2 days ago
Apollo Global-backed Tenneco Clean Air files for up to $350 million India IPO
June 30 (Reuters) - Apollo Global Management (APO.N), opens new tab-backed auto-parts maker Tenneco Clean Air India has filed for an initial public offering worth up to 30 billion rupees (about $350 million), draft papers filed with the market regulator showed on Monday.
Shareholder Tenneco Mauritius Holdings, an affiliate of Apollo-owned U.S.-based auto parts supplier Tenneco Inc, is selling a stake worth 30 billion rupees. Tenneco Clean Air is not issuing fresh shares in the offering and will not receive any proceeds, according to the filing.
Tenneco Clean Air, which makes catalytic converters, suspension and powertrain components, is the latest company to tap India's capital market amid a resurgence in IPO activity.
India's blue-chip Nifty 50 index (.NSEI), opens new tab has risen more than 17% from a one-year low hit in April, and is now just 2.3% shy of a record high it hit last September.
The company reported a profit of 5.52 billion rupees in fiscal year 2025, up from 4.17 billion rupees a year earlier. Its revenue fell about 11% to 48.9 billion rupees in the fiscal year.
JM Financial, Citi, Axis Capital and HSBC are the issue's bookrunning lead managers.
($1 = 85.7830 Indian rupees)
