Apollo-Owned Auto Parts Supplier Tenneco Hires Banks for IPO

Tenneco Inc., an automotive parts supplier controlled by Apollo Global Management, has selected banks to lead its initial public offering (IPO). Sources close to the matter indicate the company is advancing its return to public markets four years after being taken private by Apollo. Tenneco aims to re-list on the stock exchange with this move. The company was taken private by Apollo in 2022 at a valuation of approximately $7.1 billion. While the timing and size of the IPO have not yet been finalized, the process is expected to be completed in the coming months. Despite volatility in the automotive sector, Tenneco hopes to attract investor interest through its strong position in the electric vehicle transition and the aftermarket parts market. The majority of the company's revenue comes from original equipment parts sold to vehicle manufacturers and secondary market sales. Apollo is expected to cash out a portion of its stake in Tenneco through this IPO. However, detailed financial terms and the share price range will be clarified after the registration filing is submitted. This is not investment advice.