Tenneco Clean Air India Ltd made a strong debut on the Indian stock markets today, Wednesday, 19 November 2025, with its shares listing at a hefty premium and closing the day significantly above the IPO issue price.
As of market close on 19 November 2025, Tenneco Clean Air India Ltd (NSE: TENNIND, BSE: 544612) ended around ₹491 per share, roughly 23–24% higher than its IPO price of ₹397. Business Standard+2INDmoney+2
Below is a full breakdown of how the Tenneco Clean Air IPO performed today, what drove the listing gains, and what analysts and the latest news are saying about the stock.
Tenneco Clean Air IPO: Key Details at a Glance
- Company: Tenneco Clean Air India Ltd
- Sector: Auto ancillaries (clean air, powertrain and suspension systems) Groww+1
- IPO type: 100% Offer for Sale (OFS) – proceeds go to existing shareholders (primarily Tenneco Mauritius Holdings Ltd), not the company. Upstox – Online Stock and Share Trading+1
- Issue size: Approx. ₹3,600 crore (around ₹36 billion). A&O Shearman+2IPO Ji+2
- Price band: ₹378–₹397 per share. Angel One+2Groww+2
- Face value: ₹10 per share. Groww+1
- Lot size for retail investors: 37 shares, minimum investment around ₹14,689 at the upper end of the price band. Angel One+1
- Bidding period: 12–14 November 2025. Groww+2IPO Ji+2
- Allotment finalisation: 17–18 November 2025 (finalisation on 17th; credit to demat on 18th). The Financial Express+2The Economic Times+2
- Listing date: 19 November 2025 on NSE and BSE mainboard. The Financial Express+2The Economic Times+2
- Book-running lead managers: JM Financial, Axis Capital, Citi, HSBC, among others. The Economic Times+2Angel One+2
- Registrar: MUFG Intime India Pvt Ltd. Angel One+2IPO Ji+2
Subscription response was extremely strong. According to exchange data and broker reports, the IPO was subscribed roughly 58–62 times overall, with QIB (institutional) subscription well over 160x, and retail around 5–5.5x, reflecting overwhelming investor demand. Upstox – Online Stock and Share Trading+2The Economic Times+2
Tenneco Clean Air Share Price Today: Listing, High, Low and Close
Opening and listing gains
Tenneco Clean Air’s stock listed exactly in line with grey market expectations:
- Issue price: ₹397
- NSE listing price: ₹505, a 27.2% premium to the issue price. Trendlyne.com+3The Economic Times+3mint+3
- BSE listing price: ₹498, about 25.4% above issue price. The Economic Times+2mint+2
Multiple news outlets, including Economic Times, LiveMint and Upstox, reported that the listing premium closely matched the grey market premium (GMP) that had indicated 25–30% upside ahead of listing. Upstox – Online Stock and Share Trading+3The Economic Times+3The Financial Express+3
Intraday range on 19 November 2025
Data from market trackers such as INDmoney, Trendlyne and other live-price platforms show that on its first day of trade, Tenneco Clean Air India Ltd moved in a relatively wide band: INDmoney+2Trendlyne.com+2
- Day high: Around ₹517 per share
- Day low: Around ₹480.10 per share
- Volume: Roughly 10–10.2 crore shares traded across NSE and BSE, indicating very heavy turnover for a fresh listing. Groww+2INDmoney+2
The stock briefly extended gains beyond the listing level, hitting its intraday high near ₹517 – about 30% above the IPO price – before giving up some of those profits as the session progressed. mint+2Moneycontrol+2
Closing price: TENNIND share price at the end of the day
By the closing bell on 19 November 2025, data from Business Standard, INDmoney and Trendlyne all converge around an end-of-day price close to ₹490.8–₹491.2 per share on NSE: The Financial Express+3Business Standard+3INDmoney+3
- Approximate closing price (NSE): ₹491 per share
- Gain vs IPO price (₹397): ~23–24%
- Change vs listing price (₹505): Around 2–3% below opening, consistent with Financial Express and Upstox noting that the stock “settled about 3% lower than the listing level” but comfortably above the IPO price. The Financial Express+2Upstox – Online Stock and Share Trading+2
For retail investors who received one lot of 37 shares at the upper end of the price band, that translates into:
- Issue cost per lot: 37 × ₹397 ≈ ₹14,689
- Value per lot at listing (₹505): 37 × ₹505 = ₹18,685 Upstox – Online Stock and Share Trading
- Value per lot at close (~₹491): approx. ₹18,175
- Unrealised gain at close: ~₹3,500 per lot (before taxes and brokerage), versus ~₹4,000 at the listing price. (Figures rounded for simplicity.)
