Apollo-Owned Auto Supplier Tenneco Is Said to Prepare for IPO

Tenneco Inc. is laying the groundwork for an initial public offering that could value the company at about $14 billion, according to people familiar with the matter, as the automotive supplier explores strategic options four years after it was acquired by Apollo Global Management Inc.

The manufacturer has contacted the Securities and Exchange Commission and banks to start the process for a potential IPO later this year, said the people, who asked not to be identified because discussions are private. Tenneco is also working on a prospectus but has not filed one yet, the people said.