Indong Tea Company IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Aug 07, 2023Let’s have a detailed review of the company and analytics of the Indong Tea Company IPO release date, IPO offer price, subscription, Indong Tea Company Limited IPO allotment, grey market price, and other details like the company’s background, its financial positions, its promoters, and other related things.
| Face Value | Rs 10 |
| Price Band | Rs. 26 |
| Listing At | BSE SME |
| Min. Order Quantity | 4000 shares |
| Listing Date | Feb 21, 2023 |
| Offer for Sale | – |
| Fresh Issue | Rs. 1301.04 Lakh |
| IPO Size | Rs. 1301.04 Lakh |
| Tick Size | 1 |
Indong Tea Company IPO is listed at a Rs. 16 premium. Check out the live share price by clicking on the below link.
Indong Tea Company IPO – Summary
Indong Tea Company Limited incorporated in the year 1990, owns and operates a Tea Garden under Government lease and is engaged in Tea Plantation & Manufacturing of CTC Tea at Indong Tea Estate situated at Jalpaiguri District of West Bengal and is presently managed under the leadership of Sri Hariram Garg, one of the main promoters of the Company.
The original Promoter of the Company was Devvrat Gupta, Shyam Saran Gupta and Nagarmal Kanoria.
The main business of the company is the manufacturing of Tea. The Company is having one Tea Garden i.e. Indong Tea Estate which is producing high-quality CTC tea in Dooar’s region of Jalpaiguri District of West Bengal.
In the year 2014, the Company was taken over by Asian Group promoted by Sri Hariram Garg.
The Promoter of this company are Mr Hariram Garg, Mr Madanlal Garg and M/s. Asian Tea & Exports Limited. The lead manager to the issue is FINSHORE MANAGEMENT SERVICES LIMITED, and the Registrar to this issue is CAMEO CORPORATE SERVICES LIMITED.
Indong Tea Company IPO Date
The opening of Indong Tea Company IPO will be on Feb 9, 2023, and the closing date Feb 13, 2023.
Indong Tea Company IPO Subscription
| Day / Date | NII | RII | Total Subscription |
| 1st Day – 9th Feb | 0.32x | 0.79x | 0.56x |
| 2nd Day – 10th Feb | 0.58x | 1.86x | 1.22x |
| 3rd Day – 13th Feb | 2.17x | 7.76x | 4.97x |
| Shares Offered or Net Issue | 2,376,000 | 2,376,000 | 4,752,000 |
The shares subscribed by the public will be updated here.
Indong Tea Company IPO Allotment Status
Here, you can find the Allotment Status of this IPO.
Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment Status is not yet disclosed.
Indong Tea Company Limited IPO Listing Date
Find the dates below on basis of allotment, refund, listing, and more:
| Basis of Allotment Finalization | Feb 16, 2023 |
| Refunds Initiation | Feb 17, 2023 |
| Credit of Shares to Demat Account | Feb 20, 2023 |
| Share Listing Date | Feb 21, 2023 |
Indong Tea Company IPO Price Band
The face value of each share is Rs.10, but the price band of the IPO is Rs.26.
Indong Tea Company IPO Equity Size
This Initial Public Issue of 5,004,000 Equity Shares of Rs.10 each for cash at a price of Rs.26 per equity share aggregating to Rs.1301.04 Lakh.
Indong Tea Company IPO Share Offering
Fresh Issue: The Issue (excluding the Market Maker Reservation Portion) of 5,004,000 Equity Shares of Rs.10. each.
Issue Size: 5,004,000 Equity Shares of Rs.10 each, aggregating to Rs.1301.04 Lakh.
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Indong Tea Company IPO – Live Performance
The listing date of this IPO is Feb 21, 2023. You can check the live performance of the IPO here, only after it is listed on exchanges.
| Live IPO Performance – Indong Tea Company Share Price |
Indong Tea Company IPO Grey Market Premium
The Indong Tea Company Limited IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X.
Indong Tea Company IPO – Company Overview
Indong is a magnificent Tea Garden in Western Dooars perched in the foothills of the Himalayan Range.
Blessed with a bracing climate and a panoramic view of the mountains and meandering rivers, the garden was founded over a century ago by the British Planters under the famous Gillanders & Arbuthnot & Co. Even today, the garden retains many of the British legacies.
