Tenneco Clean Air India's IPO Attracts Major Investments

Tenneco Clean Air India Ltd, a subsidiary of Tenneco Group, has secured Rs 1,080 crore from anchor investors ahead of its IPO launch on November 12. The IPO is entirely an Offer for Sale, with no fresh issuance, aiming for a valuation of over Rs 16,000 crore.

Tenneco Clean Air India Ltd, a prominent entity under the US-based Tenneco Group, announced the successful raising of Rs 1,080 crore from anchor investors on Tuesday. This strategic move comes just before the company's initial public offering (IPO) opens for public subscription.

The anchor book drew interest from 58 leading investors including SBI Mutual Fund, ICICI Prudential MF, and HDFC MF. According to a BSE circular, over 2.72 crore shares were allocated at Rs 397 each, securing nearly Rs 1,080 crore in total. Notably, 54.15% of these shares were entrusted to domestic mutual funds.

The Rs 3,600-crore IPO, scheduled from November 12 to 14, seeks to highlight the benefits of listing. Managed by top players like JM Financial and HSBC, this IPO, solely an Offer for Sale, won't yield proceeds for the company but instead benefits Tenneco Mauritius Holdings Ltd, the promoter.

(With inputs from agencies.)