Why the Market Liked the Tenneco Clean Air IPO
Business profile
Tenneco Clean Air India Ltd is the Indian arm of US-based Tenneco Inc., a global Tier‑I auto component manufacturer. The company focuses on clean air, powertrain, and suspension solutions, supplying critical, high‑technology parts to major passenger and commercial vehicle OEMs in India and overseas. The Economic Times+2Upstox – Online Stock and Share Trading+2
Its portfolio includes: The Financial Express+2Upstox – Online Stock and Share Trading+2
- Exhaust after-treatment systems
- Catalytic converters
- Diesel oxidation catalysts (DOC) and diesel particulate filters (DPF)
- Mufflers and exhaust pipes
- Shock absorbers and struts
- Other precision powertrain and suspension components
Industry data cited in pre‑IPO and listing-day coverage show that Tenneco Clean Air India: The Economic Times+2The Financial Express+2
- Holds about 57% market share in clean air solutions for Indian commercial truck OEMs
- Has around 68% share with off‑highway OEMs
- Is the No. 1 supplier of shock absorbers and struts to passenger vehicle OEMs in India, with roughly 52% value share
This dominant positioning, combined with long-standing relationships with top automakers, is a key reason institutional investors showed such strong interest in the IPO.
Financial performance and margins
Investor presentations and IPO analysis reports highlight a mixed but improving financial profile: investorgain.com+2The Economic Times+2
- FY25 revenue fell about 11% year-on-year to ~₹4,931 crore.
- Net profit, however, rose around 33% to ~₹553 crore, indicating margin expansion.
- EBITDA increased to roughly ₹815 crore, with EBITDA margin near 16–17% and PAT margin around 11%.
- Return ratios are strong, with ROE and ROCE reported above 40%, reflecting efficient capital use.
Post‑listing valuation data from Business Standard suggests the stock is trading at a P/E of roughly 35–36x and a price-to-book of around 12x, implying a premium valuation but one that many analysts argue is justified by leadership position and profitability. Business Standard+1
What Analysts and Brokerages Said Today
Listing-day commentary
Throughout 19 November 2025, brokerages and financial media tracked the stock tick-by-tick:
- Economic Times noted that the stock opened with a 27% premium but slid almost 5% intraday before stabilising, highlighting that early enthusiasm quickly gave way to profit booking and caution. The Economic Times+2The Economic Times+2
- LiveMint reported that Tenneco Clean Air shares hit a high of ₹517 and then cooled off, emphasising that the listing pop broadly matched grey‑market expectations. mint+1
- Financial Express’ live blog confirmed that the stock closed about 3% below its NSE listing price but still over 23% above the issue price, underlining that debut-day investors remained firmly in the green. The Financial Express
Should investors buy, sell or hold?
Analyst views published today tended to converge on a “book some profits, hold the rest” stance for IPO allottees, with more caution for those considering fresh entries at these levels:
- A LiveMint report quoted market experts suggesting partial profit‑booking for those allotted in the IPO, while holding the remaining shares with a stop‑loss around the ₹480 zone. Fresh investors were advised to wait for dipsrather than chasing listing-day euphoria. mint
- Pre‑listing notes from brokers such as Geojit and Deven Choksey Research (quoted today in Financial Express coverage) had recommended “Subscribe” on grounds of technology leadership, strong OEM relationships and structural tailwinds from tighter emission norms and premiumisation of vehicles. The Financial Express
- Another Economic Times analysis earlier this week argued that the IPO may suit long‑term investors with a higher risk appetite, given modest revenue growth but strong balance sheet and margin profile. The Economic Times
Overall, the tone of today’s commentary can be summed up as: fundamentally strong business, favourable industry backdrop, but valuations and cyclicality of the auto sector warrant cautious optimism rather than blind exuberance.
