Tenneco Clean Air India share price Highlights: Tenneco Clean Air India made a strong stock market debut, listed at 27.20% premium over the IPO price.

Tenneco Clean Air India share price opened at ?505 on the NSE and ?498 on BSE. However, the stock fell 2% during the intraday session on NSE.

The stock’s listing performance was largely in line with the grey market predictions. The IPO’s grey market premium (GMP) of about ?104 per share suggested a likely debut price of around ?501, implying an upside of roughly 26.20% over the issue price.

The IPO was open for subscription from November 12 to 14, with allotments confirmed on November 17. The 3,600-crore offer was entirely an offer for sale, involving 9.07 crore shares. The price band was set at ?378– ?397 per share, and the minimum lot for retail investors was 37 shares, requiring an investment of ?14,689.

The IPO drew significant demand, especially from qualified institutional buyers and non-institutional investors, leading to an overall subscription of 61.79 times on the final day.

Qualified institutional buyers led the subscription surge, bidding 174.78 times their allotted quota. Non-institutional investors also showed strong demand with a 42× subscription. Retail participation was relatively softer, with their category subscribed 5.37 times, according to exchange data.

JM Financial Ltd. was the book-running lead manager, while MUFG Intime India Pvt. Ltd. handled registrar duties. Since the issue was purely an offer for sale, all proceeds will go to the selling shareholders, not the company.