Tenneco Clean Air India Drops After Listing With 27% Premium

Tenneco Clean Air India erased all Intraday gains to close in the red on its listing day, November 19. The stock listed at Rs 505 on the NSE, delivering a premium of more than 27 per cent over the IPO price of Rs 397. After touching a low of Rs 480.10, it recovered 7 per cent to hit an intraday high of Rs 517, but later slipped nearly 3 per cent from the listing price to close at Rs 490. Despite the fall, the stock remains 23.43 per cent above its IPO price and holds a market capitalisation of Rs 19,777 crore.

Tenneco Clear Air India Limited delivered notable listing gains for investors. Each IPO lot consisted of 37 shares, and those who received an allotment earned Rs 18,685 per lot. The IPO comprised only an offer for sale of 9.07 crore equity shares worth Rs 3,600 crore by promoter Tenneco Mauritius Holdings Ltd. Since the issue had no fresh component, all proceeds will go to the selling shareholder. The company will not receive funds from the IPO.

Capillary Technologies also concluded its public issue with strong demand. Investors can check the IPO allotment status on the NSE, BSE and MUFG Intime India websites. As per the red herring prospectus, the company stated that the listing of equity shares is expected to improve visibility, brand image and provide liquidity in the public markets. The IPO received bids for 3,92,21,37,751 equity shares against 6,66,66,666 shares on offer, reflecting a 58.83 times subscription.

The QIB category saw bids for 3,16,98,44,427 shares against 1,90,47,617 reserved shares, marking a 166.42 times subscription. The NII category received 58,20,17,659 bids against 1,42,85,715 reserved shares, translating to 40.74 times subscription. Retail investors bid for 17,02,75,665 shares against 3,33,33,334 available shares, resulting in a 5.11 times subscription.

Ahead of the issue, Capillary Technologies raised Rs 1,079.99 crore from anchor investors such as SBI MF, ICICI Prudential MF, HDFC MF, SBI Life Insurance, Fidelity, ICICI Prudential Life Insurance, Nomura Funds Ireland, BlackRock, Norway’s Government Pension Fund Global, Abu Dhabi Investment Authority and Goldman Sachs.

Tenneco Clean Air India Limited operates in the production of highly engineered clean air, powertrain and suspension components. Its portfolio includes exhaust aftertreatment systems, catalytic converters, mufflers, shock absorbers and struts. The promoters include Tenneco (Mauritius) Ltd, Tenneco LLC, Tenneco Mauritius Holdings Ltd, Federal-Mogul Investments BV and Federal-Mogul Pty Ltd.

Disclaimer: The article is for informational purposes only and not investment advice.