Incorporated in 1990, Indong Tea Company Limited owns and operates a Tea Garden under Government lease and is engaged in Tea Plantation & Manufacturing of CTC Tea at Indong Tea Estate situated in Jalpaiguri District of West Bengal. The company is presently managed under the leadership of Sri Hariram Garg, one of the main promoters of the Company. The main business of the company is manufacturing of Tea.
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.
Competitive Strengths :
- Organisation 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.
Company Financials
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus |
|---|---|---|---|---|---|
| 31-Mar-20 | 4136.26 | 1672.64 | -121.29 | 1685.65 | 1174.94 |
| 31-Mar-21 | 4059.79 | 2313 | 127.56 | 1813.21 | 1302.49 |
| 31-Mar-22 | 4324.96 | 1992.97 | 131.62 | 2971.18 | 1971.48 |
| Amount in ₹ Lakhs |
Objects of the Issue
The Objects of the Issue are:
A. Funding Capital Expenditure towards Extension, Uprooting and Infilling of Tea Plantation at Indong Tea Estate, Jalpaiguri, West Bengal
B. Funding Capital Expenditure towards installation of additional plant and machinery for Tea Processing Unit at Indong Tea Estate, Jalpaiguri, West Bengal
C. To meet the working capital requirements
D. To meet the Issue Expenses
E. General Corporate Purposes
Indong Tea Company IPO Details
| Indong Tea Company IPO Date | Sep 27, 2022 to Sep 30, 2022 |
| Indong Tea Company IPO Face Value | ₹10 per share |
| Indong Tea Company IPO Price | ₹26 per share |
| Indong Tea Company IPO 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 net offer |
| Retail Shares Offered | 50% of the net offer |
| Company Promoters | Mr. Hariram Garg, Mr. Madanlal Garg and M/s. Asian Tea & Exports Limited are the company promoters. |
Indong Tea Company IPO Timeline
Indong Tea Company IPO opens on Sep 27, 2022, and closes on Sep 30, 2022. The Indong Tea Company IPO bid date is from Sep 27, 2022 10.00 A.M. to Sep 30, 2022 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.
| Event | Date |
|---|---|
| Indong Tea Company IPO Opening Date | Sep 27, 2022 |
| Indong Tea Company IPO Closing Date | Sep 30, 2022 |
| Basis of Allotment | Oct 6, 2022 |
| Initiation of Refunds | Oct 7, 2022 |
| Credit of Shares to Demat | Oct 10, 2022 |
| Indong Tea Company IPO Listing Date | Oct 11, 2022 |
Indong Tea Company IPO Lot Size
The Indong Tea Company IPO lot size is 4000 shares. A retail-individual investor can apply for up to 1 lots (4000 shares or ₹104,000).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 4000 | ₹104,000 |
| Retail (Max) | 1 | 4000 | ₹104,000 |
Indong Tea Company IPO Promoter Holding
| Pre Issue Share Holding | 96.09% |
| Post Issue Share Holding | 64.03% |
Indong Tea Company IPO Review
ITCL is in tea plantations and is poised for bright prospects as tea prices are firming up globally. The issue is fully priced based on its financial data. The parent company is having a poor track record. Though it is poised for better prospects, the poor track record of the group company, and the fully priced offer from ITCL, there is no harm in skipping it. Read detail review…
Indong Tea Company IPO Prospectus
Company Contact Information
Indong Tea Company Limited
Sikkim Commerce House,
4/1, Middleton Street,
Kolkata – 700071
Phone: +91 33 4006 3601
Email: cs@indongteaco.com
Website: http://www.indongteaco.com/
Indong Tea Company IPO Registrar
Cameo Corporate Services Limited
Phone: +91-44-28460390
Email: investor@cameoindia.com
Website: https://ipo.cameoindia.com/