Tenneco Clean Air India IPO receives 86 pc subscription on day 2

New Delhi, Nov 13 (PTI) The initial public offer of Tenneco Clean Air India Ltd, part of US-based Tenneco Group, received 86 per cent subscription so far on the second day of bidding on Thursday.

The initial public offering (IPO) received bids for 5,70,74,165 shares, as against 6,66,66,666 shares on offer, as per information available on the NSE till 11:20 hours.

The portion for non-institutional investors was subscribed 2.45 times, while the quota for retail individual investors received 66 per cent subscription. The portion for qualified institutional buyers saw a 1 per cent subscription.

The initial share sale of Tenneco Clean Air India on Wednesday received 42 per cent on the first day of bidding.

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 the earlier planned Rs 3,000 crore, 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, 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 DRR