Tenneco Clean Air, a subsidiary of Tenneco Inc., is set to open its initial public offering (IPO) on Wednesday, November 12, 2025, aiming to raise ₹3,600 crore through an offer for sale (OFS) of 90.7 million equity shares. The promoter selling shareholder is Tenneco Mauritius Holdings.
The IPO will remain open for subscription until Friday, November 14, 2025, with a price band fixed between ₹378 and ₹397 per share. Investors can apply for a minimum of 37 shares per lot. The company’s shares are tentatively scheduled to list on the stock exchanges on Wednesday, November 19, 2025.
MUFG Intime India has been appointed as the registrar to the issue, while JM Financial, Citigroup Global Markets India, Axis Capital, and HSBC Securities and Capital Markets (India) are the book-running lead managers.
According to the red herring prospectus (RHP), no fresh issue of shares will be made under this IPO, as the offer solely comprises a sale by existing shareholders. Hence, Tenneco Clean Air will not receive any proceeds from the public offer.
Tenneco Clean Air is a leading manufacturer of clean air and powertrain technologies catering to passenger and commercial vehicle segments. The company derived a substantial portion of its operating revenue, 81.35%, 83.44%, 82.04%, 83.87%, and 83.06%, from the passenger vehicle (PV) and commercial vehicle (CV) segments in India during the three months ended June 30, 2025 (Q1 FY26), June 30, 2024 (Q1 FY25), and in fiscal years FY25, FY24, and FY23, respectively.
The company’s revenue concentration remains high, with its top ten customers contributing significantly to overall income. Based on FY25 data, these customers accounted for 80.57%, 82.32%, 81.54%, 83.92%, and 77.79% of Tenneco Clean Air’s revenue from operations during Q1 FY26, Q1 FY25, FY25, FY24, and FY23, respectively.
The loss of one or more key clients or a reduction in their order volumes could materially impact the company’s business and revenue stream.
Tenneco Clean Air depends on Motocare India Private Limited (Motocare), an indirect subsidiary of Tenneco LLC and a group company, for its aftermarket sales. The company also engages in related-party transactions within the Tenneco Group in the ordinary course of business.
According to the RHP, there can be no assurance that more favourable terms could have been achieved if these transactions were conducted with unrelated parties. Such dependence could potentially impact profitability and operational outcomes in the future.
Read More: Groww IPO Allotment Status.
Tenneco Clean Air’s upcoming IPO, opening on November 12, 2025, will allow investors to participate in a key player within the automotive components industry. However, with the issue being entirely an offer for sale, the company will not receive any fresh capital.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Nov 11, 2025, 12:24 PM IST
Team Angel One
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