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:
- Funding Capital Expenditure towards Extension, Uprooting, & 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
Financial Highlights (Consolidated)
| Particulars | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|
| Net Worth | 863.68 | -294.30 | -421.85 |
| Total Assets | 4324.96 | 4059.79 | 4136.26 |
| Total Borrowing | 960.09 | 1841.74 | 2097.43 |
| Total Revenue | 1992.97 | 2313 | 1672.64 |
| Profit After Tax | 131.62 | 127.56 | -121.29 |
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 Type | Fixed Price Issue IPO |
| IPO Price | ₹ 26 per share |
| Face Value | ₹ 10 per share |
| Market Lot | 4,000 shares |
| Issue Size | 5,004,000 shares of ₹ 10 (Aggregating up to ₹ 13.01 Crore) |
| Fresh Issue | 5,004,000 shares of ₹ 10 (Aggregating up to ₹ 13.01 Crore) |
| NII (HNI) Shares Offered | 50% of the Net Issue |
| Retail Shares Offered | 50% of the Net Issue |
| Listing At | BSE SME |
| Promoters | 1. 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 Date | February 9, 2023 |
| Closing Date | February 13, 2023 |
| Basis of Allotment | February 16, 2023 |
| Initiation of Refunds | February 17, 2023 |
| Credit of shares to Demat A/c | February 20, 2023 |
| Listing Date | February 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.
| Applications | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 4,000 | ₹ 104,000 |
| Retail (Maximum) | 1 | 4,000 | ₹ 104,000 |
| HNI (Minimum) | 2 | 8,000 | ₹ 208,000 |
Promoters Holdings – Indong Tea Company IPO
| Pre-issue Shares Holdings | 96.09% |
| Post-issue Shares Holdings | 64.03% |
SWOT Analysis – Indong Tea Company IPO
| STRENGTHS | WEAKNESSES |
|---|---|
| 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. |
| OPPORTUNITIES | THREATS |
| 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 Information | Indong 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 Registrar | Cameo 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
What is the Indong Tea Company IPO price?
The Indong Tea Company IPO price is ₹ 26 per share
What will be the Indong Tea Company IPO lot size?
One lot of Indong Tea Company IPO contains 4,000 shares of ₹ 104,000.
What minimum lot size can retail investors subscribe to?
The minimum investment size is one lot for retail investors.
When will Indong Tea Company IPO allotment be available?
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.
When will Indong Tea Company IPO list on exchanges?
The Indong Tea Company IPO shares listing date is February 21, 2023.
How many shares in the Indong Tea Company IPO Offer are reserved for HNIs and retail investors?
The investors’ portion for NII (HNI) – 50%, and Retail – 50%.
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