Tenneco Clean Air India's IPO Draws Moderate First Day Subscription

Tenneco Clean Air India Ltd's IPO, part of US-based Tenneco Group, attracted 42% subscription on its first day. The IPO aims to raise Rs 3,600 crore entirely through an offer for sale by Tenneco Mauritius Holdings Ltd. The shares will be listed on November 19.

Tenneco Clean Air India Ltd, part of the US-based Tenneco Group, launched its initial public offering (IPO), which garnered 42% subscription on the first day. Details from NSE reveal bids for 2,77,67,723 shares against a total of 6,66,66,666 shares on offer.

Interest from non-institutional investors resulted in a subscription rate of 1.11 times, whereas retail individual investors showed a 35% subscription rate. Qualified institutional buyers showed minimal interest with a 1% subscription rate.

The IPO, totaling Rs 3,600 crore, is entirely an offer-for-sale by Tenneco Mauritius Holdings Ltd, providing no fresh equity issuance. Anchor investors have already contributed Rs 1,080 crore. The listing aims to achieve the benefits of listing, with shares set to appear on bourses on November 19.