Tenneco Clean Air IPO Allotment To Be Finalised Soon: Here's What GMP Signals Ahead Of Listing

Tenneco Clean Air IPO Allotment, GMP: The initial public offering (IPO) of Tenneco Clean Air India Ltd received strong subscription from across investor categories. By the end of the final day, the public issue was subscribed an overall 58.83 times the total shares on offer. Tenneco Clean Air IPO was open for subscription from November 12 to November 14. The attention has now shifted to share allotment, which is expected to be finalised on November 17.

Meanwhile, its shares' grey market premium (GMP) saw a sharp rise over the past few days.

Tenneco Clean Air India IPO Subscription Details

The qualified institutional buyers (QIBs) booked the issue 166.42 times, the non-institutional investors (NIIs) subscribed 40.74 times, retail investors booked 5.11 times their quota.

Tenneco Clean Air IPO Details

Tenneco Clean Air IPO Size: The company sought to raise Rs 3,600 crore, comprising an entirely offer-for-sale component. Under the OFS, existing shareholders offloaded 90.68 million equity shares.

Tenneco Clean Air IPO Price Band: The company offered its shares with a price band of Rs 378-397 apiece.

Tenneco Clean Air IPO Lot Size, Minimum Investment: Shares of the company were offered in lot of 37 shares, which required Rs 14,689 minimum investment by retail investors, based on the upper end of the price band.

Tenneco Clean Air IPO Listing Date: The IPO is tentatively scheduled to list on the BSE and NSE on November 19.

Tenneco Clean Air IPO BRLMs, Registrar: JM Financial Limited is the book running lead manager, while co-book running lead managers are Axis Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India). The registrar to the issue is MUFG Intime India.

Tenneco Clean Air IPO GMP Today

Tenneco Clean Air IPO GMP stood at Rs 112 per share over the issue price. This translates to a potential listing gain of 28.21 per cent.

Given the current GMP and the upper band of the issue price, Rs 397, the expected listing price of Tenneco Clean Air shares is Rs 509.

Tenneco Clean Air IPO Anchor Book

Ahead of the IPO launch, Tenneco raised Rs 1,080 crore from 58 institutional investors during the anchor round. The company allotted 27.20 million equity shares at Rs 397 apiece, the upper end of the price band. Notably, 17 domestic mutual fund houses participated in the anchor round, investing through a total of 41 schemes, constituting 54.15 per cent of the total allocation to anchor investors.

Among the key domestic buyers, Tata Balanced Advantage Fund bought 3.52 per cent of the anchor book with an investment of Rs 38 crore. SBI Automotive Opportunities Fund subscribed to 3.24 per cent, investing in Rs 35 crore. HSBC Multi Asset Allocation Fund bought 2.31 per cent for Rs 24.9 crore, while Axis Small Cap Fund took 2.13 per cent of the allocation, investing Rs 23 crore.