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Post by : Badri Ariffin
Tenneco Clean Air India saw an impressive opening on the stock market on November 19, as its shares entered trading at a significant premium compared to its IPO price. This surge reflected the substantial interest during the subscription period.
The stock debuted at ₹505 on the NSE, representing a 27.20% increase from the IPO price of ₹397. After some initial fluctuations, it settled slightly lower at ₹490, remaining well above the issue price. On the BSE, the shares began at ₹498, signifying a 25.44% rise at launch.
Retail investors were rewarded swiftly; with a minimum lot size of 37 shares, those allotted witnessed a gain of ₹18,685 per lot.
This IPO was an offer for sale of 9.07 crore shares totaling ₹3,600 crore, with no fresh issuance, meaning that all proceeds would benefit the selling promoter, Tenneco Mauritius Holdings Ltd. The company highlighted in its RHP that entering the market would enhance visibility and liquidity for its shares in India.
The demand surpassed supply significantly, with the issue closing 58.83 times oversubscribed.
QIBs drove the fervor, subscribing 166.42 times.
Non-institutional investors registered a subscription rate of 40.74 times.
Retail investor participation was 5.11 times.
Before the IPO, Tenneco Clean Air India attracted ₹1,079.99 crore from anchor investors, featuring prominent domestic and international names like SBI MF, ICICI Prudential MF, HDFC MF, SBI Life Insurance, BlackRock, Nomura, ADIA, and Goldman Sachs.
Specializing in high-precision, technology-forward products like exhaust aftertreatment systems, catalytic converters, mufflers, shock absorbers, and struts, Tenneco Clean Air India is supported by established promoters including Tenneco (Mauritius) Ltd, Tenneco LLC, Federal-Mogul Investments BV, and Federal-Mogul Pty Ltd.
With a robust debut marked by significant institutional interest, the stock appears to have launched into the public market on a confident note, underscored by strong fundamentals and industry relevance.
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