The Tenneco IPO marks a major development in India’s automotive manufacturing sector. As part of a globally recognized group, Tenneco Clean Air India Ltd is one of the leading manufacturers of clean air, suspension, and powertrain solutions for passenger cars, commercial vehicles, and off-highway equipment.
The IPO opens on November 12, 2025, and closes on November 14, 2025. This book-building offer is a pure offer for sale, allowing existing shareholders, including Tenneco Mauritius Holdings Limited, to partially divest their stakes. The company’s shares will be listed on both BSE and NSE, giving investors a chance to participate in one of the most established clean air India manufacturing networks in the country.
With a strong presence across seven states and one union territory, Tenneco Clean Air India plays a crucial role in delivering highly engineered clean air solutions and suspension components to major automotive OEMs worldwide.
Clean Air India Limited IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | Wed, Nov 12, 2025 |
| IPO Close Date | Fri, Nov 14, 2025 |
| Allotment Finalization | Mon, Nov 17, 2025 |
| Refunds Initiation | Tue, Nov 18, 2025 |
| Credit of Shares to Demat | Tue, Nov 18, 2025 |
| Tentative Listing Date | Wed, Nov 19, 2025 |
| Cut-off Time for UPI Mandate Confirmation | 5 PM on Fri, Nov 14, 2025 |
The Clean Air India Limited IPO listing is scheduled for November 19, 2025, on both BSE and NSE. Retail and institutional investors are expected to participate actively in this offering, driven by Tenneco’s global reputation and robust performance.
Tenneco IPO Details and Issue Size
| IPO Particulars | Details |
|---|---|
| IPO Date | November 12, 2025 to November 14, 2025 |
| Face Value | ₹10 per share |
| Issue Type | Bookbuilding IPO |
| Sale Type | Offer for Sale |
| Listing At | BSE, NSE |
| Lead Manager and Registrar | Axis Bank Ltd |
| Share Holding Pre Issue | 40,36,04,309 shares |
| Share Holding Post Issue | 40,36,04,309 shares |
The Tenneco IPO is structured as an offer for sale, with no fresh issue component. The issue size and price band will be announced closer to the IPO opening. This structure provides existing promoters, including Tenneco Mauritius Holdings Limited and Federal Mogul Investments, with an opportunity to liquidate part of their holdings.
Retail investors will be able to participate through UPI or ASBA applications, and allotments will be made on a proportionate basis according to investor categories.
Clean Air India: Company Overview and Operations
Tenneco Clean Air India Ltd, incorporated as part of the Tenneco group, specializes in the design, manufacturing, and distribution of clean air and powertrain components that enable vehicles to meet stringent emission norms.
The company is a subsidiary of Tenneco LLC, a leading global supplier of automotive components and systems. Its Indian operations have been strategically established to serve both domestic and export markets, supplying advanced exhaust systems, shock absorbers, struts, and suspension solutions.
Tenneco Clean Air India’s customer portfolio includes several global and Indian automotive giants such as Tata Motors, Ashok Leyland, and Maruti Suzuki, as well as international manufacturers in the European and Asia-Pacific regions.
With over two decades of experience in manufacturing clean air and powertrain systems, the company plays a crucial role in helping automakers transition to cleaner mobility technologies while maintaining performance and efficiency.
Its facilities are spread across seven Indian states and one union territory, ensuring seamless production, distribution, and support for OEMs and aftermarket clients.
Clean Air and Manufacturing Overview
The clean air division of Tenneco Clean Air India forms the backbone of its operations. The company’s technology portfolio focuses on clean air systems, suspension assemblies, and powertrain components that align with global sustainability and efficiency standards.
Key Product Categories
Clean Air Solutions
The company’s clean air segment includes exhaust systems, catalytic converters, and diesel particulate filters designed to meet India’s BS-VI emission norms and international standards.
Suspension Solutions
Tenneco manufactures shock absorbers and struts for both passenger and commercial vehicles, improving vehicle safety, ride comfort, and handling performance.