Key Risks Highlighted in Today’s Coverage
Even as the market cheered the strong listing, several risks were repeatedly flagged in research and news articles:
- Client concentration
Tenneco Clean Air India reportedly derives over 60% of its revenue from its top five customers, largely large automotive OEMs. A slowdown, loss or renegotiation with any of these accounts could materially impact revenue. The Economic Times+1 - Dependence on the parent for technology & brand
The company relies on Tenneco Inc. for branding, proprietary designs and technical know‑how, paying royalties and technical fees. Any change in these arrangements or strategy at the global parent level is a potential overhang. The Economic Times+1 - Auto-cycle sensitivity
As a Tier‑I auto component supplier, Tenneco Clean Air is exposed to cyclical swings in vehicle demand, regulatory shifts and raw material price volatility (e.g., steel and precious metals used in catalytic systems). The Economic Times+2The Economic Times+2 - Transition to EVs
While many of its products (like suspension components) are “EV‑agnostic”, stricter emission norms and eventual electrification could reshape the mix between exhaust‑related products and other components over time. Analysts today stressed that Tenneco’s diversified portfolio and R&D access should help, but it remains a strategic risk to monitor. The Financial Express+2The Economic Times+2
What Today’s Listing Means for IPO Investors
For those who got IPO allotment
If you were allotted shares at ₹397, you’re sitting on sizeable listing gains:
- On listing: notional profit of about ₹4,000 per lot (27% gain) at ₹505. Upstox – Online Stock and Share Trading+1
- At close today (~₹491): notional profit of around ₹3,500 per lot, or about 23–24% over the issue price. Business Standard+2INDmoney+2
Many analysts today recommended taking partial profits to lock in gains while still keeping a portion of holdings for potential long‑term upside as the company rides tightening emission norms and premiumisation in the Indian auto sector. mint+1
For new investors eyeing TENNIND after listing
For investors who missed the IPO, the question is whether to buy now or wait:
- On the positive side, Tenneco Clean Air India combines:
- Strong market shares in clean air and suspension systems
- Healthy margins and return metrics
- A virtually debt‑free balance sheet and global parentage. The Economic Times+2investorgain.com+2
- On the caution side:
- Valuations already discount a fair amount of optimism (mid‑30s P/E on FY25 earnings). Business Standard+1
- Heavy reliance on a few OEMs and on the parent group’s technology and branding. The Economic Times+1
As several brokerages hinted today, the more prudent strategy for fresh investors may be to track the stock over the next few sessions and consider entry on meaningful corrections, rather than buying purely on listing-day excitement. mint+1
Signal for the Broader IPO Market
Law firm and market commentary today described Tenneco Clean Air’s ₹36‑billion IPO as a “landmark” mainboard offering, underlining ongoing global and domestic appetite for quality Indian equity stories, particularly in manufacturing and auto components. A&O Shearman+2Upstox – Online Stock and Share Trading+2
Combined with the heavy anchor investor participation (over ₹1,080 crore raised from marquee domestic and foreign institutions) and multi‑times oversubscription, the successful listing is likely to: Upstox – Online Stock and Share Trading+2The Financial Express+2
- Strengthen confidence in the late‑2025 IPO pipeline
- Encourage more global promoters to partially monetise Indian subsidiaries
- Keep the spotlight on sectors linked to clean tech, emission control and advanced auto components
Bottom Line
- Tenneco Clean Air India IPO listed with a robust 27% premium and closed the day around 23–24% above the issue price.
- Share price today (19 November 2025): roughly ₹491 on NSE for ticker TENNIND, after an intraday range of ₹480–₹517 and very heavy volumes. Business Standard+2INDmoney+2
- Fundamentals and market positioning are strong, but valuations and sector cyclicality mean the stock is not a “no‑brainer bargain” at current levels.
- IPO allottees are, for now, handsomely rewarded, while prospective buyers may want to balance long‑term conviction with near‑term price discipline.
Disclaimer: This article is for information and news purposes only and is not investment, tax, or legal advice. Stock prices and valuations can change rapidly. Please consult a registered financial advisor before making investment decisions.
