Tenneco Clean Air India Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
Participate in the Tenneco Clean Air India Ltd IPO with full transparency. Review issue details, company fundamentals, and financial performance, and apply securely through Alice Blue.
IPO Snapshot
Key metrics and details at a glance.
Price Band
₹397
Per ShareLot Size
37 Shares
Minimum Investment
₹14,689
Issue Size
₹3,600 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Tenneco Clean Air India Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
97.25%
Promoter Holding (Post-Issue)
74.79%
Issue Type
Book Building
ISIN
INE19RI01016
About the Company
We manufacture and supply critical, highly engineered and technology intensive clean air, powertrain and suspension solutions tailored for Indian original equipment manufacturers ("OEMs") and export markets. Our customer base spans OEMs who use our products in: (i) passenger vehicles ("PVs"), (ii) commercial vehicles ("CVs"), which comprises commercial trucks ("CTs") and off-highway vehicles ("OHs"), and (iii) industrial and other applications, which comprises generator sets, small commercial vehicles with gross vehicle weight of less than 3.5 tons, two wheelers and three wheelers ("Industrial/Others"). We also sell to the aftermarket primarily through Motocare India Private Limited ("Motocare"), a subsidiary of Tenneco LLC and our Group Company.
Industry Overview
According to the CRISIL Report, Indian auto component production (which includes sales to OEMs, exports and the replacement market) has increased at a 13.4% CAGR to Rs.8,622 billion in Fiscal 2025 from Rs.4,592 billion in Fiscal 2020. Auto component exports grew at a strong 13.4% CAGR during Fiscals 2020 to 2025. The auto component market size is expected to grow between Fiscals 2025 and 2030 to reach Rs.13,500 to Rs.14,500 billion. Domestic auto-component production revenue is projected to increase by 7-9% in Fiscal 2026, aided by continued economic growth and buoyant demand from the OEM, replacement and export markets. Auto component exports (accounting for 22% of the overall demand in Fiscal 2025) are projected to record a 6-8% on year growth in Fiscal 2026.
Company History
Our Company was originally incorporated as `Tenneco Clean Air India Private Limited' at Chennai, Tamil Nadu, India, as a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated December 21, 2018, issued by the Central Registration Centre on behalf of the Registrar of Companies, Tamil Nadu and Andaman at Chennai ("RoC"). Subsequently, our Company was converted into a public limited company pursuant to a resolution passed by our Board on February 18, 2025, and a special resolution passed by our Shareholders on February 21, 2025, and consequently the name of our Company was changed to `Tenneco Clean Air India Limited'. A fresh certificate of incorporation dated May 16, 2025 was issued by the Central Processing Centre on behalf of the RoC upon conversion to public limited company.
Products & Services
- The Company manufactures and supplies critical, highly engineered and technology intensive clean air, powertrain and suspension solutions tailored for Indian original equipment manufacturers ("OEMs") and export markets.
Growth Strategy
- Capturing market opportunities driven by tightening emission standards.
- Capitalizing on trends toward premiumization, SUVs, EVs and hybrids.
- Enhancing competitiveness through strategic localization - "Make in India".
- Positioning our operations in India as an export hub with global manufacturing standards.
- Continued focus on R&D and innovation.
- Further leverage efficiencies and cross-selling across two divisions to drive overall growth profile.
- Continued focus on operational efficiencies to ensure sustained improvement in profit and cash generation.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offer of 90,680,100 equity shares of face value of Rs. 10/- each ("equity shares") of Tenneco Clean Air India Limited ("the company" or the "issuer") for cash at a price of Rs. 397/- per equity share (including a premium of Rs. 387/- per equity share) ("offer price") aggregating to Rs. 3600.00 crores (the "offer") through an offer for sale of 90,680,100 equity shares of face value of Rs. 10/- each aggregating to Rs. 3600.00 crores ") (the "offer for sale" and such equity shares, the "offered shares") by Tenneco Mauritius Holdings Limited ("promoter selling shareholder"). The offer constituted 22.47% of the post-offer paid-up equity share capital of the company. The face value of the equity shares is Rs. 10/- each. The offer price is 39.7 times the face value of the equity shares.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Market leading supplier of critical, highly engineered and technology intensive clean air, powertrain and suspension solutions to leading Indian and global OEMs.
- Strategically diversified portfolio of proprietary products and solutions well positioned to capture market and industry trends.
- Innovation-focused approach aided by our ability to leverage Tenneco Group's global R&D initiatives to cross-deploy global technologies for proprietary, modular and customized products at Indian price points.
- Flexible and automated manufacturing footprint of 12 strategically located plants well-supported by a localized supply chain.
- Strong financial performance supported by growth, profitability and efficient use of capital.
- The company depends on entities in the Tenneco Group for its operations, such as the license to use Tenneco Group's brands and patented designs, technical know-how, purchase of certain parts and materials, and R&D. Any adverse change in its relationship, including the termination of the company License Agreement, could have an adverse impact on its business, reputation, financial condition, and results of operations.
- The company derived a significant portion of its revenue from operations, i.e. 81.35%, 83.44%, 82.04%, 83.87% and 83.06% in the three months ended June 30, 2025 and June 30, 2024 and in Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively, from the passenger vehicle ("PV") and commercial vehicle ("CV") sectors in India. Any adverse changes in these sectors in India could adversely impact its business, results of operations and financial condition.
- The company is dependent on its top ten customers. Its top ten customers (based on Fiscal 2025) contributed 80.57%, 82.32%, 81.54%, 83.92% and 77.79% of our revenue from operations in the three months ended June 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. If one or more of these customers chooses not to source products from it, the company business, financial condition and results of operations may be adversely affected.
- Its may be unable to realize sales represented by the company awarded programs as the company does not have firm volume commitments in customer agreements, which could materially and adversely impact its financial condition and results of operations.
- The company's business is heavily influenced by government policies and regulations regarding emission standards, which significantly impact its industry. Delays in the implementation of emission standards may affect the growth of the company business.