Indong Tea Company IPO Details ( Indong Tea Company Limited IPO Review )
(09 Feb 2023 – 13 Feb 2023)
Indong Tea Company Limited was established in 1990 and specializes in the production of tea. It operates a tea garden on government lease and is involved in tea cultivation and the manufacture of CTC tea.
The Indong Tea Estate covers an area of 740.38 hectares and includes a tea plantation, factory, withering trough house, officer bungalows, staff quarters, labor quarters, pump house, general stores, dairy farm, and more.
The founders of Indong Tea Company Limited were Devvrat Gupta, Shyam Saran Gupta, and Nagarmal Kanoria. The company main focus is tea manufacturing. The Indong Tea Estate, located in the Dooar region of Jalpaiguri District in West Bengal, produces high-quality CTC tea.
Indong Tea Company operates under the following verticals:
- CTC (Crush/Cut, Tear, Curl) Tea
- Tea and Tea Plantation
- Tea Manufacturing Process
- Plucking
- Withering
- Rolling
- Fermentation
- Drying
- Grading
- Packing / Dispatching
In 2014, the company was acquired by the Asian Group, led by Sri Hariram Garg. Under his leadership, the company has improved its financial stability through investments in various areas while prioritizing worker welfare. Garg’s investments in new machinery and capital have led to increased yields from the tea plantations.
Indong Tea Company Product:
Indong Tea Company IPO Competitive Strength
- Organisation stability, Rich management experience and skilled team
- Smooth flow of operations
- Well-defined organizational structure
- Existing Supplier Relationship
- Quality Policy
- Customer Centric Business Model
- ISO Certifications
Indong Tea Company IPO Business Strategy
- Focus on Increase in Volume of Sales
- Reduction of operational costs and achieving efficiency
- Quality Assurance
- Leverage and enhance our goodwill in the market
- Leveraging our Market skills and Relationships
Indong Tea Company IPO Financials Performance ( Results )
Indong Tea Company Limited Financial Information ( Consolidated )
All Amount in ₹ Lakhs
| Period Ended | Total Assets | Total Revenue | Profit After Tax (PAT) | Earnings per share (Basic) EPS | Net Worth | Borrowing |
| 31-Mar-20 | 4136.26 | 1672.64 | -121.29 | -2.37 | -421.85 | 2097.43 |
| 31-Mar-21 | 4059.79 | 2313 | 127.56 | 2.50 | -294.3 | 1841.74 |
| 31-Mar-22 | 4324.96 | 1992.97 | 131.62 | 2.12 | 863.68 | 960.09 |
Objective of IPO Issue
- 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 IPO Basic Details
| IPO Date | Feb 09, 2023 to Feb 13, 2023 |
| Listing Date | Tuesday, February 21, 2022 |
| Face Value | ₹10 per share |
| Price | ₹26 per share |
| Lot Size | 4000 Shares |
| Issue Size | 5,004,000 shares of ₹10 (aggregating up to ₹13.01 Cr) |
| Fresh Issue | 5,004,000 shares of ₹10 (aggregating up to ₹13.01 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | BSE, SME |
| NII (HNI) Shares Offered | 50% of the Offer |
| Retail Shares Offered | 50% of the Offer |
| Company Promoters | Mr. Hariram Garg, Mr. Madanlal Garg, and M/s. Asian Tea & Exports Limited are the promoters of the company. |
Indong Tea Company IPO Timetable
Indong Tea Company IPO will open on Feb 09, 2023 and close on Feb 13, 2023. You can join Indong Tea Company IPO at 10.00 A.M. to 5.00 p.m. Upto which mandate can be applied.
| Event | 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 |
Indong Tea Company IPO Lot Size
For retail investors in Indong Tea Company IPO, 4000 shares will come in 1 lot or the minimum investment will be ₹104,000. Retail-individual investors can apply for up to 1 lots or the maximum investment will be ₹104,000.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 4000 | ₹104,000 |
| Retail (Max) | 1 | 4000 | ₹104,000 |
| HNI (Min) | 2 | 8000 | ₹208,000 |
Indong Tea Company IPO Promoter Holding
| Pre Issue Share Holding | 96.09% |
| Post Issue Share Holding | 64.03% |
Indong Tea Company IPO Valuation – FY2022
| Earning Per Share (EPS) | ₹2.12 per Equity Share |
| Price/Earning P/E Ratio | 12.26 |
| Return on Net Worth (RoNW) | 15.24% |
| Net Asset Value (NAV) | ₹13.94 per Equity Share |
| Upper Price/Book Value (Price/BV) Ratio | 2.43 ( Sep 30, 2022 ) |
Indong Tea Company Ltd Peer comparison
| Company Name | Face Value | Earning Per Share (EPS) | NAV (₹) | Price/Earning (P/E) Ratio | Return on Net Worth (RoNW) | Upper Price/Book Value (Price/BV) Ratio |
| Indong Tea Company Limited | 10.00 | 2.12 | 13.94 | 12.26 | 15.24 | ( Sep 30, 2022 ) 2.43 |
| Tata Consumer Products Ltd | 1.00 | 9.61 | 127.39 | 80.88 | 7.72 | 4.52 |
| Goodricke Group Ltd | 10.00 | 2.44 | 149.28 | 82.23 | 1.65 | 1.14 |
| Dhunseri Tea & Industries Ltd | 10.00 | -93.29 | 575.57 | 00.00 | 7.64 | 0.32 |
| Neelamalai Agro Industries Ltd | 10.00 | 77.77 | 823.49 | 48.23 | 9.62 | 0.97 |
Indong Tea IPO GMP Live Update, Kostak Rate day by day
| Date | GMP | Kostak | Subject to |
| 20 February 2023 | ₹3.5 | – | – |
| 19 February 2023 | ₹4 | – | – |
| 18 February 2023 | ₹4.5 | – | – |
| 17 February 2023 | ₹4 | – | – |
| 16 February 2023 | ₹3.5 | – | – |
| 15 February 2023 | ₹3 | – | – |
| 14 February 2023 | ₹3.5 | – | – |
| 13 February 2023 | ₹3.5 | – | – |
| 12 February 2023 | ₹3.5 | – | – |
| 11 February 2023 | ₹3.5 | – | – |
| 10 February 2023 | ₹3.5 | – | – |
| 09 February 2023 | ₹3.5 | – | – |
| 08 February 2023 | ₹3 | – | – |
Indong Tea Company IPO Detail Video:
Indong Tea Company IPO Subscription Status (Bidding Detail)
The Indong Tea Company IPO on Feb 13, 2023 at 6:13:00 PM was subscribed 4.97 times, with the retail category being subscribed 7.76 times, the NII (Non-Institutional Investor) category being subscribed 2.17 times.
