Tenneco Clean Air India Limited files DRHP with SEBI for an IPO
Tenneco Clean Air India Limited, part of the US headquartered Tenneco Group, a key global Tier I automotive component supplier (Source: CRISIL Report) has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO).
Tenneco Mauritius Holdings Limited, Tenneco (Mauritius) Limited, Federal-Mogul Investments B.V., Federal-Mogul Pty LTD, and Tenneco LLC are the promoters of the company.
The offer comprises an Offer for Sale aggregating up to ₹3000 crore by Tenneco Mauritius Holdings Limited (“Promoter Selling Shareholder”). The face value of each equity share is ₹10.
Tenneco Clean Air India Limited is part of the Tenneco Group, a U.S. headquartered key global Tier I automotive component supplier. Tenneco Group generated US $16,777 million in revenue in the year ended December 31, 2024. The Company established its first manufacturing plant in India at Parwanoo in 1979. The Company manufactures and supplies critical, highly engineered and technology intensive clean air, powertrain and suspension solutions tailored for Indian OEMs and export markets.
Its customer base spans across OEMs who use its products in: (i) passenger vehicles (“PVs”), (ii) commercial vehicles (“CVs”), which comprises commercial trucks (“CTs”) and off-highway vehicles (“OHs”), and (iii) industrial and other applications, which comprises generator sets, small commercial vehicles with gross vehicle weight of less than 3.5 tons, two wheelers and three wheelers (“Industrial/Others”). The Company also sells to the aftermarket primarily through Motocare India Private Limited (“Motocare”), a subsidiary of Tenneco LLC and its Group Company.
Tenneco Clean Air India Limited is well-positioned in each of its product offerings.
· The company is the largest supplier of Clean Air Solutions to Indian CT OEMs, with a market share of 60%.
· The company is among the top two suppliers of Clean Air Solutions to Indian OH OEMs (excluding tractors), with a market share of 42%.
· The company is among the top four suppliers of Clean Air Solutions to Indian PV OEMs, with a market share of 20%.
· The company is the largest supplier of shock absorbers and struts to Indian PV OEMs, with a market share of 48%.
(Each in terms of value (revenue) in Fiscal 2024) (Source: CRISIL Report).
The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the stock exchanges being the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, and together with the BSE, the “Stock Exchanges”).
JM Financial Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited and HSBC Securities and Capital Markets (India) Private Limited are the Book Running Lead Managers to the issue.