Tenneco Clean Air India Ltd IPO Price, Analysis, Allotment, And GMP

Tenneco Clean Air IPO - Company Analysis

Tenneco Clean Air IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 3,600 Cr by Tenneco Clean Air India Ltd. (TCAIL), founded in 2018 and is a subsidiary of Tenneco Inc.

Tenneco Inc. is the world's leading manufacturer of automotive emission controls and performance solutions. It designs, manufactures, and supplies advanced emission control exhaust after-treatment systems for passenger and commercial vehicles.  

Tenneco Clean Air works with various OEMs including Maruti Suzuki, Tata Motors, Mahindra & Mahindra, and Ashok Leyland, and has a strong export business in Europe and North America. 

Products

Tenneco Clean Air IPO Details

The Tenneco Clean Air Ltd IPO open date is from Nov 12 to Nov 14, with IPO allotment on Nov 17, refund initiation on Nov 18, 2025.

The Rs. 3,600 Cr mainline IPO comprises a wholly offer for sale of 9.07 crore shares.

The Tenneco Clean Air IPO listing date might be on Wednesday, 19 November 2025, and it will be listed at the BSE and NSE. The Tenneco Clean Air IPO price band is Rs. 378 to Rs. 397 for each Share. 

Events	Date
IPO Opening Date	November 12, 2025
IPO Closing Date	November 14, 2025
IPO Allotment Date	November 17, 2025 (Tentative)
Refund Initiation	November 18, 2025 (Tentative)
Tentative IPO Listing Date	November 19, 2025

 

Industry Outlook

If you want to apply for the IPO, click to open a Demat Account.

 

 

Company Financial 

(Amount in Cr)

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	2,831.58	2,136.26	2,429.65
Total Income	4,931.45	5,537.39	4,886.96
PAT	553.14	416.79	381.04
EBITDA	815.24	612.09	570.63
Net Worth	1,255.09	1,116.59	1,378.82
Reserves & Surplus	1,208.76	767.26	896.05
Total Borrowing	-	-	0.86

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Net Cash Flow In Multiple Activities	FY25	FY24	FY23
Net Cash Flow Operating Activities	5,623.86	4,876.73	5,375.04
Net Cash Flow Investing Activities	(267.80)	(301.41)	(130.96)
Net Cash Flow Financing Activities	(4,327.81)	(6,859.35)	(3,943.91)

 

(Source RHP)

Revenue Bifurcation

The Objective of The Issue

The company shall not receive any proceeds from the issue as it is completely an OFS.

Click to check the IPO application status.

Listed Peers of Tenneco Clean Air  Ltd.

Company Name	Face Value (₹ per share)	Earnings Per Share (₹)	P/E (x)
Bosch Ltd.	10	683.25	57.39
Timken India Ltd.	10	59.48	49.22
SKF India Ltd.	10	114.50	19.21
ZF Commercial Vehicle Control System India Ltd.	5	242.90	53.67
Sharda Motor Industries Ltd.	2	109.71	9.67
Gabriel India Ltd.	1	17.05	75.92
Uno Minda Ltd.	1	16.47	75.11
Sona BLW Precision Forgings Ltd.	10	9.92	46.49

 

Valuation

KPI	Values
ROE	42.65%
ROCE	56.78%
RoNW	46.65%
PAT Margin	11.31%
EBITDA Margin	16.67%
Price to Book Value	12.77

Explore the Pine Labs IPO.

IPO's Strengths

• Strong relationships with global and domestic OEMs.

• Diverse product mix across emission control and performance solutions.

• R&D and technology integration from Tenneco Group.

• Consistent financial performance and steady margin improvement.

• Expansion opportunity from BS-VI Phase II norms and EV hybrid demand.

IPO Weaknesses

• High dependence on the Indian automotive sector.

• Rising raw material costs are affecting margin stability.

• Client concentration risk (top 5 clients contribute >70% revenue).

• Risk to established technologies with the growing adoption of electric vehicles.

Tenneco Clean Air IPO GMP

Tenneco Clean Air IPO GMP today is Rs. 88 as of 08 Nov 2025, while writing this information.

Tenneco Clean Air Limited IPO Summary

IPO Opening & Closing Date	Nov 12, 2025 to Nov 14, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 378 to Rs. 397
Lot Size	37 Shares
Issue Size	9,06,80,101 Shares (Rs. 3,600 Cr)
Offer for Sale	9,06,80,101 Shares (Rs. 3,600 Cr)
Fresh Issue	-
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Pvt. Ltd.

Tenneco Clean Air IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (37 Shares) amounting to Rs. 14689 and 13 Lots (481 Shares) amounting to Rs. 190957, respectively, while for S-HNI investors, the minimum Lot is 14 (518 Shares) amounting to Rs. 205646.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	68 Lots
BHNI (Minimum)	69 Lots

Tenneco Clean Air IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

Tenneco Clean Air IPO Allotment Status

To check the Tenneco Clean Air IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Tenneco Clean Air  Ltd.

• Tenneco Mauritius Holdings Limited.

• Tenneco (Mauritius) Limited.

• Federal-Mogul Investments B.V.

• Federal-Mogul Pty Ltd.

• Tenneco LLC.
  
  

Tenneco Clean Air IPO Lead Managers

• JM Financial Ltd.

• Citigroup Global Markets India Pvt. Ltd.

• HSBC Securities & Capital Markets (India) Pvt. Ltd.

• Axial Capital Pvt. Ltd.

Dividend Policy

The company has paid a dividend of Rs. 11.23, Rs. 2.05 and Rs. 4.97 per equity share in the past three financial years, respectively.

 

 

Conclusion

Tenneco Clean Air IPO signifies an investment in a globally recognised auto-component manufacturer, with solid performance metrics, a parent company with a good reputation, and increasing demand in the emission control and clean technology market. Even with competitive pressures and reliance on the automotive cycle, the company’s strong revenue growth, improving profitability, and strategic advances within clean-air technology reinforce the company’s position for value creation in the long run.  

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.