Tenneco Clear IPO which was subscribed 62 times lists at 27% premium

Kolkata: Tenneco Clean Air shares debuted at rs 505 on BSE today (nov 19), signalling a 27.20% listing gain.  Tenneco Clean Air IPO was one of the significant public issues of this month, simply on terms of subscription levels.

Though there was no recommendation from any significant analyst/agency to subscribe, the Tenneco Clear IPO attracted a huge 62 times subscription by the time the bidding window closed on Nov 14. The public issue subscribed 5.37 times in the retail category, 174.78 times in QIB (ex anchor) category and 42.79 times in the NII category.

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Tenneco Clean Air India IPO was a mainboard issue that was designed to raise Rs 3,600 crore only through OFS shares. The bidding window was open from November 12 to November 14. Tenneco Clean Air India is a subsidiary of Tenneco Inc, which is a widely recognised leader in designing and manufacturing clean air and powertrain products for automobiles. The list of products it manufactures includes catalytic converters, diesel particulate filters (DPFs), mufflers and exhaust pipes. Light and commercial vehicles are a special area of expertise for the company. These products help automobile manufacturers meet emission norms such as Bharat Stage VI, which indicates an expanding sector of business. The company has a dozen manufacturing facilities across India.

The Tenneco Clean Air IPO price band was Rs 378-397. The minimum investible lot for a retail investor is 37 for which he/she has to pay an application amount of Rs 14,689 based on upper end of the price band. The minimum lot size investment for sNII investors is 14 lots and that for bNII investors 69 lots. JM Financial is the lead manager and MUFG Intime the registrar of the issue.