Tenneco Clean Air IPO Oversubscribed 58 Times: Key Details
The Tenneco Clean Air initial public offering (IPO) witnessed massive investor demand, getting subscribed over 58 times on both the NSE and BSE. The strong response highlights significant market interest in this automotive components supplier.
Key Takeaways
- IPO subscribed 58.81 times overall
- Qualified Institutional Buyers led with 166.42 times subscription
- Expected listing date: November 19
- Grey market premium indicates ~20% potential listing gain
Subscription Breakdown
As per NSE data, the IPO received overwhelming institutional interest with Qualified Institutional Buyers applying 166.42 times their allotted portion. Non-Institutional Investors subscribed 40.73 times, while Retail Individual Investors showed healthy participation with 5.07 times subscription.
Allotment and Listing Schedule
The public bidding ran from November 12 to November 14. Share allotment is expected on November 17, with listing scheduled for November 19 on stock exchanges.
Investment Details
The IPO featured a price band of ₹378-397 per share, with a minimum investment of ₹13,986 for a lot of 37 shares. The issue size was ₹3,600 crore through an Offer for Sale (OFS), where proceeds go to the promoter selling shareholder.
Grey Market Premium
Media reports indicate the latest grey market premium (GMP) at around ₹78 per share, suggesting approximately 20% listing gains for successful applicants. However, GMP remains an unofficial indicator and can fluctuate before listing.
About Tenneco Clean Air
The company is part of the US-based Tenneco Group, a global Tier I automotive components supplier. They specialize in designing, manufacturing and supplying clean air, powertrain and suspension solutions for Indian and international OEMs.
