Citigroup Co-Leads $14B Tenneco IPO, Sets New Profit Targets
Citigroup is co-lead arranger on Apollo-owned Tenneco’s potential $14 billion IPO alongside Bank of America, Barclays and JPMorgan. CEO Jane Fraser will unveil medium-term profitability targets on Thursday, highlighting expense reduction, revenue growth and AI-driven expansion in the wealth management division.
1. Role in Tenneco’s $14B IPO
Citigroup has been named one of four lead underwriters for Apollo-owned Tenneco’s planned initial public offering, which could value the company at about $14 billion. The deal follows Apollo’s $1.6 billion acquisition in 2022 and could generate significant underwriting fees, though the final structure—full or partial float—remains under discussion.
2. Investor Day Profitability Targets
At its investor day on Thursday, Citigroup will unveil medium-term profit targets under CEO Jane Fraser’s restructuring plan. The bank plans to improve its expense ratio, boost revenue growth and leverage artificial intelligence to drive net new assets and fees in its wealth management business.