Apollo Said to Weigh Tenneco India IPO at $2 Billion Valuation

Apollo Global Management Inc. is considering listing auto-parts supplier Tenneco Inc.’s India business, people familiar with the matter said, joining others that have done or plan initial public offerings of their units in the world’s most populous country.

The US alternative asset manager is speaking with prospective arrangers about an IPO that could take place in Mumbai this year and value Tenneco Automotive India Pvt. at about $2 billion, the people said, asking not to be identified because the deliberations are private. An IPO might raise $400 million to $500 million, the people said.

Considerations are preliminary and details ...