Tenneco Clean Air shares pop over 27% on stock market debut
Tenneco Clean Air India made a splashy entrance on the stock exchanges Wednesday, with shares opening at ₹505 on NSE—27% higher than the IPO price of ₹397.
On BSE, they started at ₹498, up 25.44%. The IPO saw huge demand, getting oversubscribed by 59 times, with an IPO size of ₹3,600 crore; however, the proceeds went to the selling shareholders.
After listing, the company's market cap hit ₹20,099 crore.
What does Tenneco Clean Air actually do?
Tenneco Clean Air India is part of US-based Tenneco Inc and builds emission control gear for cars and trucks—think catalytic converters and filters that help cut pollution.
For FY2024, it reported revenue of around ₹4,931 crore and a net profit of about ₹553 crore, with improved profit margins this year.
Quick facts
The entire IPO was an offer for sale (no fresh shares issued).
With such a strong debut and solid financials, Tenneco Clean Air is making some serious noise in the auto tech space right now.