The Abu Dhabi Investment Authority (Adia) has come in as an anchor investor for the IPO of Tenneco Clean Air India’s USD 430 mn IPO, according to a regulatory filing (pdf). The sovereign wealth fund was one of 58 anchor investors who placed bids for shares worth up to INR 10.8 bn (USD 129 mn). Tenneco Clean Air India is the India subsidiary of the US-based Tenneco Group.

Transaction structure: The order book for the transaction is set to close today (it opened on 12 November) and shares should start trading by Wednesday, 19 November. Bankers said the company will price shares in the INR 378-397 per share range and bumped the size of the offering up to INR 36 bn (USD 430 mn) from the original INR 30 bn (USD 358 mn) on strong demand. At the upper end of the price band, the listing would value Tenneco Clean Air India at about INR 160 bn (USD 1.9 bn).

A Tenneco Group subsidiary is cashing out risk: The entire offering consists of shares being sold by Tenneco Mauritius Holdings, which is taking 100% of the proceeds off the table (after bankers’ fees, of course). No new shares are being issued.

Who else is in? Others in the group of anchor investors included big domestic players (SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Life Insurance, SBI Life Insurance) as well as global majors (BlackRock, Fidelity, Goldman Sachs, Nomura) as well as Norway’s Government Pension Fund Global. Domestic mutual funds took up 54% of shares offered to anchor investors. About 27.2 mn shares were allotted to anchor investors at INR 397 per share, raising USD 129 mn if shares are priced at the top of the range.

What does Tenneco do? It manufactures and supplies clean-air, powertrain, and suspension systems for original equipment manufacturers (OEMs) in India and global markets.

IN CONTEXT- Gulf sovereign wealth funds have become increasingly active in India’s IPO market. Adia was an anchor investor in LG Electronics India ’s INR 34.7bn (USD 425 mn) listing in October. Earlier this week, we noted that it has more recently backed offerings from Lenskart and Emmvee.

ADVISORS- The IPO is being captained by JM Financial, Citigroup Global Markets India, Axis Capital, and HSBC Securities and Capital Markets (India). MUFG Intime India is overseeing the registry.

GROWW IPO OPENS STRONG-

SPEAKING OF ADIA- Adia-backed fintech firm Billionbrains Garage Ventures — which runs India’s largest digital investment platform Groww — made a strong market debut on Wednesday, rising 24% above its issue price and valuing the firm at about INR 761 bn (USD 8.6 bn), Reuters reports. Adia was among the anchor investors in the company’s INR 66.3 mn (USD 754 mn) IPO and is reported to have taken about a 4.7% stake in the issue, Zawya reported.

Groww’s stock extended gains on Thursday, with shares rising as much as 17% intraday to INR 153.50, taking the stock to a 53% premium to its issue price within two days. Investors then started locking in profits, with the stock closing up 4.6% for the day. At the day’s high, the company’s market value rose to nearly INR 1 tn.

The INR 66.3 bn (USD 754 mn) IPO is among India’s largest fintech listings this year, marking a rebound in investor sentiment following subdued debuts by including Lenskart Solutions, Orkla India, and Studds Accessories.

Market context: The listing pushed Groww’s market capitalization ahead of domestic rivals Angel One and Motilal Oswal Financial Services, reinforcing optimism about India’s expanding retail investor base. India has added around 10 mn new investors every six to seven months since March 2021, according to NSE data, taking the total to roughly 120 mn by September 2025.

What the pundits are saying: Groww’s IPO was seen as fairly valued, attracting strong demand from institutional investors — qualified institutional buyers subscribed 22 times and non-institutional investors nine times — alongside healthy retail participation. Analysts said the company’s large user base of over 100 mn registered investors and its expanding role in equity and mutual-fund distribution continue to underpin investor optimism, Business Standard reports.

IPO pipeline: Groww’s debut adds momentum to India’s active primary market, where over 300 companies have raised INR 1.46 tn (USD 16.55 bn) so far in 2025. The market is on track to surpass 2024’s record INR 1.8 tn (USD 20.5 bn) in new listings, supported by upcoming issues from Tata Capital, LG Electronics India, and HDB Financial Services.

BACKGROUND- The IPO saw strong institutional participation, with Abu Dhabi Investment Authority, Singapore’s GIC, and Norway’s Norges Bank Investment Management among anchor investors, Reuters reports.

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