Tenneco Clean Air India IPO: 42% Subscription on Day 1 with 21.41% Grey Market Premium
Tenneco Clean Air India's Rs 3,600 crore IPO achieved a 42% subscription rate on its first day, with bids for 2.78 crore shares against 6.67 crore offered. The grey market premium stands at Rs 85, suggesting a potential 21.41% listing gain. The IPO, priced at Rs 397 per share, will remain open until November 14, with listing scheduled for November 19 on BSE and NSE.
*this image is generated using AI for illustrative purposes only.
Tenneco Clean Air India's initial public offering (IPO) has made a strong start, achieving a 42% subscription rate on its first day. The Rs 3,600 crore IPO has garnered significant interest from investors, with bids received for 2.78 crore shares against the 6.67 crore shares on offer.
IPO Details
| Particulars | Details |
|---|---|
| Issue Size | Rs 3,600 crore |
| Offer Type | Offer-for-Sale (OFS) |
| Shares Offered | 6.67 crore |
| Price Band | Rs 397 (upper band) |
| Lot Size | 37 shares |
| Minimum Investment (Retail) | Rs 14,689 |
| Subscription Window | Until November 14 |
| Listing Date | November 19 |
| Listing Venues | BSE and NSE |
Grey Market Performance
The grey market is showing a positive sentiment towards the Tenneco Clean Air India IPO. The current grey market premium stands at Rs 85, indicating a potential listing price of Rs 482 per share. This represents a premium of 21.41% over the upper price band of Rs 397.
Subscription Status
On the first day of the IPO, investors have shown considerable interest:
- Total shares offered: 6.67 crore
- Shares bid for: 2.78 crore
- Subscription rate: 42%
Company Overview
Tenneco Clean Air India is a subsidiary of the US-based Tenneco Group, specializing in the manufacture of automotive components. The company has demonstrated strong financial performance in recent quarters:
| Metric | Q1 Performance |
|---|---|
| Profit After Tax | Rs 168.09 crore |
| Revenue | Rs 1,285.62 crore |
Key Points for Investors
- The IPO is entirely an offer-for-sale, meaning the proceeds will not go to the company but to the selling shareholders.
- The strong grey market premium suggests positive investor sentiment, but it's important to note that grey market prices are unofficial and subject to change.
- Investors should consider the company's recent financial performance and growth prospects in the automotive component sector before making an investment decision.
As the IPO continues until November 14, investors will be closely watching the subscription trends across various investor categories. The listing on November 19 will be a key event to monitor for those interested in this offering.
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