeds will go to the selling shareholder.
The firm stated in its red herring prospectus (RHP) that it anticipates the listing of its equity shares will boost its visibility and brand image, while also offering liquidity and establishing a public market for the equity shares in India.
The initial public offering was oversubscribed by 58.83 times, receiving bids for 3,92,21,37,751 equity shares against the 6,66,66,666 shares available.
The promoters of the company are Tenneco (Mauritius) Ltd, Tenneco LLC, Tenneco Mauritius Holdings Ltd, Federal-Mogul Investments BV, and Federal-Mogul Pty Ltd. Prior to the IPO, the company secured ₹1,079.99 crore from anchor investors such as SBI Mutual Fund (MF), ICICI Prudential MF, HDFC MF, SBI Life Insurance, Fidelity, ICICI Prudential Life Insurance, Nomura Funds Ireland, BlackRock, Norway's Government Pension Fund Global, Abu Dhabi Investment Authority, and Goldman Sachs.
Tenneco Clean Air India Limited specializes in producing essential, technologically advanced clean air, powertrain, and suspension solutions. Their range of products comprises exhaust aftertreatment systems, catalytic converters, mufflers, shock absorbers, and struts.
