Tenneco Clean Air India IPO
Tenneco Clean Air India Limited (TENNIND) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 19 November 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +37.5% (likely range +14% to +96%), day's high +46.8%, chance of a gain 92%. Actual: +27.2% at the open, +30.2% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 1,90,47,617 | 3,16,98,44,427 | 166x | |
| NII (HNI) total | 1,42,85,715 | 58,20,17,659 | 40.7x | |
| Big NII (above ₹10 lakh) | 95,23,810 | 44,77,45,658 | 47.0x | |
| Small NII (₹2-10 lakh) | 47,61,905 | 13,42,72,001 | 28.2x | |
| Retail | 3,33,33,334 | 17,02,75,665 | 5.11x | |
| Total | 6,66,66,666 | 3,92,21,37,751 | 58.8x |
Bids on NSE and BSE together, as published by NSE, as of 14 Nov 2025, 07:00 PM. Shares offered exclude the anchor portion. 4% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Tenneco Clean Air India's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Anthem BiosciencesJul 2025 | 183x | 42.4x | 5.64x | 63.9x | ₹3,584 Cr | +26.9% | +31.1% |
| Bajaj Housing FinanceSep 2024 | 209x | 41.5x | 7.04x | 63.6x | ₹6,958 Cr | +114.3% | +135.7% |
| Emcure PharmaceuticalsJul 2024 | 196x | 48.3x | 7.21x | 67.9x | ₹1,950 Cr | +31.4% | +37.4% |
| Vikram SolarAug 2025 | 143x | 50.9x | 7.65x | 54.6x | ₹2,137 Cr | +1.8% | +14.9% |
| Premier EnergiesAug 2024 | 217x | 50.0x | 7.69x | 74.4x | ₹2,838 Cr | +120.0% | +121.0% |
| Belrise IndustriesMay 2025 | 108x | 38.3x | 4.27x | 41.3x | ₹2,276 Cr | +11.1% | +13.8% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| JM Financial | 109 | +22.8% | 75% |
| Axis Capital | 107 | +20.4% | 73% |
| Citigroup Global Markets India | 35 | +14.2% | 63% |
| HSBC Securities and Capital Markets (India) | 15 | +8.3% | 87% |
Offer documents (NSE)
Frequently asked
What is the Tenneco Clean Air India IPO price band and lot size? ₹378–397 per share, with a lot of 37 shares, so the smallest retail bid is ₹14,689.
How many times has it been subscribed? 58.8x overall: QIB 166x, NII 40.7x, retail 5.11x.
How did it list? It opened at ₹505, +27.2% against the issue price of ₹397, and closed its first day +23.6%.
