Tenneco Clean Air India IPO gets subscribed 42 pc on day 1 of offer

New Delhi, Nov 12 (PTI) The initial public offer of Tenneco Clean Air India Ltd, part of US-based Tenneco Group, was subscribed 42 per cent on the first day of bidding on Wednesday.

The initial public offering (IPO) received bids for 2,77,67,723 shares against 6,66,66,666 shares on offer, as per the details available with the NSE.

The non-institutional investors part subscribed 1.11 times, while the retail individual investors segment fetched 35 per cent subscription. The portion for qualified institutional buyers received just 1 per cent subscription.

On Tuesday, Tenneco Clean Air India said it has raised Rs 1,080 crore from anchor investors. The Rs 3,600-crore IPO will conclude on November 14.

The IPO is entirely an offer-for-sale by promoter Tenneco Mauritius Holdings Ltd, with no fresh equity issuance. The company has raised its issue size to Rs 3,600 crore from Rs 3,000 crore planned earlier, according to the draft papers filed in June.

Since the issue is entirely an OFS, the company will not receive any proceeds from the IPO, and all funds raised will go directly to the selling shareholder.

The objective of the IPO is to achieve the benefits of listing, the papers stated.

Tenneco Mauritius Holdings Ltd, Tenneco (Mauritius) Ltd, Federal-Mogul Investments BV, Federal-Mogul Pty Ltd, and Tenneco LLC are the promoters of the company.

Tenneco Clean Air India manufactures and supplies critical, highly engineered and technology-intensive clean air, powertrain and suspension solutions tailored for Indian original equipment manufacturers and export markets.

Further, investors can bid for a minimum of 37 shares and in multiples thereof.

Shares of Tenneco Clean Air India will be listed on the bourses on November 19.

The IPO is being managed by JM Financial, Citigroup Global Markets India, Axis Capital and HSBC Securities and Capital Markets (India) Private Ltd. PTI HG HG SHW