Tenneco Clean Air IPO Day 1: Live Subscription Status, Price Band & Key Details
Tenneco Clean Air’s IPO opened on November 12, 2025, and the market is watching closely. This story breaks down the price band, issue size, live subscription progress, GMP, allotment and listing dates, and what retail and institutional investors should know right now.
Tenneco Clean Air: Price Band, Issue Size and Timeline
Price band: ₹378 to ₹397 per share.
Issue size: ₹3,600 crore, entirely an Offer for Sale (OFS) of 9.07 crore equity shares.
Subscription window: November 12 to November 14, 2025.
Allotment date: November 17, 2025.
Listing date: November 19, 2025 on BSE and NSE.
Quick facts (at a glance)
- Lot size: 37 shares, minimum retail investment at upper band ~₹14,689.
- Book running lead managers: JM Financial, Citi, Axis Capital, HSBC.
- Registrar: MUFG Intime India Pvt. Ltd.
Live subscription status: Day 1 snapshot
By mid-morning on Day 1 the IPO showed early, muted demand: retail bids around 8% subscribed, NIIs around 16%, while QIBs had not fully shown up by that timestamp. This means initial appetite is cautious on the first day, not unusual for large OFS offers.
Why is this happening? Retail investors often wait to see GMP and anchor demand for large OFS issues.
Should you apply? That depends on your risk horizon and whether you want listing gains or long-term exposure to auto emission solutions.
Business Standard’s IPO update and market take (see thread).
GMP and grey market signals: what traders report
The grey market premium (GMP) reported for Tenneco Clean Air on Day 1 was roughly ₹61, suggesting implied grey price ~₹458 at the time about a 15% premium over the upper price band. GMP moves can influence short-term sentiment but are unofficial. Treat GMP as an indicator, not a guarantee.
Tenneco Clean Air IPO: Business snapshot and why it matters
Tenneco Clean Air India is the local arm of a global automotive supplier focused on emission control systems and powertrain technologies. The company supplies catalytic converters, diesel particulate filters (DPFs), mufflers and related systems to OEMs and tier-1 customers. That exposure ties performance to auto production cycles and emissions regulation trends, a structural tailwind in India’s push for cleaner vehicles.
Growth drivers and risks
Growth drivers: stricter emission norms, vehicle electrification transition (after-treatment for hybrids), OEM localisation and R&D capabilities.
Key risks: cyclical auto demand, raw material inflation, and the fact this IPO is a 100% OFS (no fresh capital for operations), which means proceeds don’t go into the company balance sheet.
How to read Day 1 subscription numbers: simple rules
- Low Day 1 subscription does not mean failure — large OFS issues often see catch-up on Days 2–3.
- Strong GMP + anchor allocation often signals a robust listing pop — but GMP can be volatile.
- QIB interest matters most for pricing credibility; track anchor book and institutional bids.
If the IPO is an OFS, does company performance matter? Yes, for long-term investors. An OFS transfers shares from sellers to the public; the company’s performance still determines long-term returns.
Investor checklist: plain and simple
- Confirm price band and lot size before applying.
- Compare GMP with on-exchange grey signals, but rely on fundamentals not just premiums.
- Consider holding period: short-term listing play vs. long-term exposure to the auto emission market.
Where this fits in the market today
Tenneco Clean Air’s IPO arrives when the auto supply chain is under review by investors — some see strong secular demand from emission controls, others prefer cyclically cheaper valuations. The Day 1 mix of muted subscription and strong GMP shows divergent market signals: retail caution, trader optimism.
Should retail investors apply? If you want a speculative listing gain and can accept volatility, a small application may suit. For long-term allocation, study the company’s margins, client mix and competitive moat. Remember, OFS doesn’t inject cash into the business.
Conclusion
Tenneco Clean Air IPO Day 1 shows a classic split: early, measured subscription on exchanges, paired with strong grey-market interest. The price band ₹378–₹397, issue size ₹3,600 crore, GMP ~₹61, and timeline (Nov 12–14 subscription, Nov 19 listing) are the core Day 1 facts every investor should note.
Traders will watch QIB traction and Day 2–3 subscription trends for a clearer listing signal. For long-term investors, evaluate business fundamentals and regulatory tailwinds before deciding.
FAQs
Since the Tenneco Clean Air India Ltd IPO hasn’t been listed yet, there’s no official listing price. The IPO price band is ₹378 to ₹397 per share.
For FY 2025, the company reported revenue of ₹4,890.4 crore, down ~10.6% from the previous year.
The basis of allotment for the IPO is scheduled for 17 November 2025, with refunds and share credit starting 18 November 2025.
Disclaimer
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
