The allotment for Tenneco Clean Air India’s IPO is likely to be completed today, November 17, after a brief weekend delay. Investors can expect the basis of allotment to be released by late evening, followed by demat credit for successful applicants. Refunds for those who did not receive shares are likely to begin on November 18.
IPO Snapshot
Price Band: ₹378–₹397
IPO Window: November 12–14
Grey Market Premium (GMP): ~31%
Allotment Date: November 18
Listing Date: November 19
GMP Trend: Premium holds steady
In the grey market, Tenneco Clean Air’s shares are quoted around ₹520, implying a 31% premium over the upper price band of ₹397. While strong GMP generally signals positive listing sentiment, analysts caution that this is not an official indicator and may fluctuate ahead of listing.
Strong investor response: 58.83x subscription
The IPO attracted robust demand across all investor categories. The offering garnered bids for 3.92 billion shares, as against 6.66 crore shares available — translating into a 58.83 times oversubscription.
Offer-for-sale structure
The ₹3,600 crore issue is a pure offer-for-sale (OFS). No fresh equity is being raised, and all proceeds will go to the selling shareholder, Tenneco Mauritius Holdings. Other promoter entities participating include Federal-Mogul Investments BV, Tenneco LLC, and Federal-Mogul.
Lead book-running managers
The IPO is managed by JM Financial, Citi Global Markets, Axis Capital, and HSBC Securities.
