Tenneco Clean Air India IPO Oversubscribed: A Remarkable Institutional Investment Frenzy

Tenneco Clean Air India Ltd's IPO, a segment of the US-based Tenneco Group, was oversubscribed by nearly 59 times, driven by significant institutional demand. The Rs 3,600 crore initiative saw QIB interest peak at 166.42 times. The IPO proceeds are from an offer-for-sale by Tenneco Mauritius Holdings Ltd.

The initial public offering of Tenneco Clean Air India Ltd was met with overwhelming demand, being subscribed almost 59 times on the final day of trading. The rush for shares was principally driven by institutional investors.

According to the NSE, Tenneco attracted bids for 392 crore shares, although only 6.66 crore shares were on offer, manifesting in the offer's 58.83 times oversubscription.

The Qualified Institutional Buyers (QIBs) category saw the highest interest, with subscriptions hitting 166.42 times. Meanwhile, non-institutional investors subscribed 40.74 times, and retail investors subscribed 5.11 times the shares available.

(With inputs from agencies.)