Tenneco Clean Air India lists strong, ends with 24% gain over issue price

New Delhi: Shares of Tenneco Clean Air India on Wednesday ended with a premium of nearly 24 per cent against the issue price of Rs 397.

The stock started trading at Rs 498, registering a jump of 25.44 per cent from the issue price on the BSE. During the day, it surged 30.22 per cent to Rs 517. Shares of the firm finally ended at Rs 491.20, up 23.72 per cent.

At the NSE, the stock listed at Rs 505, a premium of 27.20 per cent. It ended at Rs 490.80, a jump of 23.62 per cent.

The company's market valuation stood at Rs 19,825.04 crore.

The initial public offer of Tenneco Clean Air India Ltd, part of the US-based Tenneco Group, was subscribed nearly 59 times on the final day of share sale on Friday last week, led by heavy demand from institutional buyers.

The company's Rs 3,600-crore IPO was entirely an offer-for-sale by promoter Tenneco Mauritius Holdings Ltd, with no fresh equity issuance. The company had fixed a price band of Rs 378-397 per share for the IPO.

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.