Indong Tea Company Limited was founded in 1990 and specialises in the production of tea. The business operates a tea garden on land leased from the government and is involved in tea plantations and CTC tea manufacturing. They have a tea plantation, a tea factory, a withering trough house, officer’s bungalows, staff quarters, labour quarters, a pump house, general stores, a dairy farm, etc. on their 740.38-hectare Indong Tea Estate.
Devvrat Gupta, Shyam Saran Gupta, and Nagarmal Kanoria were the company’s original promoters. In 2014, under a takeover plan, the ownership was given to Sri Hariram Garg, a promoter of Asian Group. The Indong Tea Company’s goods are basically divided into:
- CTC (Crush/Cut, Tear, Curl) Tea
- Tea and Tea Plantation
- Tea Manufacturing Process
- Plucking
- Withering
- Rolling
- Fermentation
- Drying
- Grading
- Packing / Dispatching
From the manufacturing of tea and other operations, the company clocked the following revenues for the years 2021, 2020, and 2019 – Rs. 2,313 lakhs, Rs. 1,672.64 lakhs, and Rs. 1,481.57 lakhs, respectively.
Indong Tea Company IPO Details
| IPO Dates | 9 – 13 February 2023 |
| IPO Price | INR 26 per share |
| Fresh issue | 5,004,000 shares (INR 13.01 crore) |
| Offer For Sale | Nil |
| Total IPO size | 5,004,000 shares (INR 13.01 crore) |
| Minimum bid (lot size) | 4,000 shares (INR 1,04,000) |
| Face Value | INR 10 per share |
| Retail Allocation | 50% |
| Listing On | BSE SME |
Indong Tea Company IPO Timetable
| Indong Tea Company IPO Opening Date | 9 February 2023 |
| IPO Closing Date | 13 February 2023 |
| Finalisation of Basis of Allotment | 16 February 2023 |
| Initiation of refunds | 17 February 2023 |
| Transfer of shares to demat accounts | 20 February 2023 |
| IPO Listing Date | 21 February 2023 |
| Opening Price on BSE SME | Coming soon |
| Closing Price on BSE SME | Coming soon |
Company Financial Performance
| FY 2020 | FY 2021 | FY 2022 | H1 FY 2023 | |
| Revenue | 1,549.17 | 2,306.74 | 1,948.66 | 1,319.27 |
| Expenses | 1,504.77 | 1,887.40 | 1,616.01 | 991.52 |
| Net income | (121.29) | 127.56 | 131.62 | 204.61 |
Objects of the Issue:
The Objects of the Issue are:
- 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 Tea Processing Unit at Indong Tea Estate, Jalpaiguri, West Bengal
- To meet the working capital requirements
- To meet the Issue Expenses
- General Corporate Purposes
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/
IPO Registrar
Cameo Corporate Services Limited
Phone: +91-44-28460390
Email: investor@cameoindia.com
Website: https://ipo.cameoindia.com/
IPO Lead Manager(s)
- Finshore Management Services Limited (Past IPO Performance)
