Tenneco Clean Air IPO will open for subscription on November 12, 2025 and closes on November 14, 2025. Incorporated in 2018, Tenneco Clean Air India Limited is a subsidiary of Tenneco Inc., a global leader in clean air and powertrain products for automotive applications.
The company operates within the Clean Air division and focuses on emission control technologies for light and commercial vehicles. In India, it supplies advanced exhaust and after-treatment systems that help vehicle manufacturers meet Bharat Stage VI norms.
So, let’s deep dive into the details of the Tenneco Clean Air IPO issue, financials, peer comparison, and risk factors.
Tenneco Clean Air IPO Date
The key pointers for the Tenneco Clean Air IPO dates are:
- Bidding Opening Date: November 12, 2025
- Bidding Closing Date: November 14, 2025
- Allotment Date: November 17, 2025
- Initiation of Refunds (in case of less or no allotment): November 18, 2025
- Shares Credited to Your Demat Account: November 18, 2025
- IPO Listing Date: November 19, 2025
- Listing on Exchange: BSE and NSE
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Tenneco Clean Air IPO Issue Size
Tenneco Clean Air IPO valuation, as denoted by the market capitalisation, is targeted at ₹16,023.09 crores. Here are the essential details:
- Tenneco Clean Air IPO Price Band: ₹378 to ₹397 per share
- Lot Size: 37 Shares
- Face Value: ₹10 per share
- Total Issue Size and Amount: 9.06 crore shares (aggregating up to ₹3,600 crores)
- Offer for Sale and Amount: 9.06 crore shares (aggregating up to ₹3,600 crores)
Tenneco Clean Air IPO Proceeds Usage
All the IPO proceeds will go to the promoter selling shareholder, Tenneco Mauritius Holdings Limited.
Tenneco Clean Air IPO Reservations
Tenneco Clean Air IPO reservations to different investors are:
- For QIBs: Not more than 50% of the Offer
- For NIIs: Not less than 15% of the Offer
- For Retail Investors: Not less than 35% of the Offer
Tenneco Clean Air IPO Lot Size
Tenneco Clean Air IPO lot size is 37 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 37 | ₹14,689 |
| S-HNI (Min) | 14 | 518 | ₹2,05,646 |
| B-HNI (Min) | 69 | 2,553 | ₹10,13,541 |
Tenneco Clean Air IPO Details: Promoter Holding
The promoters of the company are Tenneco Mauritius Holdings Limited, Tenneco (Mauritius) Limited, Federal-Mogul Investments B.V., Federal-Mogul Pty Ltd, and Tenneco LLC.
Tenneco Clean Air India Ltd: Company Overview
Tenneco Clean Air India Limited, incorporated in 2018, is the Indian subsidiary of Tenneco Inc., a global leader in clean air and powertrain products for automotive applications. Operating within the Clean Air division, the company focuses on emission control technologies for light and commercial vehicles and supplies advanced exhaust and after-treatment systems that help manufacturers meet Bharat Stage VI norms.
Its portfolio covers catalytic converters, diesel particulate filters, mufflers and exhaust pipes, supported by strong design, engineering and research capabilities with an emphasis on sustainability, innovation and regulatory compliance.
As of 31 March 2025, it operated 12 manufacturing facilities across seven states and one union territory, comprising seven Clean Air and Powertrain Solutions plants and five Advanced Ride Technology sites.
The Clean Air and Powertrain Solutions division provides clean air and powertrain solutions, while the Advanced Ride Technologies division designs, manufactures and sells shock absorbers, struts and advanced suspension systems.
Tenneco Clean Air India Ltd: Financial Performance
Tenneco Clean Air India Limited’s key financials for different periods are as follows:
| Particulars (in ₹ Cr) | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Operating Revenue | 4,890 | 5,468 | -11% |
| Profit After Tax | 553 | 417 | 33% |
| EBITDA | 815 | 612 | 33% |
| Net Worth | 1,255 | 1,117 | 12% |
| Assets | 2,832 | 2,136 | 33% |
| Net Working Capital | 178 | 81 | 121% |
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- Operating Revenue: In FY25, Tenneco reported an operating revenue of ₹4,890 crores, down 11% YoY in FY25.