Tea is the most consumed drink in the world. An often-surprising fact to tea novices is that all varieties of teas come from the same plant. Tea is a sub-tropical, evergreen plant native to Asia but is now grown around the world.
The tea plant grows best in loose, deep soil, at high altitudes, and in sub-tropical climates. The tea plant, which grows naturally in the wild throughout much of Asia, is cultivated in a variety of settings from small family gardens to giant estates covering thousands of acres.
The best tea is usually grown at higher elevations, and often, on steep slopes. The terrain requires these premium teas to be hand-plucked, and it takes around 2,000 tiny leaves to make just one pound of finished tea.
Many of the teas produced for large-scale commercial production are grown in flat, lowland areas to allow for machine harvesting. However, it should be noted that some of the finest, hand-plucked teas in the world come from flat fields and lower altitudes.
Indong Tea Company IPO – Financial Statements
A quick look into the past financial performance of the company to understand its performance of the business and evaluate the growth prospectus:
Financial Summary:
| Amount (in INR & Lakh) | |||
| 31-Mar-22 | 31-Mar-21 | 31-Mar-20 | |
| Total Assets | 4324.96 | 4059.79 | 4136.26 |
| *Total Revenue | 1992.97 | 2313 | 1672.64 |
| Total Expense | 1,616.01 | 1,887.40 | 1,504.77 |
| Profit After Tax | 131.62 | 127.56 | -121.29 |
Earnings per Equity Share (in Lakh)
| 31-Mar-22 | 31-Mar-21 | 31-Mar-20 | |
| Basic & Diluted | 2.12 | 2.50 | (2.37) |
Further, their PAT for the period ended on 31-Mar-22, 31-Mar-21, and 31-Mar-20 were Rs. 131.62 Lakh, Rs. 127.56 Lakh, and Rs. -121.29 Lakh, respectively.
Indong Tea Company IPO – Promoters
The Promoter of this company is:
- Mr. Hariram Garg
- Mr. Madanlal Garg
- M/s. Asian Tea & Exports Limited
List of Related Parties (Key Managerial Personnel)
- Hariram Garg, Managing Director
- Madan Lal Garg, Executive Director
- Mrs. Rama Garg, Non-Executive Director
- Mr. Rajesh Garg, Non-Executive Director
- Mr. Akhil Kumar Manglik, Independent Director
- Mr. Sushil Kumar Nevatia, Independent Director
Indong Tea Company IPO – Promoters Holding
- Pre Issue Share Holding -96.09%
- Post Issue Share Holding -64.03%
Indong Tea Company IPO Offer Details or Issue Details
| Particulars | No. Of Equity Shares |
| Equity Shares Offered | Up to 50,04,000 Equity Shares aggregating up to Rs.1301.04 Lakh |
| of which: | |
| Issue Reserved for the Market Makers | Up to 2,52,000 Equity Shares aggregating up to Rs.65.52 Lakh |
| Net Issue to the Public | Up to 47,52,000 Equity Shares aggregating up to Rs.1235.52 Lakh |
| Of which: | |
| Retail Investors Portion | 23,76,000 Not less than 50% |
| Other than Retail Individual Investors | 23,76,000 Not more than 50% |
| Equity Shares outstanding prior to the Issue | 99,97,048 Equity Shares |
| Equity Shares outstanding after the Issue | 1,50,01,048 Equity Shares |
Indong Tea Company IPO Issue Object
Their Company proposes to utilize the Net Proceeds towards funding the following objects:
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 – Business Strategy
- Focus on Increase in Volume of Sales
- Reduction of operational costs and achieving efficiency
- Quality Assurance
- Leverage and enhance the goodwill in the market
- Leveraging the Market Skills and Relationships
Indong Tea Company IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- Established and proven track record;
- Leveraging the experience of their Promoters;
- Experienced management team and a motivated and efficient workforce;
- Cordial relations with their customers
- Quality Assurance & Control
The relevant quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar -22 | 2.12 | 15.24% | 13.94 |
| 31-Mar-21 | 2.50 | – | – |
| 31-Mar-20 | 2.12 | – | – |
Indong Tea Company IPO: Competitive Peers
| Face Value (Rs.) | P/E | EPS (Rs.) | Return on Net Worth (%) | NAV Per Equity Share | |
