Tenneco Clean Air IPO allotment likely today as GMP jumps 30%
Tenneco Clean Air India is expected to finalise its IPO allotment today, November 17, after a weekend delay. Successful bidders will see shares credited to their demat accounts once the process is completed, while refunds for non-allottees are likely to begin on November 18. The stock is set to list on November 19.
In the grey market, Tenneco Clean Air’s unlisted shares are trading around ₹514 — nearly 30% above the upper IPO price band of ₹397. While strong, analysts caution that GMP is unofficial and can shift with market sentiment, News.Az reports, citing foreign media.
The IPO saw overwhelming demand, with 58.83 times subscription and 3.92 billion bids for just 6.66 crore shares.
The ₹3,600 crore IPO is a pure offer-for-sale, meaning no new shares will be issued. Proceeds go entirely to the selling shareholder, Tenneco Mauritius Holdings, along with other promoter entities such as Federal-Mogul Investments BV and Tenneco LLC.
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