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Will the auto parts company controlled by Apollo Global Management attract a valuation of over $3 billion as they prepare for an initial public offering (IPO) in India?

US-owned Tenneco Group's Indian subsidiary, Tenneco Clean Air India Ltd, is a private corporation specializing in auto components manufacturing.

Will Apollo Global's automotive components company potentially acquire a $3 billion valuation as it...
Will Apollo Global's automotive components company potentially acquire a $3 billion valuation as it prepares for its Initial Public Offering in India?

Will the auto parts company controlled by Apollo Global Management attract a valuation of over $3 billion as they prepare for an initial public offering (IPO) in India?

In a significant move, Tenneco Clean Air India Ltd, a subsidiary of the global auto components manufacturer Tenneco Group, owned by private equity firm Apollo Global Management, has filed draft papers for an initial public offering (IPO). The company is seeking to join Mumbai-listed peers and become publicly traded.

The broader IPO market in India is currently active, with 118 draft red herring prospectus (DRHP) filings by companies in the first half of 2025 aiming to raise about ₹1.6 trillion, indicating a strong pipeline of IPO candidates even amidst some market caution.

Alongside Tenneco Clean Air India Ltd, several other Indian companies have filed for IPOs recently or are expected to launch public offerings soon. These include German Green Steel, targeting a fundraising of ₹450 crore via fresh issuance of shares, and companies such as Tata Capital, JSW Cement, Hero Fincorp, NSDL, Travel Food Services, and Crizac, which are expected to launch IPOs around July 2025.

Tata Capital, JSW Cement, Hero Fincorp, NSDL, and Crizac have not specified the exact amount they aim to raise, while Travel Food Services has a targeted valuation of $1.69 billion and a proposed fundraising of $233.5 million.

Reliance Industries, Prosus, SoftBank-backed Meesho, and Gaja Capital have also filed for IPOs, although the exact timeline for their public offerings is not yet known. Prosus and SoftBank-backed Meesho have filed for IPOs confidentially, suggesting a strategic approach to their public offering.

The MENA region also has companies seeking funding, with InstaBank, Saudi firm Ninja, and Egypt's AgriCash being among those that have recently secured funding. However, the details of the funding received by these companies are not specified.

The IPO activity in 2025 has been slower compared to 2024, but the second half of 2025 is projected to see robust IPO launches, with more companies filing DRHPs and positive investor appetite for attractively priced issues.

These developments underscore a trend of IPO activity in India, with multiple companies seeking to become publicly traded. The IPO of Tenneco Clean Air India Ltd, if successful, will join the list of Mumbai-listed companies, adding another feather to the cap of the active Indian IPO market.

The IPO of Teneco Clean Air India Ltd, along with several other Indian companies such as Tata Capital, JSW Cement, Hero Fincorp, NSDL, and Crizac, is part of the active IPO market in India, aiming to raise funds and join Mumbai's list of publicly traded companies. This trend indicates a strong pipeline of IPO candidates in the finance sector amidst a projected robust IPO launch in the second half of 2025.

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