Tenneco Clean Air India Shares Jump over 27% in Market Debut Trade

Shares of Tenneco Clean Air India Ltd on Wednesday listed with a premium of over 27% against the issue price of ₹397.

The stock started trading at ₹498, registering a jump of 25.44% from the issue price on the BSE. Later, it surged 30.22% to ₹517.

At the NSE, the stock listed at ₹505, a premium of 27.20%.

The company's market valuation stood at ₹19,572.79 crore.

The initial public offer of Tenneco Clean Air India Ltd, part of US-based Tenneco Group, subscribed nearly 59 times on the final day of share sale on Friday last week, led by heavy demand from institutional buyers.

The company's ₹3,600-crore IPO was entirely an offer-for-sale by promoter Tenneco Mauritius Holdings Ltd, with no fresh equity issuance. The company had fixed a price band of ₹378-397 per share for the IPO.

Tenneco Mauritius Holdings Ltd, Tenneco (Mauritius) Ltd, Federal-Mogul Investments BV, Federal-Mogul Pty Ltd, and Tenneco LLC are the promoters of the company.

Tenneco Clean Air India manufactures and supplies critical, highly engineered, technology-intensive clean air, powertrain, and suspension solutions tailored for Indian original equipment manufacturers and export markets.