Shardul Amarchand Mangaldas (SAM), A&O Shearman along with Khaitan & Co advised on Tenneco Clean Air India Limited’s ₹3,600 crore IPO.

The INR36 billion IPO represents a significant milestone in India’s automotive sector and reflects the continuing trend of international groups listing their Indian assets. The shares will be listed on the National Stock Exchange of India Limited and BSE Limited.

Tenneco Clean Air India Limited is part of the Tenneco Group, a U.S. headquartered global Tier I automotive component supplier. The issuer manufactures and supplies critical, highly engineered clean air, powertrain, and suspension solutions tailored for Indian original equipment manufacturers and for the export markets.

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

The Transaction team for Tenneco Clean Air India Limited was led by Partner Sayantan Dutta, Principal Associate Sanjana Chowdhry, Associates Rishika Kharbanda, & Satakshi N Dixit. Prashant Gupta (National Practice Head, Capital Markets) provided strategic inputs to the deal. The Transaction team for the Promoter selling shareholders was led by Partner Manjari Tyagi, Senior Associate Jheel Bhargava, and Associate Bhumika Panigrahi. The Capital Markets team was also supported on the corporate advisory for pre-IPO restructuring as well as pre-IPO placement by Partners Gunjan Shah,  Karun Prakash, & Sangamitra Sankaraiah, Principal Associate Tanay Khanna, Senior Associate Simran Khullar, and Associate Aradhana Parmeshwar. The Employment law team was led by Partners Pooja Ramchandani, & Kriti Kaushik, Senior Associates Istuti Kapoor, and Associate Rakshita M. The Governance and Compliance team was led by Partners Alina Arora and Parth Singh. Partner Rohan Arora provided input on the competition law aspect.

A&O Shearman has advised the underwriters on the Rule 144A/Regulation S initial public offering (IPO) of Tenneco Clean Air India Limited, a company promoted by Tenneco LLC, which is owned by funds managed by affiliates of Apollo Global Management, Inc.

The deal team was led by Partner Pallavi Gopinath Aney, with support from Mark Leemen, Serena Upadhyay, and Rajshree Agarwal.

Khaitan & Co advised the Book Running Lead Managers – JM Financial Ltd, Axis Capital Ltd., Citi India and HSBC Securities and Capital Markets India on filing the DRHP by Tenneco Clean Air India for its proposed IPO.

The deal team included Partners Abhimanyu Bhattacharya, Aditya George Cheriyan, Oishik Bagchi, Senior Associates Anshul Mordia, & Ayushi Saumya, Associates Ria Chaudhary, Srishti Jain, and Aayush Virani.