Tenneco Clean Air India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 19 Nov 2025 | ₹104 | +26.20% | ₹2,900 | ₹501 | ₹3,848 |
| 18 Nov 2025 | ₹103 | +25.94% | ₹2,900 | ₹500 | ₹3,811 |
| 17 Nov 2025 | ₹121 | +30.48% | ₹3,400 | ₹518 | ₹4,477 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 12 Nov 2025 – 14 Nov 2025
- Listing date
- 19 Nov 2025
- Face value
- ₹1 per share
- Issue price
- ₹397 per share
- Lot size
- 37 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹3,600 Cr
- Market cap at offer price
- ₹16,023 Cr
- Promoter holding
- 97.25% → 74.79% pre-issue → post-issue
- ISIN
- INE19RI01016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- RNS2, Nissan Supplier Park SIPCOT Industrial Park, Oragadam Industrial Corridor Sriperumbudur Taluk, Tamil Nadu
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 2,72,04,030 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 37 shares per lot, in multiples, at ₹397
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 37 | ₹14,689 |
| Retail (max) | 13 | 481 | ₹1,90,957 |
| S-HNI (min) | 14 | 518 | ₹2,05,646 |
| S-HNI (max) | 68 | 2,516 | ₹9,98,852 |
| B-HNI (min) | 69 | 2,553 | ₹10,13,541 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹397 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.71 | 16.66 |
| P/E (×) | 28.96 | 23.83 |
| Price to book (×) | 12.77 | — |
| Market cap | — | ₹16,023 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 46.65%
- ROCE
- 56.78%
- PAT margin
- 11.31%
- EBITDA margin
- 16.67%
- NAV per share
- ₹31.1
- Price to book
- 12.77
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Tenneco Clean Air India
Tenneco Clean Air India Limited ('TCAIL') was incorporated on December 21, 2018 as a private limited company at Chennai, Tamil Nadu, became subject to an NCLT-sanctioned demerger scheme (order dated April 26, 2019), and was converted into a public limited company (fresh certificate dated May 16, 2025). On March 26, 2025, following share-swap agreements, Federal-Mogul Ignition Products India Limited, Federal-Mogul Bearings India Limited, Federal-Mogul Sealings India Limited and Tenneco Automotive India Private Limited became its subsidiaries (while the Motocare aftermarket-distribution stake was excluded from the reorganisation, having been transferred on March 24, 2025). The company operates two business divisions — Clean Air & Powertrain Solutions (exhaust aftertreatment systems such as catalytic converters, mufflers and exhaust pipes sold to OEMs; engine bearings, sealing systems and ignition products such as spark plugs and ignition coils sold under the Champion brand) and Advanced Ride Technologies (shock absorbers, struts and advanced suspension systems under the Monroe brand) — across 12 manufacturing facilities in India. It earns revenue mainly through long-term OEM nomination/program agreements (typically three to seven years for PV and CV programs), with 82.04% of Fiscal 2025 revenue from operations coming from Indian PV and CV OEM sectors, plus export sales and aftermarket sales routed primarily through Group Company Motocare; substrate costs are passed through at cost plus a nominal handling fee. In Fiscal 2025 the company recorded revenue from operations of ₹48,904.30 million and profit of ₹5,531.43 million, with no outstanding borrowings as of June 30, 2025. Its five corporate Promoters (all Tenneco/Federal-Mogul group entities) held 392,521,185 Equity Shares, or 97.25%, pre-Offer, and pay royalties of 2.50% of gross revenue (2.00% for FMBIL) to Tenneco Holdings LLC under a License Agreement effective April 1, 2024. The IPO is a pure Offer for Sale of up to ₹36,000.00 million of Equity Shares by Tenneco Mauritius Holdings Limited; the Company will receive no proceeds.
