NEW DELHI: The initial public offering (IPO) of Tenneco Clean Air India Ltd, a subsidiary of the US-based Tenneco Group, was subscribed 86% by the second day of bidding on Thursday.
As per NSE data at 11:20 am, the IPO received bids for 5,70,74,165 shares against the 6,66,66,666 shares on offer.
The non-institutional investors’ category was subscribed 2.45 times, while retail investors subscribed 66%. The quota for qualified institutional buyers saw a 1% subscription. On the opening day, Wednesday, the IPO had received 42% subscription.
On Tuesday, the company raised ₹1,080 crore from anchor investors. The ₹3,600-crore public issue, which closes on November 14, is entirely an offer for sale (OFS) by promoter Tenneco Mauritius Holdings Ltd, meaning the company will not receive any proceeds. The issue size was revised from ₹3,000 crore to ₹3,600 crore as per its June draft papers.
The IPO aims to provide listing benefits. Promoters include Tenneco Mauritius Holdings Ltd, Tenneco (Mauritius) Ltd, Federal-Mogul Investments BV, Federal-Mogul Pty Ltd and Tenneco LLC.
Tenneco Clean Air India manufactures high-tech clean air, powertrain and suspension components for Indian OEMs and export markets. Investors can bid for a minimum of 37 shares and in multiples thereafter.
The company’s shares are scheduled to list on stock exchanges on November 19.
JM Financial, Citigroup Global Markets India, Axis Capital and HSBC Securities and Capital Markets (India) Pvt Ltd are the book-running lead managers.
