Goldman Sachs has acquired a little 0.54% stake in Tenneco Clean Air India through a bulk deal worth about INR 110.94 crore, the day the auto‑components maker debuted on the bourses. The shares were bought on the NSE at an average price of INR 508.21 each, exchange data showed.
According to the Tenneco India bulk deal disclosures, FDS Goldman Sachs India Equity Portfolio purchased 21,82,963 shares, equivalent to 0.54% of Tenneco Clean Air India’s paid‑up equity. The transaction adds a marquee foreign portfolio investor to the company’s cap table within hours of its listing.
Goldman Sach’s buying in Tenneco India coincided with a strong debut for the Chennai‑based supplier of emission‑control and ride‑performance systems. The stock listed at INR 505 on the NSE and INR 498 on the BSE versus the issue price of INR 397, before settling at INR 490.80 on day one, valuing the company at around INR 19,800 crore.
Tenneco Clean Air India’s INR 3,600‑crore IPO was a total offer for sale by promoter Tenneco Mauritius Holdings. The IPO was subscribed 58.83 times, with the QIB book covered over 160 times. Ahead of listing, the company raised about INR 1,080 crore from 58 anchor investors at INR 397 per share.
“This is now part of our DNA,” said Arvind Chandrasekharan, whole‑time director and CEO, referring to a group‑wide efficiency drive that he credited for margin gains and improved returns. He added that “just being in India gives us 4–6% growth automatically,” citing structural tailwinds from premiumisation and tightening emission norms.
Brokerages were broadly constructive around the IPO. “At the upper price band of INR 397, Tenneco is valued at 29x FY25 P/E, which appears reasonable relative to peers,” Geojit said, while recommending a long‑term ‘Subscribe’. Others flagged customer concentration and sector cyclicality as watch‑points.
The company, part of US‑headquartered Tenneco Group, manufactures technology‑intensive clean‑air and suspension products for leading OEMs. Street focus from here will likely shift to the sustainability of recent margin improvements, post‑listing shareholding patterns, and order flows as the next phase of emission rules and premium SUV demand play out.
Tenneco India Bulk Deal: At a Glance
- Buyer: FDS Goldman Sachs India Equity Portfolio; 21.83 lakh shares bought (0.54% stake).
- Deal size and price: ~INR 110.94 crore at INR 508.21 per share (NSE, 19 Nov 2025).
- Listing: INR 505 (NSE) and INR 498 (BSE) vs IPO price INR 397; day-one close INR 490.80.
- Market capitalisation on debut close: ~INR 19,800 crore.
- IPO: INR 3,600‑crore OFS; subscribed 58.83x; INR 1,080‑crore anchor book at INR397.
Conclusion
Goldman Sachs’ entry in Tenneco India underscores institutional appetite for the company’s clean‑air and ride‑technology franchise at current valuations. With a solid debut, a deep bench of anchor investors and management signalling structural margin levers, investor attention will now turn to execution through the auto cycle and how regulatory tailwinds translate into sustained earnings momentum.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.