Tenneco India shares list at 27% premium above IPO price
What's the story
Tenneco Clean Air India Ltd, a subsidiary of the US-based Tenneco Group, has made a strong debut on the stock market. The company's shares were listed at ₹505 per share on the National Stock Exchange (NSE), a premium of 27.2% over its issue price of ₹397. On the Bombay Stock Exchange (BSE), the shares debuted at ₹498 each, a premium of 25.4%.
IPO details
Tenneco Clean Air India's IPO and market performance
The company's ₹3,600 crore initial public offering (IPO) was open for subscription between November 12 and 14. It received a strong response from investors, being subscribed 59 times with bids for 3.92 billion shares against the 66.6 million shares on offer. The company had set a price band of ₹378-397 per share for its IPO which was entirely an offer for sale by promoter Tenneco Mauritius Holdings.
Business overview
Tenneco Clean Air India's business and market capitalization
Tenneco Clean Air India provides critical, highly engineered clean air, powertrain and suspension solutions to Indian OEMs and export markets. Its customer base includes OEMs across passenger vehicles, commercial vehicles including trucks and off-highway equipment as well as industrial applications like generator sets. The company's post-listing market capitalization stood at ₹20,099 crore.
Funding details
Tenneco Clean Air India's pre-IPO funding and merchant bankers
Ahead of its IPO, Tenneco Clean Air India raised ₹1,080 crore from anchor investors. Global names like Nomura Funds, Fidelity, BlackRock, Government Pension Fund Global Abu Dhabi Investment Authority and Goldman Sachs were among the participants. JM Financials Ltd., Citigroup Global Markets India Pvt Ltd., Axis Capital Ltd., and HSBC Securities & Capital Markets (India) Pvt Ltd were the merchant bankers for this IPO.