Tenneco Clean Air share price made a strong debut on the stock exchanges on November 19, listing with a double-digit premium over the issue price. On the NSE, the stock opened at Rs 505 apiece, a premium of 27.20 per cent, and on the BSE, it started trading at Rs 498 per share, up 25.44 per cent from the issue price.
Through its initial public offering (IPO), the auto ancillary company offered its shares with a price band of Rs 378-397 per share. It raised Rs 3,600 crore through an entirely offer-for-sale issue of 90.68 million shares. The issue was open for subscription from November 12 to November 14.
At the opening price, Tenneco's market capitalisation stood at Rs 20,099.50 crore, as per BSE website.
Tenneco Clean Air, a subsidiary of Tenneco Inc., was set up in 2018 and focuses on emission-control technologies for the automotive sector. The company develops and supplies products such as catalytic converters, diesel particulate filters (DPFs), mufflers and exhaust pipes, catering to both passenger and commercial vehicle manufacturers.
Tenneco Clean Air IPO GMP
Ahead of the listing, Tenneco’s shares in the unlisted market traded at a grey market premium (GMP) of Rs 103 per share, already indicating a strong listing prospect. This translates to a premium of 25.94 per cent over the issue price.
Tenneco Clean Air IPO Anchor Investors
Ahead of the IPO launch, Tenneco raised Rs 1,080 crore from institutional investors during the anchor round. Of this amount, 54.15 per cent were allocated to 17 domestic mutual funds, which have applied through a total of 41 schemes.
Among the major mutual fund investors were Tata Balanced Advantage Fund and Mirae Asset Small Cap Fund, both of which bought shares worth Rs 38 crore each, followed by SBI Automotive Opportunities Fund, which acquired shares worth Rs 35 crore. HDFC Multi Asset Allocation Fund, ICICI Prudential MNC Fund, and Axis Small Cap Fund were also among marquee investors.
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