The allotment of shares for the Tenneco Clean Air IPO is set to be finalized on Monday, November 17, following immense interest from the public, leading to over 60 times subscription. The IPO witnessed significant bidding activity across various categories, with an overall subscription rate of 61.79 times. As of November 14, the retail category was oversubscribed by 5.37 times, while QIBs and NIIs were subscribed by 174.78 times and 42.79 times, respectively.
Tenneco Clean Air offered 6,34,76,070 shares but received bids for 3,92,21,37,714 shares, totaling Rs 1,55,708.87 crore. The IPO, a book-built issue of Rs 3,600 crore, comprises an offer for sale of 9.07 crore shares, without any fresh capital infusion into the company. The subscription window opened on November 12 and closed on November 14, with a price band set at Rs 378 to Rs 397 per share.
For one lot of 37 shares, retail investors required a minimum investment of Rs 14,689. Small NIIs needed a minimum investment of Rs 2,05,646, while large NIIs required Rs 10,13,541.
To check the IPO allotment status, investors can utilize either the BSE website or the MUFG Intime India portal. On the BSE website, they need to visit the IPO allotment page, select ‘Equity,’ choose ‘Tenneco Clean Air India Limited,’ enter their application number and PAN, fill in the captcha, and click ‘Search.’ On the MUFG Intime India website, they should go to the IPO allotment page, select ‘Tenneco Clean Air India Limited,’ search using Application Number, Demat Account Number, or PAN, enter the details, captcha, and click ‘Submit.’ Upon completion of allotment, refunds will be processed for non-allottees, while successful applicants will receive shares in their demat accounts.
The grey market premium (GMP) for the IPO has surged recently due to high demand, reaching Rs 122 as of November 17 (7:35 AM). With the upper price band at Rs 397, the estimated listing price is Rs 519, indicating potential listing gains of about 30.73%.
Market analysts view the valuation as reasonable and believe the company is well-positioned for long-term growth in India’s auto technology and emission-control sector. Rajan Shinde, Research Analyst at Mehta Equities Ltd, stated that the company’s asking price for a PE of 23.8x based on FY 2026 annualized earnings and fully diluted post-IPO paid-up capital seems fairly priced compared to the industry average. Geojit Investments Ltd recommended a ‘Subscribe’ rating for the long term, highlighting TCAIL’s valuation at 29x FY25 P/E as reasonable relative to peers, supported by strong parentage and market leadership.
Tenneco Clean Air is expected to list on the BSE and NSE on November 19, 2025.