Tenneco Clean Air India shares jump over 27% in market debut trade

New Delhi: Shares of Tenneco Clean Air India Ltd on Wednesday listed with a premium of over 27 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. Later, it surged 30.22 per cent to Rs 517.

At the NSE, the stock listed at Rs 505, a premium of 27.20 per cent.

The company's market valuation stood at Rs 19,572.79 crore.

The initial public offer of Tenneco Clean Air India Ltd, part of US-based Tenneco Group, 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.