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Tenneco Clean Air IPO: The initial public offering (IPO) of Tenneco Clean Air India Limited opened for public subscription on November 12 and will remain open till November 14, 2025. The issue is entirely an offer for sale (OFS) of 9.07 crore shares worth Rs 3,600 crore, as per the company's Red Herring Prospectus (RHP).

Through OFS, the company's promoters, Tenneco Mauritius Holdings Limited, Tenneco (Mauritius) Limited, Federal-Mogul Investments B.V., Federal-Mogul Pty Ltd and Tenneco LLC are offloading their stakes.

On Wednesday, Zee Business Managing Editor Anil Singhvi shared his views on Tenneco Clean Air India Ltd and noted that it is a foreign-promoted leading auto ancillary company with a good profit track record.

The market analyst also highlighted that the company's recently launched IPO is reasonably valued compared to other listed peers.

He has advised that aggressive investors can apply for small listing gains and a long-term perspective.

1) Strong and experienced global parentage

2) Market leader in PV and CV truck segments

3) Tenneco Global is planning to make the Indian company an export hub

4) Improved operational performance

5) Long and strong relationship with the top 10 customers

6) 85 per cent of raw materials are sourced from India only

7) Strong return ratios as ROE 42.6 per cent and ROCE 56.8 per cent

8) Debt-free and positive cash flow

1) The whole issue is OFS, foreign promoters selling stake

2) Royalty payment to promoter @ 2.5 per cent currently, which may increase in future

3) Slow revenue growth in the last 3 years in low single digits

4) Top 5 customers contribute 62 per cent of revenue, high concentration risk

5) Regularly, different kinds of complaints by whistleblowers

6) Remarks in the auditor's report about weak internal financial controls

7) Big change of management, in both the CEO and CFO, just before IPO

The IPO of Tenneco Clean Air India Ltd is a book-build issue of Rs 3,600 crore, comprising an entirely OFS of 9.07 crore shares. The IPO has allocated 50 per cent, 35 per cent and 15 per cent of the net offer for the QIB, NII and retail investor categories, respectively.

Price band: Rs 378 to Rs 397 per equity share

Subscription date: From November 12 to November 14, 2025

Lot size: 37 shares (minimum investment of Rs 14,689)

Allotment date: Tentatively on November 17, 2025

Listing date: Tentatively on November 19, 2025

Tenneco Clean Air India Limited is a subsidiary of Tenneco Inc. and deals in designing and manufacturing clean air and powertrain products for automotive applications.

The company's product portfolio expands from catalytic converters, diesel particulate filters (DPFs), to mufflers and exhaust pipes.

Financially, it reported a revenue decrease of 11 per cent while its profit after tax (PAT) rose by 33 per cent in the financial year ending March 31, 2025.