Indong Tea Company Limited IPO Detail
Incorporated in 1990, Indong Tea Company Limited is primarily in the manufacturing of Tea. The company runs a a Tea Garden under Government lease and is engaged in Tea Plantation & Manufacturing of CTC Tea.
Their Indong Tea Estate is spread over an area of 740.38 Hectares and consists of Tea Plantation, Tea Factory, Withering Trough House, Officer's Bunglows, Staff Quarters, Labour Quarters, Pump House, General Stores, Dairy Farm, etc.
The original promoters of the company were Devvrat Gupta, Shyam Saran Gupta, and Nagarmal Kanoria. The ownership was transferred to Sri Hariram Garg in 2014, a promoter of Asian Group under a scheme of takeover.
The products of Indong Tea Company are primarily categorized as:
- CTC (Crush/Cut, Tear, Curl) Tea
- Tea and Tea Plantation
- Tea Manufacturing Process
- Plucking
- Withering
- Rolling
- Fermentation
- Drying
- Grading
- Packing / Dispatching
From the manufacturing of tea and other operations, the company clocked the following revenues for the years 2021, 2020, and 2019 - Rs. 2,313 lakhs, Rs. 1,672.64 lakhs, and Rs. 1,481.57 lakhs, respectively.
Company Promoters
Mr. Hariram Garg, Mr. Madanlal Garg, and M/s. Asian Tea & Exports LimitedIPO Details
| IPO Opening Date | Feb 09, 2023 |
| IPO Closing Date | Feb 13, 2023 |
| Issue Type | Fixed Price Issue IPO |
| Face Value | ₹10 per equity share |
| IPO Price | ₹26 per equity share |
| Market Lot | 4000 Shares |
| Min Order Quantity | 4000 Shares |
| Listing At | BSE SME |
| Issue Size | ₹13.01 Cr |
| Fresh Issue | ₹13.01 Cr |
| Offer for Sale | - |
| Retail Portion | 50% |
IPO Subscription (Bidding Detail)
| AS On | QIB | SHNI | BHNI | NII | RII | TOTAL |
|---|---|---|---|---|---|---|
| Day 1 | - | - | 0.32x | 0.79x | 0.56x | |
| Day 2 | - | - | 0.58x | 1.86x | 1.22x | |
| Day 3 | - | - | 2.16x | 7.31x | 4.74x |
IPO Tentative Timetable
The Indong Tea Company Limited IPO open date is Feb 09, 2023, and the close date is Feb 13, 2023. The issue may list on Feb 21, 2023.
| IPO Open Date | Feb 09, 2023 |
| IPO Close Date | Feb 13, 2023 |
| Basis of Allotment Date | Feb 16, 2023 |
| Initiation of Refunds | Feb 17, 2023 |
| Credit of Shares to Demat Account | Feb 20, 2023 |
| IPO Listing Date | Feb 21, 2023 |
IPO Lot Size
The Indong Tea Company Limited IPO market lot size is 4000 shares. A retail-individual investor can apply for up to 1 lots (4000 shares or ₹104000).
| Application | Lots | Shares | Amount (Cut-off) |
|---|---|---|---|
| Minimum | 1 | 4000 | ₹104000 |
| Maximum | 1 | 4000 | ₹104000 |
IPO Promoter Holding
| Pre Issue Share Holding | 96.09% |
| Post Issue Share Holding | 64.03% |
Company Financials:
For the year/period ended (₹ in Lakhs)
| Financial Year | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 31-Mar-20 | 4136.26 | 1672.64 | -121.29 |
| 31-Mar-21 | 4059.79 | 2313 | 127.56 |
| 31-Mar-22 | 4324.96 | 1992.97 | 131.62 |
Objects of the Issue:
The Objects of the Issue are:
- Funding Capital Expenditure towards Extension, Uprooting, and Infilling of Tea Plantation at Indong Tea Estate, Jalpaiguri, West Bengal
- Funding Capital Expenditure towards the installation of additional plant and machinery for Tea Processing Unit at Indong Tea Estate, Jalpaiguri, West Bengal
- To meet the working capital requirements
- To meet the Issue Expenses
- General Corporate Purposes
Indong Tea Company Limited IPO Registrar:
Cameo Corporate Services Limited
Indong Tea Company Limited IPO Lead Manager(s):
Finshore Management Services Limited
Company Contact Information:
Indong Tea Company Limited
Sikkim Commerce House,
4/1, Middleton Street,
Kolkata – 700071
