Indong Tea Company IPO: GMP, Size, Price & Dates

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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: 

  1. CTC (Crush/Cut, Tear, Curl) Tea 
  1. Tea and Tea Plantation 
  1. Tea Manufacturing Process 
  1. Plucking 
  1. Withering 
  1. Rolling 
  1. Fermentation 
  1. Drying 
  1. Grading 
  1. 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 
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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

IPO Registrar

Cameo Corporate Services Limited

Phone: +91-44-28460390

IPO Lead Manager(s)

  1. Finshore Management Services Limited (Past IPO Performance)


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