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

February 9, 2023 - February 13, 2023

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.

Indong Tea Company IPO Details

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 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
Market Maker portion252,000 shares
Nikunj Stock Brokers

Indong Tea Company IPO Reservation

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 Offered252,000 (5.04%)
Other Shares Offered2,376,000 (47.48%)
Retail Shares Offered2,376,000 (47.48%)
Total Shares Offered5,004,000 (100%)

Indong Tea Company IPO Timeline (Tentative Schedule)

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

Indong Tea Company IPO Lot Size

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

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.

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

About Indong Tea Company Limited

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 Financials

Indong Tea Company Limited Financial Information (Restated)
Period EndedTotal AssetsTotal RevenueProfit After TaxNet WorthReserves and SurplusTotal Borrowing
31-Mar-204,136.261,672.64-121.29-421.851,174.942,097.43
31-Mar-214,059.792,313.00127.56-294.301,302.491,841.74
31-Mar-224,324.961,992.97131.62863.681,971.48960.09
30-Sep-224,689.741,324.22204.611,068.292,176.091,047.42
Amount in ₹ Lakhs

Key Performance Indicator

The market capitalization of Indong Tea Company IPO is Rs 39 Cr.

Pre IPO Post IPO
P/E (x) 9.52

Objects of the Issue (Indong Tea Company IPO Objectives)

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 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 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)

CategorySubscription (times)
Other2.17
Retail7.76
Total4.97

Indong Tea Company IPO Prospectus

Indong Tea Company IPO Rating

122
4.3
Rating:Rated 4.3 stars
Vote Here ...

Indong Tea Company IPO Listing Details

Listing Date February 21, 2023
BSE Script Code 543769
NSE Symbol
ISIN INE0KN201016
Final Issue Price ₹26 per share

Pre-Open Session - BSE

Listing Day Trading Information

Price Details
Final Issue Price
Open
Low
High
Last Trade
BSE SME
₹26.00
₹20.80
₹19.80
₹21.80
₹21.80

Check IPO Performance…

Indong Tea Company Limited Contact Details

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 - Buy or Not

Indong Tea Company IPO Recommendation Summary

Review By Subscribe Neutral Avoid
Brokers 0 0 1
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 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

  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 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.

The Indong Tea Company IPO listing date is on February 21, 2023.
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Indong Tea Company IPO Message Board

Ranked Members of Chittorgarh.com Forum  Ranked Members | Members with Most Likes

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208 Comments

100. Sanchit Jain |   Link |  Bookmark |March 25, 2023 4:44:39 PM
IPO Mentor IPO Mentor (600+ Posts, 200+ Likes)
Any future for this company, still holding some lots.
99. SJogi |   Link |  Bookmark |March 16, 2023 4:28:15 PM
IPO Mentor IPO Mentor (900+ Posts, 900+ Likes)
ajj bada maal uthaya hai kisine.
stock is at very attractive price now.
99.1. Sanchit Jain |   Link |  Bookmark |March 16, 2023 8:06:34 PM
IPO Mentor IPO Mentor (600+ Posts, 200+ Likes)
Only 80% of the IPO shares traded in last 25 days of trade since listing. Still people are trapped, hope this stock starts a reverse movement now.
98. J.K.Mehta |   Link |  Bookmark |March 15, 2023 9:58:08 AM
Wait till it does not fall to single digit and than consider to buy according to one's risk aptitude.
Takeover king of food industry is himself in trouble?
97. Sanchit Jain |   Link |  Bookmark |March 14, 2023 11:28:57 AM
IPO Mentor IPO Mentor (600+ Posts, 200+ Likes)
Unless 100% of the shares change hands, the company/ LM will not let the price increase. Till now arnd 75% of the shares issued traded.
96. IPOmentor |   Link |  Bookmark |March 14, 2023 11:07:07 AM
Now fear to buy at 50% discount from IPO price
95. IPOmentor |   Link |  Bookmark |March 13, 2023 5:18:46 PM
I will buy at 13/- ek pe ek free
94. SJogi |   Link |  Bookmark |March 8, 2023 2:33:49 PM
IPO Mentor IPO Mentor (900+ Posts, 900+ Likes)
now the share is available at its book value i.e 15.92.
thinking to add 1 lot.
94.1. NakulB |   Link |  Bookmark |March 8, 2023 7:58:24 PM
added 4 lots at LC. stock at PE of 6. hope it goes up now.
93. SJogi |   Link |  Bookmark |March 8, 2023 2:18:34 PM
IPO Mentor IPO Mentor (900+ Posts, 900+ Likes)
Heavy sell off after 3 pm
92. SJogi |   Link |  Bookmark |March 6, 2023 7:45:46 PM
IPO Mentor IPO Mentor (900+ Posts, 900+ Likes)
Everything (financials, PE(low) ,) is good but Tea sector is not having much fancy amongst the traders thats why very less buying can be observed in this share.
91. Sanchit Jain |   Link |  Bookmark |March 4, 2023 11:56:41 AM
IPO Mentor IPO Mentor (600+ Posts, 200+ Likes)
We should not lose hope. 45% inventory still held at 26, LTP is 20.01. It should slowly reach its Life high of 22.85 first and the try to achieve 26.
90. Sanchit Jain |   Link |  Bookmark |March 1, 2023 12:39:43 PM
IPO Mentor IPO Mentor (600+ Posts, 200+ Likes)
It has started to reverse the trend. After LC in the morning, it has hit the UC now.
90.1. Khandelwal Amit |   Link |  Bookmark |March 1, 2023 11:27:13 PM
After hitting uc for the first time what you think of it.. will it turn profitable or one should sell once the losses narrows.
90.2. Sanchit Jain |   Link |  Bookmark |March 1, 2023 11:59:16 PM
IPO Mentor IPO Mentor (600+ Posts, 200+ Likes)
In my view, 50% inventory still held by allottees. It purely depends on the demand n supply. Definitely the stock is still at a significant distant from its IPO price. But it will try to cover the distance, the resistance could be at 21 which was the listing day price n significant trade took place at that price. The holding company Asian Tea is completely hopeless..
89. IPO LEADER |   Link |  Bookmark |March 1, 2023 11:32:06 AM
IPO Mentor IPO Mentor (800+ Posts, 400+ Likes)
Wealth destroyer
88. Arun Arora |   Link |  Bookmark |February 27, 2023 10:46:00 AM
What is the Lockin Period for the Indong Tea Company?
88.1. Sanchit Jain |   Link |  Bookmark |February 28, 2023 3:05:42 PM
IPO Mentor IPO Mentor (600+ Posts, 200+ Likes)
What do you mean by lock in period. There is no QIB quota/ no anchor, so I guess no lock in.
87. Kapil Mehra |   Link |  Bookmark |February 25, 2023 7:57:50 PM (200+ Posts)
@Sanchit jain, u r right sir, Nikunj as market maker showed his back anyways it is history now. Rising tea prices can help the script. No body can predict any thing can happen in sme.
86. Kapil Mehra |   Link |  Bookmark |February 25, 2023 9:32:51 AM (200+ Posts)
Nitika Agarwal purchased one lakh shares @19.75 yesterday. Bulk purchase deals happening. Wt does this indicate?
86.1. Sanchit Jain |   Link |  Bookmark |February 25, 2023 6:22:35 PM
IPO Mentor IPO Mentor (600+ Posts, 200+ Likes)
Correction- Ritika Aggarwal.
Bulk Purchases are good as they are gud in lending stability to the price. But coudn not understand why the market maker Nikunj Securities offloaded all its alloted shares of 2.52 L on 1st day itself @ 20.76 when issue price was 26?
85. Sanchit Jain |   Link |  Bookmark |February 24, 2023 12:32:28 PM
IPO Mentor IPO Mentor (600+ Posts, 200+ Likes)
Cant understand what is wrong with the company. My observations:
- Loan of 9 cr against a market cap of 30 cr is nothing.
- Even BV of the company is 29.7, , so atleast it should command that price.
- Consumer business have highest PE multiples.
- Combination of LM - Finshore and Market Maker - Nikunj Securities, seems creditable enough with their past record. But may be the track record of promoters/ Asian Tea & Exports Ltd is hampering Indong's performance.

