Tenneco Clean Air IPO

Established in 1979, Tenneco Clean Air India is a part of the US-headquartered Tenneco Group. The company manufactures and supplies critical, highly engineered and technology-intensive clean air, powertrain and suspension solutions tailored for Indian OEMs and export markets. It serves major OEMs in passenger cars (PV), commercial vehicles (CV), and off-highway applications, including a presence in the aftermarket through its Motocare subsidiary. With a dominant market share of 60% in clean air solutions for commercial trucks, 42% in off-highway vehicles, 20% in passenger cars, and 48% in shock absorbers and struts for PVs in terms of value in FY24.

Tenneco India supplied 119 customers, including all 7 PV and 5 CV OEMs in India, and ran 12 manufacturing facilities in 7 states and 1 union territory and 2 R&D centres as of March 31, 2025. The company exported products to 20 countries in FY25, including Argentina, Brazil, China, Poland, Germany, Japan, South Korea and more. The company had installed capacities of 0.26 crore “cold end” units (54.81% capacity utilisation), 0.19 crore “hot end” units (80.57% capacity utilisation), and 2.07 crore suspension units (83% capacity utilisation) in FY25.

The company received SEBI approval for the IPO in October 2025. It is a book-building issue of ₹3,000 crore consisting entirely of an offer for sale. Its book running lead managers include JM Financial Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited and HSBC Securities and Capital Markets (India) Private Limited. MUFG Intime India Private Limited is the registrar of the issue.