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Indong Tea Company IPO GMP, Price, Dates & Allotment Details 2023

Indong Tea Company IPO GMP, Price, Dates & Allotment Details 2023

Indong Tea Company IPO will open on February 9 and close on February 13, 2023. As per the DRHP filed with SEBI, the company intends to raise approximately ₹ 13.01 crore through this public offering, consisting of 5,004,000 shares of face value of ₹ 10 each. Which will be issued at a price of ₹ 26 per share.

Indong Tea Company Limited, incorporated in the year 1990, owns and operates a tea garden under government lease and is engaged in tea plantation and the manufacturing of CTC tea at the Indong Tea Estate situated in the Jalpaiguri District of West Bengal.

The main business of the company is manufacturing tea. The company has one tea garden, i.e., Indong Tea Estate, which is producing high-quality CTC tea in the Dooars region of Jalpaiguri District of West Bengal. The Indong Tea Estate is spread over an area of 740.38 hectares, which comprises a tea plantation, a tea factory, a withering trough house, an officer’s bungalow, staff quarters, labor quarters, a pump house, general stores, a dairy farm, etc.

Objects of the Issue

The company proposes to utilize the net proceeds of the Fresh Issue towards funding the following objects:

  1. Funding Capital Expenditure towards Extension, Uprooting, & 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

Financial Highlights (Consolidated)

ParticularsFY 2021-22FY 2020-21FY 2019-20
Net Worth863.68-294.30-421.85
Total Assets4324.964059.794136.26
Total Borrowing960.091841.742097.43
Total Revenue1992.9723131672.64
Profit After Tax131.62127.56-121.29
(Amount in ₹ Lakhs)

Indong Tea Company IPO – Details

According to the DRHP filed with SEBI, the company plans to issue 5,004,000 shares of face value of ₹ 10 each, aggregating up to ₹ 13.01 crore.

Issue TypeFixed Price Issue IPO
IPO Price₹ 26 per share
Face Value₹ 10 per share
Market Lot4,000 shares
Issue Size5,004,000 shares of ₹ 10  (Aggregating up to ₹ 13.01 Crore)
Fresh Issue5,004,000 shares of ₹ 10  (Aggregating up to ₹ 13.01 Crore)
NII (HNI) Shares Offered50% of the Net Issue
Retail Shares Offered50% of the Net Issue
Listing AtBSE SME
Promoters1. Mr. Hariram Garg
2. Mr. Madanlal Garg
3. M/s. Asian Tea & Exports Limited

GMP – Indong Tea Company IPO

Indong Tea Company IPO GMP, or Grey Market Premium, are available here. The IPO GMP Premium updated day by day for IPOs’ running periods, and the GMP rates fluctuate and became stable some time later. The GMP rates are not 100% guaranteed. Please click here for GMP details.

Tentative Dates – Indong Tea Company IPO

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

Opening DateFebruary 9, 2023
Closing DateFebruary 13, 2023
Basis of AllotmentFebruary 16, 2023
Initiation of RefundsFebruary 17, 2023
Credit of shares to Demat A/cFebruary 20, 2023
Listing DateFebruary 21, 2023

Lot Size – Indong Tea Company IPO

The lot size of the Indong Tea Company IPO is 4,000 shares. A retail-individual investor can apply for up to 1 lot, i.e. 4,000 shares of  ₹ 104,000.

ApplicationsLotsSharesAmount 
Retail (Minimum)14,000₹ 104,000
Retail (Maximum)14,000₹ 104,000
HNI (Minimum)28,000₹ 208,000

Promoters Holdings – Indong Tea Company IPO

Pre-issue Shares Holdings96.09%
Post-issue Shares Holdings64.03%

SWOT Analysis – Indong Tea Company IPO

STRENGTHSWEAKNESSES
1. Situated in a highly productive tea growing area of Jalpaiguri.
2. Strong back-end integration (it plants as well as processes tea).
3. A large setup to produce Vermicompost manure in house for new & extended plantations.
4. Modern processing & upgraded factories & tea processing machines with large installed capacity.
1. The industry is highly labor intensive leading to high labor costs.
2. Slow growth due to poor brand recognition & limited sales in Country.
OPPORTUNITIESTHREATS
1. Tea Tourism and allied Business Policy, 2019 is expected to bring increased revenue.
2. Scope of vertical integration and expansion into the International Market.

1. Highly Seasonal industry & thus demand fluctuate, capacity is not fully utilized.
2. The industry is highly labor intensive and is subject to stringent Labors Laws. Shortage of Labor during peak season is cause of concern.
3. Competitions from other players in the market.
4. Change in Government Policies.

Miscellaneous Information

Download Prospectus (PDF)IPO DRHP
IPO RHP
Company Contact InformationIndong Tea Company Limited
Sikkim Commerce House, 4/1, Middleton Street, Kolkata – 700071
Phone: +91 33 4006 3601
Email: [email protected]
Website: http://www.indongteaco.com/
IPO RegistrarCameo Corporate Services Limited
Phone: +91-44-28460390
Email: [email protected]
Website: https://ipo.cameoindia.com/
IPO Lead Manager(s)Finshore Management Services Limited 

FAQ’s

The Indong Tea Company IPO price is ₹ 26 per share

One lot of Indong Tea Company IPO contains 4,000 shares of ₹ 104,000.

The minimum investment size is one lot for retail investors.

The finalization of the basis of allotment for the Indong Tea Company IPO will be done on February 16, 2023, and the allotted shares will be credited to your demat account by February 20, 2023.  Check the Indong Tea Company IPO allotment status.

The Indong Tea Company IPO shares listing date is February 21, 2023.

The investors’ portion for NII (HNI) – 50%, and Retail – 50%.

Click here for more FAQs.

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