| Category | Subscription |
| NII | 2.17x |
| Retail | 7.76x |
| Total | 4.97x |
Indong Tea Company IPO Prospectus
| Indong Tea Company IPO DRHP | Download |
| Indong Tea Company IPO RHP | Download |
Indong Tea Company IPO Rating
| Our Rating | 2.5/5.0 |
Indong Tea Company Contact Information
INDONG TEA COMPANY LIMITED
Registered & Corporate office: Sikkim Commerce House,
4/1, Middleton Street, Kolkata – 700071, West Bengal, India
Contact Person: Mr. Chandan Gupta, Company Secretary & Compliance Officer
Tel No: +91 33 4006 3601
E-Mail ID: cs@indongteaco.com
Website: www.indongteaco.com
OUR PROMOTERS: (I) MR. HARIRAM GARG, (II) MR. MADANLAL GARG AND (III) M/S. ASIAN TEA & EXPORTS LIMITED
Indong Tea Company IPO Registrar
CAMEO CORPORATE SERVICES LIMITED
Address: “Subramanian Building”, #1, Club House Road,
Chennai – 600 002, India
Contact Person: Mr. R.D. Ramasamy, Director
Telephone: +91-44-40020700, 28460390
Email: investor@cameoindia.com
Website: https://ipo.cameoindia.com/
Indong Tea Company IPO Lead Manager
FINSHORE MANAGEMENT SERVICES LIMITED
Address: Anandlok Building, Block-A, 2nd Floor, Room No. 207,
227 A.J.C Bose Road, Kolkata-700020, West Bengal, India
Contact Person: Mr. S. Ramakrishna Iyengar
Telephone: 033 – 22895101
Email: ramakrishna@finshoregroup.com
Indong Tea Company IPO FAQs
What is the lot size of Indong Tea Company IPO?
The total size of Indong Tea Company IPO is ₹13.01 crores and this is a complete fresh Issue.
When will Indong Tea Company IPO start?
Indong Tea Company IPO will start from 09 Feb 2023 and IPO will Close on 13 Feb 2023.
What is the open date of Indong Tea Company IPO?
Indong Tea Company IPO will open from 09 Feb 2023.
What is the last date ( close date ) of Indong Tea Company IPO?
Indong Tea Company IPO will close from 13 Feb 2023.
What is the price band of Indong Tea Company IPO?
Indong Tea Company IPO Price Band is ₹26.
What is the minimum amount required to apply for Indong Tea Company IPO?
The minimum investment for retailers to apply for Indong Tea Company IPO is ₹104,000 and the maximum investment is ₹104,000.
What is going on gray market premium of Indong Tea Company IPO?
View gray market premium of Indong Tea Company IPO by Clicking Here
How much is the GMP of Indong Tea Company IPO?
Watch Indong Tea Company IPO GMP Today: Click Here
What is the allotment date of Indong Tea Company IPO?
The allotment date of Indong Tea Company IPO is 16 February 2023.
How to check allotment status in Indong Tea Company IPO?
To check the allotment status of Indong Tea Company IPO, first of all go to the registrar website by clicking here, select your bad Indong Tea Company IPO name or enter your bad application number, PAN number or client ID and click on submit. ( Video Link )
What is the listing date of Indong Tea Company IPO?
The listing date of Indong Tea Company IPO is 21 February 2023.
How much will be the listing gain in Indong Tea Company IPO?
View listing gain of Indong Tea Company IPO by Clicking Here
How much time Indong Tea Company IPO is subscribed?
Total 4.97 times subscribed in Indong Tea Company IPO out of which 7.76 times subscription was done in retail quota and 2.17 times subscription in NII quota.
How to apply for Indong Tea Company IPO from Upstox?
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How to apply for Indong Tea Company IPO from Zerodha?
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