On Sunday, 16 November 2025, investor focus in India’s primary market is firmly on Tenneco Clean Air India Ltd, the auto-systems maker whose ₹3,600 crore IPO has turned into one of the biggest blockbusters of the quarter. With the issue subscribed nearly 59–62 times and the grey market premium (GMP) hovering around ₹123 per share, the street is now gearing up for allotment finalisation on Monday and listing on Wednesday, 19 November 2025. [1]
Below is a complete snapshot of where the IPO stands today, 16 November, and what investors should watch as allotment and listing approach.
Latest Today: Allotment Finalisation, GMP and Listing Timeline
As of 16 November 2025, the key milestones for the Tenneco Clean Air India IPO are:
- Basis of allotment: Expected to be finalised on Monday, 17 November 2025. [2]
- Refunds & credit of shares to demat: Tentatively on 18 November 2025. [3]
- Listing date: Shares are set to debut on Wednesday, 19 November 2025, on both BSE and NSE. [4]
- Issue structure: A ₹3,600 crore 100% offer-for-sale (OFS) by promoter Tenneco Mauritius Holdings and other promoter entities; no fresh equity is being issued. [5]
Brokerage platform Upstox, citing exchange data, reiterates that the IPO was booked 58.83 times overall, with allocations spread across QIB, NII, and retail categories. [6]
Grey Market Premium on 16 November: ~31% Listing Upside Priced In
The GMP for Tenneco Clean Air India has sharply expanded post-closure of the issue:
- Latest GMP (16 November 2025): Around ₹123 per share over the upper price band of ₹397. [7]
- Implied listing price: Roughly ₹520 per share (₹397 + ₹123), pointing to an estimated 30.9–31% premium over the issue price. [8]
InvestorGain’s live GMP tracker shows a GMP of ₹123 as of the evening of 16 November, translating into a theoretical profit of about ₹4,551 per retail lot of 37 shares. [9]
Upstox also notes that unlisted shares are changing hands at around ₹520, implying a premium of 30.98% over the cap price, and attributes this data to InvestorGain and other market trackers. [10]
Important: Grey market premium is unofficial, operates outside regulated exchanges, and can change rapidly. It is not a guarantee of actual listing performance and should not be the sole basis for investment decisions.
Blockbuster Subscription: Institutions Lead the Charge
After a relatively subdued Day 1, Tenneco Clean Air India’s IPO witnessed an explosive pickup in demand on Days 2 and 3.
According to exchange data collated by Business Standard and Upstox, the final subscription picture looks like this: [11]
- Overall subscription: 58.83×
- QIB (Qualified Institutional Buyers): 166.42×
- NII (Non-Institutional / HNI investors): 40.74×
- Retail Individual Investors (RII): 5.11×
Goodreturns, citing live exchange data, pegs the total subscription at about 61.79×, with QIBs at 174.78× and retail at 5.37×, highlighting the same trend of extremely strong institutional demand; the minor differences stem from cut-off timing of the data. [12]
On Day 1 (12 November), however, the picture was far more modest—Mint reported that the issue was subscribed only 0.44× by the end of the first day, underscoring how sharply momentum turned in Tenneco’s favour over the next two sessions. [13]
Key IPO Terms: Price Band, Lot Size and Structure
For investors tracking the primary market, here are the core terms of the Tenneco Clean Air India IPO:
- IPO dates:
- Open: 12 November 2025
- Close: 14 November 2025 [14]
- Issue size: ₹3,600 crore, entirely OFS by Tenneco Mauritius Holdings and other promoter entities. [15]
- Price band: ₹378–₹397 per share. [16]
- Face value: ₹10 per equity share. [17]
- Total shares offered: Around 9.07 crore shares. [18]
- Market lot: 37 shares; minimum retail application size of ₹14,689 at the upper band. [19]
- Post-issue promoter holding: Expected to decline from 97.25% to ~74.79%. [20]
Ahead of the IPO, the company raised about ₹1,079.99 crore from anchor investors on 11 November, allotting around 2.72 crore shares at ₹397 each to 58 anchor investors. [21]
How and When to Check Tenneco Clean Air IPO Allotment
With allotment expected on 17 November, investors will be able to check their IPO status through three main routes, as outlined by Upstox and the registrar: [22]
- Registrar (MUFG Intime India)
- Visit the registrar’s IPO/public issues page.
- Select “Tenneco Clean Air India Limited” from the dropdown.
- Enter any of the required details: application number, PAN, or bank/demat details.
- Submit to view whether shares have been allotted.
- NSE IPO status page
- Go to the NSE IPO bid status section.
- Choose the symbol “TENNIND” from the list.
- Input PAN and application number to check allotment.
- BSE IPO allotment portal
- Open BSE’s equity IPO application status page.
- Select “Tenneco Clean Air India Limited” under the IPO dropdown.
- Provide your application number or PAN and submit to see the status.
These portals typically reflect allotment by late evening on the scheduled basis-of-allotment date, subject to updates by the registrar and exchanges. [23]
Where Tenneco Sits in a Busy IPO & Listing Week
Although only two new IPOs (Excelsoft Technologies and Gallard Steel) are opening in the coming week, the listing calendar is packed, with several high-profile issues hitting the markets. [24]
- 18 November: PhysicsWallah and Emmvee Photovoltaic Power list. [25]
- 19 November: Tenneco Clean Air India IPO listing on BSE and NSE. [26]
- 20 November: Fujiyama Power Systems listing. [27]
- 21 November: Capillary Technologies India listing. [28]
ETMarkets’ GMP tracker for 16 November notes that among these names, Tenneco Clean Air stands out with GMP-implied listing gains of about 30.9%, placing it near the top of this week’s potential performers in the grey market. [29]
What Does Tenneco Clean Air India Do?
