Apollo-Owned Auto Supplier Tenneco Is Said to Tap Banks for IPO

Tenneco Inc. has picked banks to lead its initial public offering, according to people familiar with the matter, as the automotive supplier advances a public listing four years after it was acquired by Apollo Global Management Inc.

The manufacturer selected Bank of America Corp., Barclays Plc, Citigroup Inc. and JPMorgan Chase & Co. to lead the process, said the people, who asked not to be identified because discussions are private.