Tenneco Clean Air IPO

Company Overview:

Incorporated in 2018, Tenneco Clean Air India Limited is a subsidiary of Tenneco Inc., a global leader in clean air and powertrain technologies for the automotive industry. The company primarily operates within the Clean Air division, providing advanced emission control solutions for both passenger and commercial vehicles.

Tenneco Clean Air supports OEMs in meeting stringent emission standards such as BS-VI, offering a range of high-performance components including catalytic converters, DPFs, mufflers, and exhaust pipes. The company operates multiple manufacturing facilities strategically located across India, enabling efficient supply to OEMs and Tier-1 clients.

As of March 31, 2025, the company operates 12 manufacturing plants (7 Clean Air & Powertrain Solutions units + 5 Advanced Ride Technologies units) across 7 states and 1 union territory. It also has a strong tech backbone with 145 R&D and engineering professionals.

Product Portfolio:

1. Clean Air & Powertrain Solutions

• Clean Air Systems

• Powertrain Components

2. Advanced Ride Technologies

• Shock absorbers

• Struts

• Advanced suspension systems

Tenneco Clean Air IPO - Key Details

• IPO Dates: 12 – 14 November 2025

• Price Band: ₹378 – ₹397 per share

• Lot Size: 37 shares

• Total Issue Size: ₹3,600 Cr (Offer for Sale)

• Retail Quota: 35%

• GMP (Informational Only): 18%
  

Allotment Link

Strengths:

• Strong R&D capabilities supporting emission compliance and innovation

• Long-standing relationships with major OEMs

• Leading supplier of technologically advanced clean air solutions

• Strategically located manufacturing facilities enabling supply chain efficiency

• Backed by the global Tenneco Group with a diversified client base

• Steady growth in profit and operating cash flows in recent years

  
  

Risks:

• High customer concentration – top 10 clients contribute ~80% of revenue

• Business heavily influenced by emission norms and regulatory changes

• Dependence on Indian PV and CV OEMs (80%+ of revenue)

• EV adoption could reduce long-term demand for exhaust systems

• Vulnerability to raw material price fluctuations and supply chain disruptions

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