Shardul Amarchand Mangaldas & Co. advises Tenneco Clean Air India on its ₹ 3,600 crore Initial Public Offering

November 19, 2025

Shardul Amarchand Mangaldas & Co. (SAM) advised Tenneco Clean Air India Limited on its ₹ 3,600 crore (US$ 406 million) Initial Public Offering, comprising an offer for sale of 90,680,100 equity shares by the Promoter Selling Shareholder.

 

Tenneco Clean Air India is the largest supplier of Clean Air Solutions to certain categories of Indian OEMs, with a market share of more than 50% in Fiscal 2025. The Issue was closed with an oversubscription of 174.78 times in the QIB portion and an overall oversubscription of 61.79 times.

 

The Transaction team for Tenneco Clean Air India Limited was led by Sayantan Dutta (Partner), Sanjana Chowdhary (Principal Associate), Rishika Kharbanda (Associate) and Satakshi N Dixit (Associate). Prashant Gupta (National Practice Head, Capital Markets) provided strategic inputs to the deal.

 

The Transaction team for the Promoter selling shareholders was led by Manjari Tyagi (Partner), Jheel Bhargava (Senior Associate) and Bhumika Panigrahi (Associate).

 

The Capital Markets team was also supported on the corporate advisory for pre-IPO restructuring as well as pre-IPO placement by Gunjan Shah (Partner), Karun Prakash (Partner), Sangamitra Sankaraiah (Partner), Tanay Khanna (Principal Associate), Simran Khullar (Senior Associate) and Aradhana Parmeshwar (Associate).

 

The Employment law team was led by Pooja Ramchandani (Partner), Kriti Kaushik (Partner), 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 the competition law aspect.

 

Khaitan & Co LLP acted as Indian Legal counsel to the Book Running Lead Managers.

 

Allen Overy Shearman Sterling LLP acted as Legal counsel to the Book Running Lead Managers as to U.S. Law.