Still holding on to the 2 lots with a hope to atleast reach the IPO price soon.
85.1. Kapil Mehra |   Link |  Bookmark |February 24, 2023 2:20:25 PM (200+ Posts)
@sanchit jain, uh r right, i sold two lots at 22.85 and covered at 20.90. Only hope is tea prices increasing internationly. Selling is happening but bulk deal are taking place. If someone is selling other is buying in bulk . Let's see wt is in the stores.
84. ipo share |   Link |  Bookmark |February 22, 2023 7:41:56 AM
IPO Guru IPO Guru (1500+ Posts, 700+ Likes)
Disastrous listing of Indong Tea is again a warning that we should not apply in every SME blindly. People who apply in low subscribed IPOs out of frustration to get allotment are at risk of loosing their capital.
We have so many GURUS /EXPERTS who give unbiased opinion.
Reviews by Dilip Sir are always very helpful in understanding the SME fundamentals.
So always avoid risky bets. We are not gamblers but investors.
Sincere thanks to Chittorgarh.com for providing the only forum for IPO discussion.
83. Noorul |   Link |  Bookmark |February 21, 2023 8:49:02 AM
Terrible listing.. may hit LC after 10Am.
May go like moxsh way. Exit ASAP.
83.1. Noorul |   Link |  Bookmark |February 21, 2023 11:42:00 PM
Sell this junk. It will go further down in upcoming days.
82. Gaurav DD dimer |   Link |  Bookmark |February 21, 2023 8:01:30 PM
IPO Mentor IPO Mentor (1200+ Posts, 400+ Likes)
Today bulk buy deals includes name of Multiplier, who is known for selling immediately next day /next to next day.

He bought 4.5L shares.

So be cautious, LC again may come any day.
82.1. Arjun Rajkot |   Link |  Bookmark |February 21, 2023 10:13:55 PM
IPO Guru IPO Guru (1000+ Posts, 1900+ Likes)
Share Target 10/- this March
Stay Tune

82.2. ipo share |   Link |  Bookmark |February 22, 2023 7:46:11 AM
IPO Guru IPO Guru (1500+ Posts, 700+ Likes)
@Gaurab DD dimer
Yes, you have rightly pointed out. This Multiplier also contributed in bringing down price of Earthsthal. It buys and then sell in 1-2 days.
81. Kapil Mehra |   Link |  Bookmark |February 21, 2023 8:27:12 PM (200+ Posts)
@satishreddytips, dear will have to wait for the price to come, no other way out. SME s are very unpredictable any thing can happen here. So patience is key and of course prayers to almighty.