Tenneco Clean Air India's Rs 3,600 cr IPO subscribed nearly 59 times on final day

New Delhi, Nov 14 (PTI) 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, led by heavy demand from institutional buyers.

The company's Rs 3,600 crore IPO got bids for 392 crore (3,92,21,37,751) shares as against 6.66 crore (6,66,66,666), shares on offer, translating it to 58.83 times subscription, as per NSE data.

The portion for Qualified Institutional Buyers (QIBs) received 166.42 times subscription, while Non Institutional Investors part subscribed 40.74 times. The segment for Retail Individual Investors (RIIs) fetched 5.11 times subscription.

Tenneco Clean Air India said it has raised Rs 1,080 crore from anchor investors.

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.

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. PTI HG HG ANU ANU