Tenneco Clean Air IPO Nears Full Subscription with Robust Investor Interest

The initial public offer of Tenneco Clean Air India Ltd, part of Tenneco Group, has been 86% subscribed on the second day. It aims to raise Rs 3,600 crore, entirely through an offer-for-sale. The proceeds will not benefit the company directly but will go to the selling shareholder.

The initial public offering (IPO) of Tenneco Clean Air India Ltd saw a strong performance on its second day, attaining 86% subscription. As of 11:20 AM, bids were placed for 5,70,74,165 shares against the 6,66,66,666 shares available, according to the NSE.

Non-institutional investors have shown great interest, with their portion oversubscribed by 2.45 times. Retail individual investors, however, have only subscribed to 66% of their allocated shares, while qualified institutional buyers have shown minimal interest with just 1% subscription.

This Rs 3,600-crore IPO, entirely an offer-for-sale by Tenneco Mauritius Holdings Ltd, aims to achieve the benefits of listing without new equity issuance. Although the IPO raised Rs 1,080 crore from anchor investors earlier, the full subscription is targeted by conclusion on November 14, with shares set to list on November 19.

(With inputs from agencies.)