APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

Tenneco Clean Air India Ltd / Equity Bottom-Up

Tenneco Clean Air India Ltd (1880671D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tenneco-clean-air-india-ltd" target="_blank" data-smartkarma-citation="entities:45456:1" rel="noopener">Tenneco Clean Air India Ltd (1880671D IN)</a> is part of the Tenneco Group, a U.S.-headquartered global Tier I automotive component supplier.</li>
<li>It designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs and export markets.</li>
<li>Since its listing, the stock is up 19%, but there is still upside potential.</li>
</ul>



Tenneco Clean Air India Ltd (1880671D IN) is part of the Tenneco Group, a U.S.-headquartered global Tier I automotive component supplier.
It designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs and export markets.
Since its listing, the stock is up 19%, but there is still upside potential.


Equity Capital Markets

Tenneco Clean Air India Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tenneco-clean-air-india-ltd" target="_blank" data-smartkarma-citation="entities:45456:1" rel="noopener">Tenneco Clean Air India Ltd (1880671D IN)</a> raised US$406m in its India IPO.</li>
<li>TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Tenneco Clean Air India Ltd (1880671D IN) raised US$406m in its India IPO.
TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Tenneco Clean Air India Ltd IPO Trading: Strong Insti Demand and Overall Sub Rate

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>We present five reasons why there is no adrenaline rush for <a href="https://www.smartkarma.com/entities/tenneco-clean-air-india-ltd" target="_blank" data-smartkarma-citation="entities:45456:1" rel="noopener">Tenneco Clean Air India Ltd (1880671D IN)</a> 's IPO</li>
<li>IPO is a complete offer for sale of USD 406 million. There is no fresh issue of equity.</li>
<li>At 24x P/E on Q1FY26 annualized earnings, the IPO valuation appears fair.</li>
</ul>


We present five reasons why there is no adrenaline rush for Tenneco Clean Air India Ltd (1880671D IN) 's IPO
IPO is a complete offer for sale of USD 406 million. There is no fresh issue of equity.
At 24x P/E on Q1FY26 annualized earnings, the IPO valuation appears fair.


Tenneco Clean Air India Ltd IPO - No Adrenaline Rush Here

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tenneco-clean-air-india-ltd" target="_blank" data-smartkarma-citation="entities:45456:1" rel="noopener">Tenneco Clean Air India Ltd (1880671D IN)</a>  is now looking to raise up to US$406m in its upcoming India IPO.</li>
<li>TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Tenneco Clean Air India Ltd (1880671D IN)  is now looking to raise up to US$406m in its upcoming India IPO.
TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
We have looked at the company's past performance in our earlier notes. In this note, we talk about the RHP updates and valuations.


Tenneco Clean Air India Ltd IPO: Stagnated Topline, Increased Profits, At A Discount

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Dhoot Transmission Limited / Equity Capital Markets

<ul>
<li>DTL leads the 2W/3W wiring harness segment (~41% overall share) and commands ~70% in EVs, structurally benefiting from 1.5–2.5x higher wiring content in electric platforms.</li>
<li>Bain Capital's backing and strategic global acquisitions enable expansion into higher-margin battery packs, sensors, and USB chargers, driving higher total content per vehicle.</li>
<li>Outperforming peers across growth, margins, and ROCE with a net cash balance sheet, DTL warrants a premium valuation, can it deliver more than just a listing pop?</li>
</ul>


DTL leads the 2W/3W wiring harness segment (~41% overall share) and commands ~70% in EVs, structurally benefiting from 1.5–2.5x higher wiring content in electric platforms.
Bain Capital's backing and strategic global acquisitions enable expansion into higher-margin battery packs, sensors, and USB chargers, driving higher total content per vehicle.
Outperforming peers across growth, margins, and ROCE with a net cash balance sheet, DTL warrants a premium valuation, can it deliver more than just a listing pop?


Dhoot Transmission - IPO Review - Can It Be the Next Motherson Sumi?

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Tenneco Clean Air India Ltd (1880671D IN)

2026 High Conviction: Tenneco Clean Air

Tenneco Clean Air India Ltd, part of Tenneco Group, a global automotive supplier, has seen a 19% stock increase post-listing with further upside...

Hong Jie Seow

Tenneco Clean Air India Ltd IPO Trading: Strong Insti Demand and Overall Sub Rate

Tenneco Clean Air India Ltd raised $406m in India IPO, specializing in clean air, powertrain, and suspension solutions for Indian OEMs and export...

Hong Jie Seow

Tenneco Clean Air India Ltd IPO - No Adrenaline Rush Here

Five reasons why there is no adrenaline rush for Tenneco Clean Air India Ltd offer for sale of USD 406 million. Valuation at 24x P/E on Q1FY26...

Sreemant Dudhoria

Tenneco Clean Air India Ltd IPO: Stagnated Topline, Increased Profits, At A Discount

Tenneco Clean Air India Ltd is set to raise up to US$406m in its India IPO, offering clean air, powertrain, and suspension solutions for various...

Hong Jie Seow

Dhoot Transmission - IPO Review - Can It Be the Next Motherson Sumi?

DTL is a Tier-1 Auto ancillary supplying wiring harness to OEMs. It is a leader in e2W space and is expanding into higher-margin products with...

Himanshu Dugar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2026 High Conviction: Tenneco Clean Air

​Tenneco Clean Air India Ltd, part of Tenneco Group, a global automotive supplier, has seen a 19% stock increase post-listing with further upside...

Hong Jie Seow

Tenneco Clean Air India Ltd IPO Trading: Strong Insti Demand and Overall Sub Rate

​Tenneco Clean Air India Ltd raised $406m in India IPO, specializing in clean air, powertrain, and suspension solutions for Indian OEMs and export...

Hong Jie Seow

Tenneco Clean Air India Ltd IPO - No Adrenaline Rush Here

Five reasons why there is no adrenaline rush for Tenneco Clean Air India Ltd offer for sale of USD 406 million. Valuation at 24x P/E on Q1FY26...

Sreemant Dudhoria

Tenneco Clean Air India Ltd IPO: Stagnated Topline, Increased Profits, At A Discount

​Tenneco Clean Air India Ltd is set to raise up to US$406m in its India IPO, offering clean air, powertrain, and suspension solutions for various...

Hong Jie Seow

Dhoot Transmission - IPO Review - Can It Be the Next Motherson Sumi?

​DTL is a Tier-1 Auto ancillary supplying wiring harness to OEMs. It is a leader in e2W space and is expanding into higher-margin products with...

Himanshu Dugar

Tenneco Clean Air India Ltd, part of Tenneco Group, a global automotive supplier, has seen a 19% stock increase post-listing with further upside...

Tenneco Clean Air India Ltd raised $406m in India IPO, specializing in clean air, powertrain, and suspension solutions for Indian OEMs and export...

Tenneco Clean Air India Ltd is set to raise up to US$406m in its India IPO, offering clean air, powertrain, and suspension solutions for various...

DTL is a Tier-1 Auto ancillary supplying wiring harness to OEMs. It is a leader in e2W space and is expanding into higher-margin products with...