Tenneco Clean Air India is said to be planning an IPO in November

Tenneco Clean Air India Ltd., a unit of the U.S.-based auto parts maker, is planning an initial public offering next month that could raise about 30 billion rupees ($342 million), according to people familiar with the matter.

The supplier of emissions control systems to Indian automakers has started roadshows for investors, seeking a valuation of up to $2 billion, the people said, asking not to be identified because the information is private.

According to the draft prospectus, the IPO will consist entirely of a founder offer through Tenneco Mauritius Holdings Ltd., with no new shares being issued.

Tenneco joins a string of global companies tapping into India’s booming IPO market, which has already raised more than $15 billion this year, following a record $21 billion in 2024. LG Electronics India Ltd., part of the South Korean conglomerate, soared 48% in its trading debut on strong demand for its $1.3 billion IPO, the best first-day performance for a deal of this size in India.

Deliberations are ongoing and details including the timing and size of the IPO could change, the people said. A spokesperson for Tenneco Clean Air India did not immediately respond to a request for comment.

Axis Bank Ltd., JM Financial Ltd. and the local units of HSBC Holdings Plc and Citigroup Inc. advise on the offer, according to the prospectus.