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General Synopsis
Tenneco India’s IPO showcases a solid business with market leadership, strong returns, and fair valuations. But while the fundamentals impress, the next phase of growth remains unclear — especially as electrification threatens half its revenue and investments in capex has been low.
When Apollo Global Management took Tenneco private in 2022, it triggered an interesting sub-plot in India. Back then, Apollo’s investment arm launched an open offer for Federal-Mogul Goetze (India) Ltd at INR275 per share. With the stock already trading near INR320, the market wasn’t interested. “The open offer may not solicit any major response,” wrote Atul Karwa of HDFC Securities in September 2022. He was right — the offer failed. Fast
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