Powertrain Solutions
Under its Federal Mogul legacy, Tenneco provides pistons, rings, and bearings—critical to improving fuel efficiency and lowering emissions.
Aftermarket Components
The company also supplies replacement parts for clean air systems and suspension components through a well-developed aftermarket distribution network.
Each product line reflects Tenneco’s commitment to clean air India technologies and its ability to adapt to the evolving demands of electric and hybrid vehicle platforms.
Financial Information: Tenneco Clean Air India Ltd
| Metric | Jun 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Assets | ₹2,918.77 Cr | ₹2,831.58 Cr | ₹2,136.26 Cr | ₹2,429.65 Cr |
| Total Income | ₹1,316.43 Cr | ₹4,931.45 Cr | ₹5,537.39 Cr | ₹4,886.96 Cr |
| Profit After Tax (PAT) | ₹168.09 Cr | ₹553.14 Cr | ₹416.79 Cr | ₹381.04 Cr |
| EBITDA | ₹228.88 Cr | ₹815.24 Cr | ₹612.09 Cr | ₹570.63 Cr |
| Net Worth | ₹1,250.38 Cr | ₹1,255.09 Cr | ₹1,116.59 Cr | ₹1,378.82 Cr |
| Reserves and Surplus | ₹1,204.30 Cr | ₹1,208.76 Cr | ₹767.26 Cr | ₹896.05 Cr |
Financial Overview:
- Revenue declined by 11% in FY25 compared to FY24 due to global demand fluctuations, yet profit after tax grew by 33%, demonstrating strong cost management.
- The EBITDA increased significantly, indicating enhanced operational efficiency across manufacturing plants.
- Net worth remained stable, supported by steady reserves and surplus.
Use of Funds, Offer for Sale, and Investors Portion
Since the Tenneco IPO is purely an offer for sale, the company will not receive direct proceeds from the issue. The funds raised will go to the selling shareholders, primarily Tenneco Mauritius Holdings Limited and Federal Mogul Investments.
This structure allows these shareholders to partially divest while enabling the company to gain exposure to India’s capital markets. The investors portion will be allocated in compliance with SEBI regulations, with specific quotas reserved for retail investors, qualified institutional buyers (QIBs), and non-institutional investors (NIIs).
While no fresh issue is included, the listing will improve transparency, corporate governance, and pave the way for potential capital raising in the future.
IPO Allotment Details and Axis Bank as Lead Manager
| Event | Date |
|---|---|
| Allotment Finalization | Mon, Nov 17, 2025 |
| Refunds Initiation | Tue, Nov 18, 2025 |
| Credit of Shares to Demat | Tue, Nov 18, 2025 |
| Tentative Listing Date | Wed, Nov 19, 2025 |
The clean air IPO allotment will be processed by Axis Bank, acting as both the book running lead manager and registrar for the issue. Retail investors can check their allotment details using their PAN, application ID, or demat account number on Axis Bank’s IPO portal once the finalization date is announced.
The listing will take place on both BSE and NSE, and funds will be automatically refunded to non-allottees after the allotment process is completed.
IPO Lot Size and Minimum Order Quantity
The Tenneco IPO lot size and minimum order quantity will be disclosed closer to the IPO opening date. Typically, retail investors can apply for one lot as the minimum bid and increase their applications in multiples thereof.
Lot size determination is based on the final price band and the total issue size. Investors should ensure adequate funds are available in their linked bank accounts for successful application processing through UPI or ASBA.
Conclusion
The Tenneco IPO offers investors a rare chance to participate in India’s expanding automotive and clean technology market. As a key part of Tenneco’s global ecosystem, Clean Air India Limited combines international engineering expertise with Indian manufacturing strength.
Its established footprint, strong financial performance, and partnerships with top automotive OEMs make it a stable and growth-oriented investment option.
For retail investors seeking exposure to clean air, powertrain, and suspension solutions, the Tenneco Clean Air IPO represents a high-quality opportunity to invest in one of the most technologically advanced and environmentally focused automotive suppliers in India.
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