Introduction

Tenneco Clean Air India Ltd, a subsidiary of global automotive giant Tenneco Inc., is launching its Rs 3,600 crore IPO as India rapidly shifts toward cleaner mobility and stricter emission standards. With a strong R&D focus, industry partnerships, and best-in-class manufacturing, Tenneco occupies a leadership space in emission control and clean air technologies for automakers. Here’s everything investors need to know before applying.

IPO Highlights

Feature	Details
IPO Size	₹3,600 crore (OFS, 9.07 crore shares)
Price Band	₹378–₹397 per share
Lot Size	37 shares
Min. Investment	₹14,689 (upper band)
Subscription	Nov 12–14, 2025
Allotment Date	Nov 17, 2025
Listing Date	Nov 19, 2025 (BSE, NSE)
Reservation	QIB 50%, NII 15%, Retail 35%
Anchor Book	Opens Nov 11, 2025
Promoters	Tenneco Inc (global), Federal-Mogul, Mauritius Holdings​

Financial Performance

Period Ended	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	2,918.77	2,831.58	2,136.26	2,429.65
Total Income	1,316.43	4,931.45	5,537.39	4,886.96
Profit After Tax	168.09	553.14	416.79	381.04
EBITDA	228.88	815.24	612.09	570.63
NET Worth	1,250.38	1,255.09	1,116.59	1,378.82
Reserves and Surplus	1,204.30	1,208.76	767.26	896.05
Total Borrowing				0.86
Amount in ₹ Crore

Business Strengths

• Market Leadership: Leading supplier to top Indian and international automakers; #1 in emission control modules and powertrain systems in India.
• Global R&D & Knowhow: Parent Tenneco Inc. provides advanced tech, supply chain, and access to critical customers.
• Diversified OEM Portfolio: Relationships span passenger vehicles, commercial trucks, off-highway markets.
• Operational Efficiency: Multiple India plants and lean supply chain enable fast delivery and cost control.
• Financially Robust: Net cash position, steady margins, growing cash flows; limited capex needs.

Risks

• Customer Concentration: Top 10 clients contribute ~80% of sales—loss or slowdown at large OEMs could hurt revenue.
• Transition Risk: Global automotive electrification and emission tech could impact core product demand; need to adapt to future standards.
• Competition: Intense rivalry from domestic/foreign players, plus risk from OEMs insourcing critical parts
• Technology Shifts: Stricter regulations and electrification of vehicle fleets require continuous innovation and investment.
• IPO Structure: 100% Offer for Sale (not fresh capital); IPO proceeds do not benefit company growth or R&D directly.
• Group Restructuring: Service overlaps and cost complications (multiple boards/CEOs) could erode post-listing profitability.

Objectives of IPO

• Disinvestment: Enables global promoters to reduce stake and unlock value; no fresh fund infusion for growth or expansion.
• Listing Benefits: Boosts brand credibility, accesses capital markets for future debt or equity raising, improves governance.

IPO Reservation

• QIB (Institutions): 50%
• Non-Institutional (HNIs): 15%
• Retail Investors: 35%

How To Apply for the Online?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

Final Thoughts :-

Tenneco Clean Air India’s IPO offers exposure to India’s auto technology and emission control sector—supported by global innovation and robust financials. Evaluate the strengths, risks and offer structure carefully to make informed investment decisions.

FAQs :-

Q: What is Tenneco Clean Air India’s IPO price band and lot size?
A: ₹378–₹397 per share; minimum lot of 37 shares (₹14,689).

Q: What is the size and nature of this IPO?
A: ₹3,600 crore, 100% Offer for Sale (OFS).

Q: When does IPO subscription open and close?
A: Nov 12–14, 2025; allotment on Nov 17; listing Nov 19.

Q: Where will shares be listed?
A: BSE and NSE.

Q: What are key risks to watch for?
A: High customer concentration, technology/electrification transitions, competition, and no fresh capital infusion.

Q: Is Tenneco profitable and growing?
A: Yes, net profit, EBITDA margin, and return ratios have all improved strongly over FY23–FY25.