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The supplier of emissions-control systems to Indian automakers has begun investor roadshows, seeking a valuation of up to $2 billion, the people said, asking not to be identified as the information is private.
The IPO will consist entirely of an offer for sale by the founders through Tenneco Mauritius Holdings Ltd., with no new shares being issued, according to the draft prospectus.
Tenneco joins a string of global firms tapping into India’s booming IPO market, which has already raised more than $15 billion this year, following a record $21 billion in 2024. LG Electronics India Ltd., a unit of the South Korean conglomerate, soared 48% in its trading debut after strong demand for its $1.3 billion IPO, the best first-day performance for a deal of its size in India.
Deliberations are ongoing and details, including timing and IPO size could still change, the people said. A spokesperson for Tenneco Clean Air India didn’t immediately respond to a request for comment.
Axis Bank Ltd., JM Financial Ltd., and the local units of HSBC Holdings Plc and Citigroup Inc. are advising on the offering, according to the prospectus.
