Indong Tea Company IPO

Indong Tea Company IPO  will open for subscription from 09 February 2023. the company aims for an issue size of ₹13.01 Cr through this IPO.

Indong Tea Company Limited

The company owns and operates a Tea Garden under a Government lease and is engaged in Tea Plantation & Manufacturing of CTC Tea at Indong Tea Estate situated in Jalpaiguri District of West Bengal. The Indong Tea Estate is spread over an area of 740.38 Hectares which comprises of Tea Plantation, Tea Factory, Withering Trough House, Officer’s Bungalows, Staff Quarters, Labour Quarters, Pump House, General Stores, Dairy Farm, etc.

The Company is having one Tea Garden i.e. Indong Tea Estate which is producing high-quality CTC tea in Door’s region. In the year 2014, the company was taken over by the Asian Group promoted by Sri Hariram Garg.

The company produces only CTC (Crush/Cut, Tear, Curl) Tea. This a method of processing black tea in which the leaves are passed through a series of cylindrical rollers with hundreds of sharp teeth that crush, tear, and curl the tea into small, hard pellets. This replaces the final stage of orthodox tea manufacture, in which the leaves are rolled into strips.

Basic details about the company

Full nameIndong Tea Company Limited
IndustryTea plantation
Company Website

Major Competitive Strengths

  • Organizational stability, Rich management experience, and skilled team.
  • Smooth flow of operations.
  • Well-defined organizational structure.
  • Existing Supplier Relationship.
  • Quality Policy and ISO Certifications.
  • Customer Centric Business Model.

Objects of the 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 the Tea Processing Unit at Indong Tea Estate, Jalpaiguri, West Bengal.
  • For working capital requirements.
  • To meet the Issue Expenses.
  • General Corporate Purposes.

Dates to remember

IPO Opening date09 February 2023
IPO Closing13 February 2023
Basis of Allotment16 February 2023
Initiation Refunds17 February 2023
Credit to Demat Account20 February 2023
Listing Date21 February 2023

Indong Tea Company IPO Details

Issue typeFixed Price Issue IPO
IPO issue size₹13.01 Cr – 5,004,000 shares
Fresh Issue₹13.01 Cr – 5,004,000 shares
Offer for saleNil
Face value₹10 per share
Offer price₹26 per share
Lot size4000 Shares
Retail Allocation50%
Listing ExchangeBSE SME

Indong Tea Company IPO Lot Size

Retail (Min)14000₹104,000
Retail (Max)14000₹104,000
HNI (Min)28,000₹208,000

Indong Tea Company IPO Reservation Details

NII (HNI) Shares Offered50%
Retail Shares Offered50%

Indong Tea Company Financial Performance

 FY 2020FY 2021FY 2022H1 FY 2023
Net income(121.29)127.56131.62204.61
(Figures are in ₹Lakhs)

Indong Tea Company Valuations & Margins

FY 2020FY 2021FY 2022
PE ratio12.26
RONW (%)15.24
ROCE (%)
EBITDA (%)9.8418.3218.83

Company Promoters

  • Mr. Hariram Garg
  • Mr. Madanlal Garg
  • M/s. Asian Tea & Exports Limited

Indong Tea Company IPO Promoter Holding

Pre Issue Share Holding96.09%
Post Issue Share Holding64.03%

Lead Manager(s)

  • Finshore Management Services Limited

Indong Tea IPO Registrar

Subramanian Building,
#1, Club House Road,
Chennai – 600 002, India
Phone: +91-44-40020700, 28460390

Indong Tea Contact Details

Sikkim Commerce House,
4/1, Middleton Street,
Kolkata – 700071, West Bengal
Phone: +91 33 4006 3601

Indong Tea Company IPO Allotment Status

Indong Tea Company IPO allotment will be available on Cameo Corporate Services’ website. Click on this link to get allotment status.

Final thoughts

Indong Tea Company IPO is going to hit Dalal street soon. applying for IPO is purely a personal choice. study well about the company and do subscribe if you are feeling good about the company. I hope this post will give you enough details to make a fundamental study of the company. learn well and make wise decisions.

Happy Investing

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