| Indong Tea Company Limited | 10 | 12.26 | 2.12 | 15.24 | 13.94 |
| Listed Peers | |||||
| Tata Consumer Products Ltd. | 1 | 80.88 | 9.61 | 7.72 | 127.39 |
| Goodricke Group Ltd. | 10 | 82.23 | 2.44 | 1.65 | 149.28 |
| Dhunseri Tea & Industries Ltd | 10 | 0.00 | (93.29) | 7.64 | 575.57 |
| Neelamalai Agro Industries Ltd | 10 | 48.23 | 77.77 | 9.62 | 823.49 |
Indong Tea Company IPO Lead Managers
| Lead Managers |
| FINSHORE MANAGEMENT SERVICES LIMITED 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 Registrar to offer
| Registrar to the Offer |
| CAMEO CORPORATE SERVICES LIMITED “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 |
Indong Tea Company IPO – Other Details
- Statutory Auditor – “Agarwal Kejriwal & Co” Chartered Accountants
- Legal Counsel to the Company – J MUKHERJEE & ASSOCIATES
- Bankers to the Company – NA
Indong Tea Company IPO Review by Stock Brokers
| Top Stock Brokers Review | Company Reputation | Competitive Edge | Financial Statement | Popularity Index | Promoters Reputation |
| Angel Broking | 7.5/10 | 7.4/10 | 8.5/10 | 8.1/10 | 7.1/10 |
| Sharekhan | 7.2/10 | 7.1/10 | 8.6/10 | 8.1/10 | 7.2/10 |
| Kotak Securities | 7.3/10 | 7.5/10 | 8.4/10 | 8.1/10 | 7.3/10 |
| ICICI Direct | 7.3/10 | 7.3/10 | 8.7/10 | 8.1/10 | 7.1/10 |
| IIFL | 7.5/10 | 7.2/10 | 8.8/10 | 8.0/10 | 7.1/10 |
| Edelweiss | 7.5/10 | 7.4/10 | 8.4/10 | 8.3/10 | 7.2/10 |
| Zerodha | 7.4/10 | 7.1/10 | 8.5/10 | 8.1/10 | 7.0/10 |
| 5Paisa | 7.1/10 | 7.1/10 | 8.4/10 | 8.1/10 | 7.1/10 |
| Karvy | 7.4/10 | 7.3/10 | 8.2/10 | 8.1/10 | 7.1/10 |
| Motilal Oswal | 7.1/10 | 7.1/10 | 8.6/10 | 8.3/10 | 7.2/10 |
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Indong Tea Company Limited IPO News
News 1 – IPO DRHP Download
News 2 – IPO RHP Prospectus Download
Indong Tea Company IPO Review FAQs
Check out various FAQs related to Indong Tea Company IPO:
What is the Issue Size of Indong Tea Company IPO?
The Company is making an initial public offer of 5,004,000 equity shares. They vividly portray the aspects of the issue in this article. You can check the stats on the fresh issue, Offer for sale, and the net issue.
What is the Price band of Indong Tea Company IPO?
The price band for this particular IPO ranges between Rs. 26. As far as the face value of the share is of concern, it is Rs.10 per share.
What is the Indong Tea Company IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on Feb 9, 2023, while the closing date is set at Feb 13, 2023.
What is the Indong Tea IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO. Basis of Allotment finalization is on Feb 16, 2023, refund initiation is on Feb 17, 2023, credit of shares is on Feb 20, 2023, and share listing date is on Feb 21, 2023.
What is the Indong Tea IPO Listing Date?
Shares of this company shall be listed in the exchanges Feb 21, 2023. The date, when the listing would be done, is stagnant on Feb 21, 2023.
Who is the Registrar of Indong Tea IPO?
One of the reputed registrars is managing the issue of this IPO, CAMEO CORPORATE SERVICES LIMITED. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of Indong Tea IPO?
Here are the promoters of this IPO – Mr. Hariram Garg, Mr. Madanlal Garg and M/s. Asian Tea & Exports Limited . You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is GMP of Indong Tea IPO?
They have obtained the GMP of this IPO and it is Rs. Further insights of Kostak rate and subject to sauda or SS are as well included in this report.
Is Indong Tea IPO good for Investment?
They have further provided the financial status of the company in this article, from the past few years. You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of Indong Tea Company Company?
They have the information of company financials, and according to that, they have the figures from the last few years to provide. PAT for the period ended on 31-Mar-22, 31-Mar-21, and 31-Mar-20 were Rs. 131.62 Lakh, Rs. 127.56 Lakh, and Rs. -121.29 Lakh, respectively.
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