Shardul Amarchand Mangaldas & Co is guiding Tenneco Clean Air India on its offer-for-sale only initial public offering worth INR 3000 crore on the Indian stock market. Khaitan & Co and Latham & Watkins are advising the book running lead managers to the deal.
Apollo-backed U.S. company Tenneco Inc’s Mauritius affiliate, Tenneco Mauritius Holdings, is offloading shares worth INR 3000 crore, according to regulatory papers filed. The sale involves existing shares only – Tenneco Clean Air won’t issue new stock or receive any proceeds from the transaction. The selling shareholders are also represented by SAM.
JM Financial, Citi, Axis Capital and HSBC are the BRLMs.
The listing comes amid a revival in IPOs in India, post a slump induced by global geopolitical and the U.S. trade war. Reuters reports that Indian companies could raise up to $2.4 billion through IPOs in July, following a robust $2 billion raised in June.
While 2024 was a record year for Indian listings, many large conglomerates, including South Korea’s LG Electronics, delayed their IPO plans in the first half of the year amid the economic uncertainty caused by looming Trump Tariffs and geopolitical tensions with Pakistan and in the Middle East.
SAM’s capital markets team advising the issuer was led by partner Sayantan Dutta and principal associate Sanjana Chowdhary. Partners Gunjan Shah and Sangamitra Sankaraiah are advising Tenneco Inc on the deal.
The Khaitan team advising on the mandate includes partners Abhimanyu Bhattacharya, Aditya George Cheriyan and Oishik Bagchi, senior associates Anshul Mordia and Ayushi Saumya, and associates Aayush Virani, Ria Chaudhary, and Srishti Jain.
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