SAM, Khaitan and A&O Shearman advise on Tenneco India ₹3,600 crore IPO

Shardul Amarchand Mangaldas & Co, Khaitan & Co and A&O Shearman advised on the transaction: Shardul Amarchand Mangaldas & Co advised Tenneco Clean Air India Limited and the promoter selling shareholder; Khaitan & Co advised the book-running lead managers; and A&O Shearman acted as US legal counsel to the book-running lead managers. Tenneco Clean Air India Limited raised ₹3,600 crore (approximately US$406 million) through an initial public offering consisting of an offer for sale of 90,680,100 equity shares by the promoter selling shareholder. The issue closed with strong investor demand, registering an oversubscription of 174.78 times in the QIB portion and an overall oversubscription of 61.79 times. Tenneco Clean Air India, part of the U.S.-headquartered Tenneco Group, manufactures and supplies engineered clean air, powertrain and suspension solutions for Indian original equipment manufacturers and for export markets. It was reported as the largest supplier of Clean Air Solutions with a market share of more than 50% in Fiscal 2025. Shardul Amarchand Mangaldas & Co represented Tenneco Clean Air India Limited and the promoter selling shareholder with a team composed by: Sayantan Dutta (Partner); Sanjana Chowdhary (Principal Associate); Rishika Kharbanda (Associate); Satakshi N Dixit (Associate). Prashant Gupta (National Practice Head, Capital Markets) provided strategic inputs. The promoter-selling-shareholder transaction team included Manjari Tyagi (Partner); Jheel Bhargava (Senior Associate); Bhumika Panigrahi (Associate). The capital markets and corporate advisory team included Gunjan Shah (Partner); Karun Prakash (Partner); Sangamitra Sankaraiah (Partner); Tanay Khanna (Principal Associate); Simran Khullar (Senior Associate); Aradhana Parmeshwar (Associate). The employment law team was led by Pooja Ramchandani (Partner) and Kriti Kaushik (Partner) with Istuti Kapoor (Senior Associate) and Rakshita Mehta (Associate). The governance and compliance team was led by Alina Arora (Partner) and Parth Singh (Partner). Rohan Arora (Partner) provided input on competition law aspects. Khaitan & Co represented the book-running lead managers JM Financial Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited and HSBC Securities and Capital Markets (India) Private Limited with a team composed by: Abhimanyu Bhattacharya (Partner); Aditya Cheriyan (Partner); Oishik Bagchi (Partner); Anshul Mordia (Senior Associate); Aayush Virani (Associate); Ria Chaudhary (Associate); Srishti Jain (Associate); Aayushi Poddar (Associate). A&O Shearman acted as US legal counsel to the book-running lead managers with a team composed by: Pallavi Gopinath Aney (Partner, Co‑Head - India Group); Mark Leemen (Partner); Serena Upadhyay (Senior Associate); Rajshree Agarwal (Associate).

SAM, Khaitan and A&O Shearman advise on Tenneco India ₹3,600 crore IPO

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