Tenneco Clean Air & PhysicsWallah IPO Updates | Latest GMP & Insights 🚀

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In today’s analysis, we break down the IPO of Tenneco Clean Air India Ltd, a leading automotive components manufacturer specializing in clean air systems, exhaust solutions, powertrain components and advanced ride control technologies. The company serves major automobile OEMs across passenger vehicles, commercial vehicles, two-wheelers, off-highway machinery and exports, making it a key player in the Indian auto supply-chain ecosystem.

As India transitions towards stricter emission norms, cleaner mobility standards, fuel efficiency improvements, BS-VI compliance and EV-ready subsystems, Tenneco Clean Air stands positioned to benefit from long-term regulatory and industry tailwinds.

📌 IPO Details
Company: Tenneco Clean Air India Ltd
Issue Size: Approx. ₹3,600 crore (Offer-for-Sale only; no fresh equity being issued)
Price Band: ₹378 – ₹397 per share
Lot Size: 37 shares (Minimum application approx. ₹14,700)
Issue Opens: 12 November 2025
Issue Closes: 14 November 2025
Expected Listing: 19 November 2025 on NSE & BSE
Retail Quota: At least 35%
NII: At least 15%
QIB: Up to 50%
Since this IPO is OFS-only, the proceeds go to selling shareholders, not to the company.

🏭 Business Overview
Tenneco Clean Air manufactures:
Exhaust after-treatment systems
Catalytic converters
Emission control components
Ride control & suspension systems (shock absorbers, struts)
Powertrain sealing and performance products
The company supplies to multiple leading automotive OEMs, maintaining long-term vendor relationships and consistent order visibility.

✅ Key Strengths
Strong presence in clean air and emission control systems, critical under new emission norms.
Deep OEM relationships with high entry barriers in this product category.
Multiple manufacturing facilities with scale and process efficiencies.
Diversified segment exposure across PV, CV, industrial and export markets.
Positioned well as India pushes for cleaner mobility regulations.

⚠️ Risks
Since the IPO is OFS-only, no new capital enters the company.
Customer concentration risk — a large share of business comes from major OEMs.
Transition to EVs may change demand patterns for legacy powertrain-linked components; continuous innovation required.
Margins depend on raw material volatility.

💰 Financial Snapshot
Revenue has been growing steadily due to OEM demand recovery and robust export orders.
Profitability has improved with better product mix and operational efficiencies.
Margins are stable, but sensitive to commodity prices and volume movement.
Return ratios indicate a healthy operational structure compared to many auto ancillary peers.

📈 GMP (Grey Market Premium)
The latest GMP suggests a moderately positive listing sentiment.
GMP indicates interest - but listing gains will depend on final subscription and market mood closer to listing date.
GMP should be seen only as a sentiment indicator, not a final decision driver.

⭐ Final Verdict — Should You Apply?
This IPO is suitable for investors who:
Believe in the auto components growth story
Expect continued momentum in clean air & emission-control technology adoption
Prefer companies with strong OEM partnerships and established manufacturing ecosystems
If you're looking for long-term portfolio exposure in the auto engineering/manufacturing segment, Tenneco Clean Air can be considered.

For short-term listing gains, keep in mind:
Sentiment and broader market conditions will determine the listing price movement.

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