Tenneco Clean Air India Shares Surge Nearly 24% on Strong Market Debut
The stock opened at ₹505 on NSE, a 27% premium, and closed around ₹491, making it a strong listing day
Robust Investor Demand Pushes Tenneco Clean Air India to a Strong Listing
Tenneco Clean Air India Ltd has made a thumping debut in the stock exchanges, with its shares surging almost 24 per cent over the issue price of ₹397. The stock opened for trading at ₹505 on the NSE, a premium of about 27 per cent. The strong opening was indicative of healthy market confidence in the company’s valuation and business prospects.
The stock kept its momentum throughout the trading session. On the BSE, it surged to an intraday high of ₹517, representing a jump of more than 30% over the issue price. At the end of the day, shares closed at ₹490.80 on NSE and ₹491.20 on BSE, up by around 23.6% to 23.7% over the IPO price.
With this, the company achieved a market capitalisation of nearly ₹19,825 crore on its first day, indicating positive investor sentiment. The IPO was purely an offer-for-sale by Tenneco Mauritius Holdings Ltd, with no fresh issuance of shares. The price band for the offering had been set between ₹378 and ₹397.
Participation by investors in this IPO saw it receive close to 59 times subscription on the last day of bidding. In fact, institutional investors made up a large part of that demand, reflecting confidence in Tenneco’s role in clean-air technologies, powertrain components, and suspension systems.
