Tenneco Clean Air India Eyes Massive Rs 3,600 Crore IPO Launch

Tenneco Clean Air India Ltd is preparing to launch a significant initial public offering on November 12, with plans to raise Rs 3,600 crore. Managed by prominent financial institutions such as JM Financial and Citigroup Global Markets India, the IPO is an Offer for Sale (OFS), meaning that no new equity will be issued, and all proceeds will be directed to the selling shareholder, Tenneco Mauritius Holdings Ltd.

According to the red herring prospectus, the company has adjusted its issue size from the initially planned Rs 3,000 crore to Rs 3,600 crore, underscoring the strong interest in the market for Tenneco's advanced automotive solutions. The listing is primarily intended to achieve the benefits of market visibility and credibility that come with being publicly listed.

Tenneco Clean Air India Ltd, a pivotal part of the US-headquartered Tenneco Group, specializes in producing high-tech, engineered components for vehicles, tailored for both Indian and international markets. This strategic IPO move highlights the company's growing importance in the automotive sector.