Tenneco Clean Air India Limited has successfully raised ₹3,600 crore (US$ 406 million) through an Initial Public Offering comprising an offer for sale of 90,680,100 equity shares by the Promoter Selling Shareholder.
The offering drew significant investor interest, closing with an overall oversubscription of 61.79 times. The Qualified Institutional Buyers (QIB) segment was oversubscribed by 174.78 times, highlighting strong institutional confidence.
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Tenneco India is the largest supplier of Clean Air Solutions in India, holding over 50% market share in FY 2025, and forms part of the Tenneco Group, a global Tier-I automotive components major headquartered in the United States.
About Tenneco Clean Air India Limited
Tenneco India manufactures and supplies high-engineered clean air, powertrain, and suspension components catering to both Indian original equipment manufacturers (OEMs) and international markets.
Its portfolio plays a critical role in emission control, engine efficiency, and vehicle performance — areas increasingly critical as India transitions toward tighter regulatory and sustainability norms.
Legal Advisory by Shardul Amarchand Mangaldas & Co (SAM)
Counsel to Tenneco India
Transaction Team (Issuer)
Sayantan Dutta, Partner (Lead)
Sanjana Chowdhary, Principal Associate
Rishika Kharbanda, Associate
Satakshi N Dixit, Associate
Strategic inputs: Prashant Gupta, National Practice Head – Capital Markets
Counsel to the Promoter Selling Shareholder
Manjari Tyagi, Partner (Lead)
Jheel Bhargava, Senior Associate
Bhumika Panigrahi, Associate
Corporate Advisory – Pre-IPO Restructuring & Placement
Gunjan Shah, Partner
Karun Prakash, Partner
Sangamitra Sankaraiah, Partner
Tanay Khanna, Principal Associate
Simran Khullar, Senior Associate
Aradhana Parmeshwar, Associate
Employment Law Team
Pooja Ramchandani, Partner (Lead)
Kriti Kaushik, Partner
Istuti Kapoor, Senior Associate
Rakshita Mehta, Associate
Governance & Compliance
Alina Arora, Partner
Parth Singh, Partner
Competition Law Support
Rohan Arora, Partner
Legal Advisory by Khaitan & Co
Khaitan & Co advised Book Running Lead Managers (BRLMs) JM Financial Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, and HSBC Securities and Capital Markets (India) Private Limited.
Transaction Team
Abhimanyu Bhattacharya, Partner
Aditya Cheriyan, Partner
Oishik Bagchi, Partner
Anshul Mordia, Senior Associate
Aayush Virani, Associate
Ria Chaudhary, Associate
Srishti Jain, Associate
Aayushi Poddar, Associate
Legal Advisory by A&O Shearman – US Law Counsel to the BRLMs
Transaction Team
Pallavi Gopinath Aney, Partner (Co-Head – India Group, Lead)
Mark Leemen, Partner
Serena Upadhyay, Senior Associate
Rajshree Agarwal, Associate
Why This IPO Matters
Strong institutional appetite: Oversubscription of nearly 175x in the QIB segment demonstrates exceptional demand.
Automotive sector strength: Tenneco India’s dominant Clean Air Solutions market share underscores increasing emphasis on emission control technologies.
High-quality promoter group: As part of the global Tenneco Group, the company benefits from deep engineering expertise and global integration.
Robust legal involvement: The transaction saw participation from India’s leading capital markets practices and top international counsel, reflecting its scale and complexity.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions
