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Indong Tea Company Limited IPO Detail

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:

  1. CTC (Crush/Cut, Tear, Curl) Tea
  2. Tea and Tea Plantation
  3. Tea Manufacturing Process
  4. Plucking
  5. Withering
  6. Rolling
  7. Fermentation
  8. Drying
  9. Grading
  10. 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 Limited

IPO Details

IPO Opening DateFeb 09, 2023
IPO Closing DateFeb 13, 2023
Issue TypeFixed Price Issue IPO
Face Value₹10 per equity share
IPO Price ₹26 per equity share
Market Lot4000 Shares
Min Order Quantity4000 Shares
Listing AtBSE 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 DateFeb 09, 2023
IPO Close DateFeb 13, 2023
Basis of Allotment DateFeb 16, 2023
Initiation of RefundsFeb 17, 2023
Credit of Shares to Demat AccountFeb 20, 2023
IPO Listing DateFeb 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).

ApplicationLotsSharesAmount (Cut-off)
Minimum14000₹104000
Maximum14000₹104000

IPO Promoter Holding

Pre Issue Share Holding96.09%
Post Issue Share Holding64.03%

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:

  1. Funding Capital Expenditure towards Extension, Uprooting, and Infilling of Tea Plantation at Indong Tea Estate, Jalpaiguri, West Bengal
  2. Funding Capital Expenditure towards the installation of additional plant and machinery for Tea Processing Unit at Indong Tea Estate, Jalpaiguri, West Bengal
  3. To meet the working capital requirements
  4. To meet the Issue Expenses
  5. 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