In November 2025, the Indian Stock Market is set to see one of the larger automotive–component–adjacent issues in the mainboard pipeline with Tenneco Clean Air India Limited coming out with a sizeable ₹3,600 crore IPO. What makes this issue stand out in the Auto Ancillaries sector is that it is entirely an Offer for Sale (OFS) by existing shareholders of the Indian arm of the global Tenneco Inc. group — so no fresh funds are coming into the company, but the listing provides an exit/liquidity event and widens public shareholding.
Below is the full breakdown of Tenneco Clean Air India IPO:
About Tenneco Clean Air India Ltd.
Incorporated in 2018, Tenneco Clean Air India Limited is part of the global Tenneco group, a well-known supplier of clean air, powertrain, and advanced ride technologies to leading Indian and global OEMs. In India, the company focuses on:
- Emission control / clean air systems (catalytic converters, DPFs, mufflers, exhaust assemblies)
- Powertrain solutions that help OEMs meet tightening emission and fuel-efficiency norms (like Bharat Stage VI)
- Advanced Ride Technologies (shock absorbers, struts, suspension systems)
The company has a strong OEM-focused model, supplying to passenger as well as commercial vehicle manufacturers, and leverages Tenneco’s global R&D to localise and deliver cost-competitive, technology-intensive parts in India.
Manufacturing footprint:
As of March 31, 2025, the company had 12 manufacturing facilities across 7 states and 1 union territory — 7 for Clean Air & Powertrain Solutions and 5 for Advanced Ride Technologies — supported by a localised supply chain.
Employees in design/R&D: 145
Promoters: Tenneco Mauritius Holdings Ltd., Tenneco (Mauritius) Ltd., Federal-Mogul Investments B.V., Federal-Mogul Pty Ltd, and Tenneco LLC.
Competitive strengths:
- Market-leading supplier of critical, highly engineered clean air and suspension solutions
- Diversified, modular product portfolio riding on emission, safety, and comfort trends
- Ability to tap Tenneco group’s global R&D and deploy in India
- Wide, automated manufacturing footprint close to OEMs
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Tenneco Clean Air IPO Details
| Particulars | Details |
| IPO Date | November 12, 2025, to November 14, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹378 to ₹397 per share |
| Lot Size | 37 Shares |
| Sale Type | Offer For Sale |
| Total Issue Size | 9,06,80,101 shares (aggregating up to ₹3,600.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 40,36,04,309 shares |
| Share Holding Post Issue | 40,36,04,309 shares |
| Lead Manager | JM Financial Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
Because this is a pure OFS, the company will not receive any IPO proceeds — the selling shareholders will.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Wednesday, November 12, 2025 |
| IPO Close Date | Friday, November 14, 2025 |
| Allotment (Tentative) | Monday, November 17, 2025 |
| Initiation of Refunds | Tuesday, November 18, 2025 |
| Credit of Shares to Demat | Tuesday, November 18, 2025 |
| Listing Date (Tentative) | Wednesday, November 19, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM, November 14, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not more than 50% of the Offer |
| Retail | Not less than 35% of the Offer |
| NII | Not less than 15% of the Offer |
Tenneco Clean Air IPO Lot Size
| 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 |
Tenneco Clean Air IPO Promoter Holding
| Pre-Issue | Post-Issue | |
| Promoter Holding | 97.25% | 74.79% |
Company Financials
| 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 | 1250.38 | 1,255.09 | 1,116.59 | 1,378.82 |
| Reserves & Surplus | 1204.30 | 1,208.76 | 767.26 | 896.05 |
| Total Borrowing | — | — | — | 0.86 |
Key Performance Indicators
| KPI (as of Mar 31, 2025) | Value |
| ROE | 42.65% |
| ROCE | 56.78% |
| RoNW | 46.65% |
| PAT Margin | 11.31% |
| EBITDA Margin | 16.67% |
| Price to Book Value | 12.77 |
| Market Capitalisation (at issue) | ₹16,023.09 Cr |
EPS & P/E Ratio
| Metric | Pre-IPO | Post-IPO |
| EPS (₹) | 13.71 | 16.66 |
| P/E (x) | 28.97 | 23.83 |
Objects of the Issue
Because this IPO is entirely an Offer for Sale, the company has no stated “use of proceeds” for capex/working capital in this issue. The objectives are:
- To achieve the benefits of listing the equity shares on BSE and NSE.
- To provide liquidity/partial exit to existing shareholders (promoter/promoter group entities).
- To enhance brand visibility and corporate profile in India.
Tenneco Clean Air India Ltd.: Industry Outlook
- Stricter emission norms (Bharat Stage VI now, and future iterations) continue to push OEMs towards sophisticated after-treatment and exhaust systems, directly benefiting clean-air technology providers.
- Shift to premiumisation and comfort in passenger vehicles supports demand for advanced ride technologies (shocks, struts, suspension).
- Localisation push by OEMs in India helps suppliers with a broad, automated, India-based manufacturing footprint — which Tenneco Clean Air has (12 plants).
- Global parent R&D leverage gives the India arm access to proprietary, modular, tech-heavy solutions that can be priced to Indian OEMs.
This places Tenneco Clean Air in a favourable position to ride multiple auto trends at once — emission, safety, comfort, and localisation.
Tenneco Clean Air IPO: Peer Comparison
Tenneco Clean Air IPO can be compared with listed auto component peers such as Bosch Limited, Motherson Sumi Wiring India Limited, Sundaram Clayton Limited, Endurance Technologies Limited, and Varroc Engineering Limited. Reviewing these companies offers investors insights into how Tenneco Clean Air positions itself within the automotive components and emission-control systems segment, helping assess its valuation, market presence, and technological edge in comparison to established industry players.
Conclusion
The Tenneco Clean Air IPO is a large, pure OFS from a globally backed, technology-intensive auto-component player. Positives include:
- Strong financial performance (PAT up 33% in FY25 vs FY24)
- High returns (ROE ~43%, ROCE ~57%)
- Deep OEM relationships
- Wide manufacturing footprint
- Backing of the Tenneco group
Things investors should note:
- No fresh money to the company (so no immediate balance-sheet strengthening from this IPO)
- Valuation appears fully priced
- Auto/clean-air business is still regulation-linked — strong tailwind, but also policy-dependent
For investors looking at medium-to-long-term exposure to a high-tech auto-ancillary with global parentage, this IPO fits that bracket.
If you are exploring more investment opportunities, check out our dedicated upcoming IPO listings to stay updated on the latest market offerings.
