Indong Tea Company Limited IPO (Indong Tea Company IPO) Detail

Feb 9, 2023 - Feb 13, 2023

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.

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 IPO Details

IPO Date Feb 9, 2023 to Feb 13, 2023
Listing Date Feb 21, 2023
Face Value ₹10 per share
Price ₹26 per share
Lot Size 4000 Shares
Total Issue Size5,004,000 shares
(aggregating up to ₹13.01 Cr)
Fresh Issue5,004,000 shares
(aggregating up to ₹13.01 Cr)
Issue Type Fixed Price Issue IPO
Listing At BSE SME

Indong Tea Company IPO Reservation

NII (HNI) Shares Offered2,376,000 (50% of the Net Issue)
Retail Shares Offered2,376,000 (50% of the Net Issue)
Market Maker portion252,000 shares (NIKUNJ STOCK BROKERS LIMITED)
Total Shares Offered4,752,000


KPI Values
P/E (x)9.52
Market Cap (₹ Cr.)39

Indong Tea Company IPO Tentative Timetable

Indong Tea Company IPO opens on Feb 9, 2023, and closes on Feb 13, 2023.

Event Tentative Date
Opening Date Feb 9, 2023
Closing Date Feb 13, 2023
Basis of Allotment Feb 16, 2023
Initiation of Refunds Feb 17, 2023
Credit of Shares to Demat Feb 20, 2023
Listing Date Feb 21, 2023
UPI Mandate Confirmation Cut-Off Time 5.00 PM on the issue closing day

Indong Tea Company IPO Lot Size

The Indong Tea Company IPO lot size is 4000 shares.

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

Indong Tea Company IPO Promoter Holding

Mr. Hariram Garg, Mr. Madanlal Garg, and M/s. Asian Tea & Exports Limited are the promoters of the company.

Pre Issue Share Holding 96.09%
Post Issue Share Holding 64.03%

Company Financials

Indong Tea Company Limited Financial Information (Restated)
Period EndedTotal AssetsTotal RevenueProfit After TaxNet WorthReserves and SurplusTotal Borrowing
Amount in ₹ Lakhs

Indong Tea Company IPO Review (Avoid)

[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...

Indong Tea Company IPO Subscription Status (Bidding Detail)

The Indong Tea Company IPO is subscribed 4.97 times on Feb 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)

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Indong Tea Company IPO Prospectus

Indong Tea Company IPO Rating

Rating:Rated 4.3 stars
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Indong Tea Company IPO Listing Details

Listing Date Feb 21, 2023
BSE Script Code 543769
NSE Symbol
IPO Price ₹26 per share

Listing Day Trading Information

Price Details
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Company Contact Information

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/

Indong Tea Company IPO Registrar

Cameo Corporate Services Limited

Phone: +91-44-28460390
Email: investor@cameoindia.com
Website: https://ipo.cameoindia.com/

Indong Tea Company IPO Analysis

Indong Tea Company IPO Recommendation Summary

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Members 0 1 1

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Indong Tea Company IPO FAQs

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 Feb 9, 2023, and closes on Feb 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

  1. Visit the Zerodha website and login to Console.
  2. Go to Portfolio and click the IPOs link.
  3. Go to the 'Indong Tea Company IPO' row and click the 'Bid' button.
  4. Enter your UPI ID, Quantity, and Price.
  5. ‘Submit’ IPO application form.
  6. Visit the UPI App (net banking or BHIM) to approve the mandate.

Visit Zerodha IPO Application Process Review for more detail.

The Indong Tea Company IPO opens on Feb 9, 2023 and closes on Feb 13, 2023.

Indong Tea Company IPO lot size is 4000 Shares and the minimum order quantity is .

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 Feb 16, 2023, and the allotted shares will be credited to your demat account by Feb 20, 2023. Check the Indong Tea Company IPO allotment status.

The Indong Tea Company IPO listing date is on Feb 21, 2023.
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