Company Analysis
from RHPTenneco Clean Air India Limited manufactures and supplies highly engineered, technology-intensive clean air (exhaust aftertreatment), powertrain (engine bearings, sealings, ignition) and suspension (shock absorbers/struts) solutions to Indian OEMs and export markets, spanning the automotive components industry.
Tenneco Clean Air India Limited ('TCAIL') was incorporated on December 21, 2018 as a private limited company at Chennai, Tamil Nadu, became subject to an NCLT-sanctioned demerger scheme (order dated April 26, 2019), and was converted into a public limited company (fresh certificate dated May 16, 2025). On March 26, 2025, following share-swap agreements, Federal-Mogul Ignition Products India Limited, Federal-Mogul Bearings India Limited, Federal-Mogul Sealings India Limited and Tenneco Automotive India Private Limited became its subsidiaries (while the Motocare aftermarket-distribution stake was excluded from the reorganisation, having been transferred on March 24, 2025). The company operates two business divisions — Clean Air & Powertrain Solutions (exhaust aftertreatment systems such as catalytic converters, mufflers and exhaust pipes sold to OEMs; engine bearings, sealing systems and ignition products such as spark plugs and ignition coils sold under the Champion brand) and Advanced Ride Technologies (shock absorbers, struts and advanced suspension systems under the Monroe brand) — across 12 manufacturing facilities in India. It earns revenue mainly through long-term OEM nomination/program agreements (typically three to seven years for PV and CV programs), with 82.04% of Fiscal 2025 revenue from operations coming from Indian PV and CV OEM sectors, plus export sales and aftermarket sales routed primarily through Group Company Motocare; substrate costs are passed through at cost plus a nominal handling fee. In Fiscal 2025 the company recorded revenue from operations of ₹48,904.30 million and profit of ₹5,531.43 million, with no outstanding borrowings as of June 30, 2025. Its five corporate Promoters (all Tenneco/Federal-Mogul group entities) held 392,521,185 Equity Shares, or 97.25%, pre-Offer, and pay royalties of 2.50% of gross revenue (2.00% for FMBIL) to Tenneco Holdings LLC under a License Agreement effective April 1, 2024. The IPO is a pure Offer for Sale of up to ₹36,000.00 million of Equity Shares by Tenneco Mauritius Holdings Limited; the Company will receive no proceeds.
Objects of the Issue
- Carry out the Offer for Sale of up to [●] Equity Shares by the Promoter Selling Shareholder, Tenneco Mauritius Holdings Limited (entire net proceeds go to the Promoter Selling Shareholder; the Company will not receive any proceeds) Up to ₹36,000.00 million p.23
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges (BSE and NSE) p.23
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹36,000.00 million (100% Offer for Sale)
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹36,000.00 million by Tenneco Mauritius Holdings Limited (Promoter Selling Shareholder)
- Face Value
- ₹10 each
Business Model
Revenue is earned from the design, manufacture and sale of manufactured auto components — exhaust aftertreatment (clean air) systems, powertrain products (engine bearings, sealing systems, ignition products under the Champion brand) and suspension products (shock absorbers, struts and advanced suspension systems under the Monroe brand) — principally to Indian passenger-vehicle and commercial-vehicle OEMs under multi-year program awards (typically 3–7 years) without firm volume commitments, supplemented by export markets and aftermarket sales made primarily through Group Company Motocare; substrate costs are passed through to customers at cost plus a nominal handling fee, and the business pays royalties of 2.50% of gross revenue (2.00% for subsidiary FMBIL) to Tenneco Holdings LLC under the License Agreement.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Tenneco Mauritius Holdings Limited | Promoter / Promoter Selling Shareholder | 82.69% | — |
| Tenneco (Mauritius) Limited | Promoter | 6.62% | — |
| Federal-Mogul Investments B.V. | Promoter | 2.63% | — |
| Federal-Mogul Pty Ltd | Promoter | 3.59% | — |
| Tenneco LLC | Promoter | 1.73% | — |
Leadership
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