Tenneco Clean Air India is the Indian arm of US-headquartered Tenneco Group, a global Tier-I automotive component supplier. The company: [30]
- Manufactures and supplies:
- Clean air and emission-control systems
- Powertrain components
- Suspension products (shock absorbers, struts, etc.)
- Serves:
- Major passenger vehicle and commercial vehicle OEMs in India
- Off-highway equipment manufacturers
- Industrial applications and the aftermarket
- Export markets, including the US and other international customers
- Business divisions:
As of 31 March 2025, Tenneco Clean Air India operated 12 manufacturing facilities across seven states and one union territory, with seven plants under Clean Air & Powertrain Solutions and five under Advanced Ride Technologies. [33]
Financial Snapshot: Q1 FY26 Performance
For the quarter ended 30 June 2025 (Q1 FY26), the company reported: [34]
- Revenue: About ₹1,285–1,286 crore
- EBITDA: Roughly ₹229 crore, implying firm operating margins
- Net profit: Around ₹167–168 crore, implying a net margin of ~13.1%
Segment-wise, Clean Air & Powertrain Solutions contributed about 56.3% of Q1 FY26 revenue, while Advanced Ride Technologies contributed 43.7%. [35]
Exports made up about 7.4% of revenue in the same quarter, with the domestic market contributing over 92%. [36]
Valuation and Brokerage View
Brokerages tracking the issue have generally taken a positive stance on Tenneco Clean Air India:
- SBI Securities has a “Subscribe” recommendation, noting that at the upper price band of ₹397, the IPO is valued at about 29x FY25 P/E and 19.3x EV/EBITDA. [37]
- Livemint and other research platforms have highlighted the company’s leading market share in clean-air solutions for commercial trucks and off-highway OEMs in India, as well as its strong positioning on the back of stricter emission norms and rising premiumisation in the vehicle mix. [38]
Given the robust institutional interest and healthy profitability, many analysts see Tenneco Clean Air as a quality auto ancillary play leveraged to emission regulation, premium SUVs, and electrification-linked components.
Key Risks Flagged in the DRHP
Despite the strong response and GMP, the company’s DRHP and brokerage notes also highlight several material risks: [39]
- High customer concentration: Top 10 customers contributed around 82% of FY25 revenue; loss of any key OEM relationship could materially impact earnings.
- Dependence on PV & CV cycles: About 82% of revenue comes from Indian passenger and commercial vehicle segments, leaving the business exposed to cyclical downturns or regulatory shocks in these segments.
- Raw material price volatility: Steel and other key inputs (such as special electrodes and bimetal strips) are critical; sharp price moves can pressure margins if costs cannot be passed on.
- Product warranty and liability claims: The company incurs costs for warranties and product liabilities; any large recall or safety issue could hurt profitability.
- Trade and tariff risks: Uncertainties around US tariffs on Indian exports may affect realisations in export markets if duties rise, raising the landed cost of Tenneco’s products.
Investors should weigh these risk factors alongside growth drivers before deciding how to approach the stock post-listing.
What To Watch on Listing Day
As we head into allotment (17 November) and listing (19 November), here are the variables likely to drive Tenneco Clean Air India’s debut performance:
- Sustainability of GMP
– Current ~31% implied listing gains are attractive, but sentiment can swing sharply ahead of listing, especially if broader markets turn volatile. [40] - Overall market mood
– A strong or weak session for the Nifty Auto index and the broader market on 19 November could amplify or dampen listing gains. - Order flow and commentary from OEMs
– Newsflow on emission norms, EV adoption and capex from key OEM customers can influence medium-term sentiment around the stock. - Peer valuation comparison
– Investors will likely benchmark Tenneco Clean Air India’s post-listing multiples against other listed auto component and emission-control players to judge whether any initial premium is sustainable.
Bottom Line
As of 16 November 2025, Tenneco Clean Air India IPO looks set for a highly anticipated market debut, backed by:
- Hefty oversubscription (around 59–62× overall, led by QIBs). [41]
- Strong grey market premium implying ~31% potential listing gains. [42]
- Solid Q1 FY26 earnings and double-digit profit margins. [43]
- A business model aligned with tightening emission norms and premiumisation in the auto sector. [44]
At the same time, concentration risks, raw material volatility and tariff uncertainties mean investors should approach the stock with a clear view of their risk appetite and investment horizon rather than solely chasing listing pop.
This article is for information and news purposes only and does not constitute investment advice. For personalised guidance, investors should consult a SEBI-registered financial adviser.
References
1. upstox.com, 2. upstox.com, 3. www.investorgain.com, 4. upstox.com, 5. www.business-standard.com, 6. upstox.com, 7. www.investorgain.com, 8. www.investorgain.com, 9. www.investorgain.com, 10. upstox.com, 11. www.business-standard.com, 12. www.goodreturns.in, 13. www.livemint.com, 14. www.livemint.com, 15. www.business-standard.com, 16. www.livemint.com, 17. www.moneycontrol.com, 18. www.investorgain.com, 19. www.livemint.com, 20. www.business-standard.com, 21. www.business-standard.com, 22. upstox.com, 23. upstox.com, 24. www.freepressjournal.in, 25. www.moneycontrol.com, 26. upstox.com, 27. www.moneycontrol.com, 28. www.moneycontrol.com, 29. m.economictimes.com, 30. www.business-standard.com, 31. www.financialexpress.com, 32. www.financialexpress.com, 33. www.financialexpress.com, 34. www.business-standard.com, 35. www.business-standard.com, 36. www.business-standard.com, 37. www.financialexpress.com, 38. www.financialexpress.com, 39. www.financialexpress.com, 40. www.investorgain.com, 41. upstox.com, 42. www.investorgain.com, 43. www.business-standard.com, 44. www.financialexpress.com
