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Indong Tea Company IPO is a fixed price issue of Rs 13.01 crores. The issue is entirely a fresh issue of 50.04 lakh shares.
Indong Tea Company IPO bidding started from February 9, 2023 and ended on February 13, 2023. The allotment for Indong Tea Company IPO was finalized on Thursday, February 16, 2023. The shares got listed on BSE SME on February 21, 2023.
Indong Tea Company IPO price is ₹26 per share. The minimum lot size for an application is 4000 Shares. The minimum amount of investment required by retail investors is ₹104,000. The minimum lot size investment for HNI is 2 lots (8,000 shares) amounting to ₹208,000.
Finshore Management Services Limited is the book running lead manager of the Indong Tea Company IPO, while Cameo Corporate Services Limited is the registrar for the issue. The market maker for Indong Tea Company IPO is Nikunj Stock Brokers.
Refer to Indong Tea Company IPO RHP for detailed information.
| IPO Date | February 9, 2023 to February 13, 2023 |
| Listing Date | February 21, 2023 |
| Face Value | ₹10 per share |
| Price | ₹26 per share |
| Lot Size | 4000 Shares |
| Total Issue Size | 5,004,000 shares (aggregating up to ₹13.01 Cr) |
| Fresh Issue | 5,004,000 shares (aggregating up to ₹13.01 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | BSE SME |
| Share holding pre issue | 9,997,048 |
| Share holding post issue | 15,001,048 |
| Market Maker portion | 252,000 shares Nikunj Stock Brokers |
Indong Tea Company IPO offers 5,004,000 shares. 2,376,000 (47.48%) to NII, 2,376,000 (47.48%) to RII.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | - |
| Market Maker Shares Offered | 252,000 (5.04%) |
| Other Shares Offered | 2,376,000 (47.48%) |
| Retail Shares Offered | 2,376,000 (47.48%) |
| Total Shares Offered | 5,004,000 (100%) |
Indong Tea Company IPO opens on February 9, 2023, and closes on February 13, 2023.
| IPO Open Date | Thursday, February 9, 2023 |
| IPO Close Date | Monday, February 13, 2023 |
| Basis of Allotment | Thursday, February 16, 2023 |
| Initiation of Refunds | Friday, February 17, 2023 |
| Credit of Shares to Demat | Monday, February 20, 2023 |
| Listing Date | Tuesday, February 21, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 13, 2023 |
Investors can bid for a minimum of 4000 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 4000 | ₹104,000 |
| Retail (Max) | 1 | 4000 | ₹104,000 |
| HNI (Min) | 2 | 8,000 | ₹208,000 |
| Lot Size Calculator | |||
Mr. Hariram Garg, Mr. Madanlal Garg, and M/s. Asian Tea & Exports Limited are the promoters of the company.
| Share Holding Pre Issue | 96.09% |
| Share Holding Post Issue | 64.03% |
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:
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.
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31-Mar-20 | 4,136.26 | 1,672.64 | -121.29 | -421.85 | 1,174.94 | 2,097.43 |
| 31-Mar-21 | 4,059.79 | 2,313.00 | 127.56 | -294.30 | 1,302.49 | 1,841.74 |
| 31-Mar-22 | 4,324.96 | 1,992.97 | 131.62 | 863.68 | 1,971.48 | 960.09 |
| 30-Sep-22 | 4,689.74 | 1,324.22 | 204.61 | 1,068.29 | 2,176.09 | 1,047.42 |
| Amount in ₹ Lakhs | ||||||
The market capitalization of Indong Tea Company IPO is Rs 39 Cr.
| Pre IPO | Post IPO | |
|---|---|---|
| P/E (x) | 9.52 |
The Objects of the Issue are:
[Dilip Davda] ITCL is in tea plantations and is poised for bright prospects as tea prices are firming up globally. The issue is fully priced based on its H1-FY23 earnings while it is aggressively priced based on its FY22 data. The parent company is having a poor track record. Though it is poised for better prospects, the poor track record of the group company, and the fully priced offer from ITCL, there is no harm in skipping it. Read detail review...
The Indong Tea Company IPO is subscribed 4.97 times on February 13, 2023 6:58:00 PM. The public issue subscribed 7.76 times in the retail category, times in the QIB category, and 2.17 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| Other | 2.17 |
| Retail | 7.76 |
| Total | 4.97 |
| Listing Date | February 21, 2023 |
| BSE Script Code | 543769 |
| NSE Symbol | |
| ISIN | INE0KN201016 |
| Final Issue Price | ₹26 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE SME |
|---|
| ₹26.00 |
| ₹20.80 |
| ₹19.80 |
| ₹21.80 |
| ₹21.80 |
Indong Tea Company Limited
Sikkim Commerce House,
4/1, Middleton Street,
Kolkata – 700071
Phone: +91 33 4006 3601
Email: cs@indongteaco.com
Website: http://www.indongteaco.com/
Cameo Corporate Services Limited
Phone: +91-44-28460390
Email: investor@cameoindia.com
Website: https://ipo.cameoindia.com/
SME Company Owners
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Check our SME IPO Guide 
Indong Tea Company IPO is a SME IPO of 5,004,000 equity shares of the face value of ₹10 aggregating up to ₹13.01 Crores. The issue is priced at ₹26 per share. The minimum order quantity is 4000 Shares.
The IPO opens on February 9, 2023, and closes on February 13, 2023.
Cameo Corporate Services Limited is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Indong Tea Company IPO using UPI as a payment gateway. Zerodha customers can apply in Indong Tea Company IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Indong Tea Company IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Indong Tea Company IPO opens on February 9, 2023 and closes on February 13, 2023.
Indong Tea Company IPO lot size is 4000 Shares, and the minimum amount required is ₹104,000.
You can apply in Indong Tea Company IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Indong Tea Company IPO will be done on Thursday, February 16, 2023, and the allotted shares will be credited to your demat account by Monday, February 20, 2023. Check the Indong Tea Company IPO allotment status.
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