- Profit After Tax (PAT): The company posted a net profit of ₹553 crores in FY25, up 33% YoY.
- EBITDA: It stood at ₹815 crores in FY25, rising 33% YoY, highlighting improved operational efficiency.
- Net Worth: Net worth increased to ₹1,255 crores in FY25, a growth of 12% YoY, reflecting a healthy balance sheet.
- Total Assets: Total assets grew to ₹2,832 crores in FY25, up 33% YoY, signaling strong financial expansion.
- Net Working Capital: It increased by 121% YoY to ₹178 crores in FY25, showing improved liquidity.
Tenneco Clean Air IPO Peer Comparison
Here is the peer comparison table for Tenneco Clean Air India Ltd with its listed peers:
| Company Name (FY25) | EPS (Basic ₹) | P/E (x) | ROE (%) | ROCE (%) |
|---|---|---|---|---|
| Tenneco Clean Air India | 13.68 | 28.97 | 42.65% | 56.78% |
| Bosch | 683.25 | 57.39 | 15.56% | 19.92% |
| Timken India | 59.48 | 49.22 | 17.00% | 19.44% |
| SKF India | 114.50 | 19.21 | 21.43% | 29.30% |
| ZF Commercial Vehicle Control System India | 242.90 | 53.67 | 15.35% | 19.12% |
| Sharda Motor Industries | 109.71 | 9.67 | 30.00% | 38.00% |
| Gabriel India | 17.05 | 75.92 | 22.42% | 27.62% |
| Uno Minda | 16.42 | 75.11 | 17.70% | 18.90% |
| Sona BLW Precision Forgings | 9.92 | 14.76 | 17.70% | 18.40% |
- EPS: Tenneco Clean Air is giving a moderate EPS of ₹13.68, which is lower than Bosch, Timken, SKF, and other top players.
- PE Ratio: This IPO is coming at a valuation of 28.97, and it is lower than the industry average PE ratio of 48.34.
- Return on Equity: Tenneco has the best ROE of 42.65%, which means that it is giving higher returns to shareholders.
- Return on Capital Employed: Tenneco is generating the best return on capital employed at 56.78%.
Tenneco Clean Air IPO Risk Factors
Tenneco Clean Air IPO GMP is ₹61 as of November 11, 2025 (at 16:57). It is expected to list at a 15.37% gain at a price of ₹458. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
Tenneco Clean Air IPO is exposed to various risk factors that can eventually affect its business and investors’ perception:
- The business is heavily exposed to India’s automotive OEM market and to swings in vehicle production.
- The transition to electrification may, over time, curb demand for conventional clean-air and suspension products.
- The company relies on a narrow supplier base, with some raw materials sourced from a single vendor.
- Any promoter share sale after the IPO could pressure the share price.
- Evolving regulations and strong competition increase operational risks.
- Dependence on licensed intellectual property from the parent group creates ongoing reliance.
For all the insights on Tenneco Clean Air IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the Tenneco Clean Air IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
Tenneco Clean Air IPO opens on November 12, 2025 and closes on November 14, 2025. The allotment is expected on November 17, 2025, and the shares are slated to list on the BSE and NSE on November 19, 2025.
2. What is the price band and lot size of Tenneco Clean Air IPO?
The price band is ₹378 to ₹397 per share, and the lot size is 37 shares. At the cap price, the minimum retail application value is ₹14,689.
3. How large is the Tenneco Clean Air IPO issue, and what is the targeted market capitalisation?
The total issue size of Tenneco Clean Air IPO is 9.06 crore shares, aggregating up to ₹3,600 crores. The targeted market capitalisation at issue is ₹16,023.09 crores.
4. How to apply for the Tenneco Clean Air IPO online?
With SMC ACE App, you can easily apply for Tenneco Clean Air IPO. Just visit the IPO section, add details, and bid for the required amount. You can check your allotment status on Nov 17 (Monday).
5. What is the Tenneco Clean Air IPO expected listing gain?
Tenneco Clean Air IPO is expected to list at a 15% gain based on its current grey market premium. Over a period, the subscription levels and market mood can also impact the listing gains.
Author: All Content is verified by SMC Global Securities.
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