Tenneco Clean Air India made a solid debut on the NSE on Wednesday, listing at ₹505 per share, a 27.20% premium over its issue price of ₹397. However, after a strong start, the stock witnessed intraday volatility and eventually settled lower at ₹490.80 at market close, as per exchange data.
During the session, Tenneco Clean Air India opened at ₹503.75 at 1:00 PM, touched an intraday high of ₹517, and later slipped to a low of around ₹480. By 2:30 PM, the stock was trading at ₹498 before closing slightly below the ₹500 mark.
The day’s candlestick pattern showed alternating buying and selling pressure, with early gains tapering off towards the end of the session as investors booked profits after the premium listing.
Strong IPO Response and Day-One Action
The company’s ₹3,600 crore IPO had received an overwhelming investor response, subscribing 61.79 times overall, driven mainly by QIB demand (174.78×). Non-institutional investors subscribed 42.79×, while retail demand stood at 5.37×.
Before the issue opened, Tenneco Clean Air India raised ₹1,080 crore from marquee anchor investors including SBI, HDFC, ICICI Prudential, Kotak, Axis, BlackRock, Fidelity, Nomura and the Government Pension Fund Global.
Pure Fresh Issue; No OFS Component
The public issue comprised a fresh issue of 9.07 crore shares, with no offer-for-sale element.
Price band: ₹378–₹397
Final issue price: ₹397
Lot size: 37 shares
Minimum retail investment: ₹14,689
JM Financial Ltd was the book-running lead manager, while MUFG Intime India Pvt. Ltd served as the registrar.
Market View
Despite closing below the listing price, analysts noted that the stock held above the ₹480 level through most of the day, indicating underlying buying support. Intraday volatility was attributed to profit-booking after the premium listing and overall cautious sentiment in the broader market.
