Tenneco Clean Air IPO Lists Today: Grey Market Premium Hints at Healthy Market Debut. Tenneco Clean Air India is set to make its stock market debut today, 19 November 2025, with its shares scheduled to list on both the BSE and NSE. The arrival of the emission-control and powertrain solutions provider comes days after the close of its IPO, which ran from November 12 to 14, followed by allotments on November 17.
According to the BSE circular issued ahead of the debut, Tenneco Clean Air India will be admitted to trading under the ‘B’ Group and will participate in the Special Pre-Open Session (SPOS). The stock will open for trade at 10:00 AM.
Grey Market Signals a Premium Debut
In the run-up to the listing, the stock has generated notable interest in the grey market. The grey market premium (GMP) for the issue is hovering around ₹103 per share, suggesting that the stock could list near ₹500, a 26% premium to its upper issue price of ₹397.
Brokerage estimates mirror this sentiment, with market watchers expecting the stock to start trading at a healthy premium given the robust subscription numbers and favourable demand cues.
Company Performance and Valuation View
Tenneco Clean Air India has posted strong financial performance over recent years.
Net profit climbed from ₹381 crore in FY23 to ₹553 crore in FY25.
Operating margins improved from 7.9% to 11.3% during the same period.
FY26’s first quarter also recorded strong profitability, reinforcing the company’s growth trajectory.
However, analysts note that the valuation leaves limited headroom for outsized listing gains. At a price-to-earnings ratio of roughly 24x (annualised FY26), the issue is viewed as fairly priced. Even so, the company’s strong financial discipline—including RoCE above 50% in FY25, a consistent dividend history, and backing from global parent Tenneco Inc.—adds credibility to its fundamentals.
IPO Details and Subscription Trends
The company’s ₹3,600 crore IPO, priced between ₹378 and ₹397 per share, was entirely an offer for sale (OFS) involving 9.07 crore equity shares.
The public issue received overwhelming interest, with an overall subscription of 48.73 times:
Retail investors: 7.05 times
Non-institutional investors: 54.42 times
Qualified institutional buyers: 117.63 times
JM Financial acted as the book-running lead manager, while MUFG Intime India served as the registrar.
With expectations running high and the grey market indicating a solid premium, all eyes are now on how Tenneco Clean Air’s stock will perform as it enters the public market today.
