Indong Tea Company Limited, incorporated in 1990, owns and operates a tea garden under a government lease and is engaged in tea plantation & manufacturing of CTC Tea at Indong Tea Estate in the 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. Its main business is the manufacturing of tea.
| Bidding Dates |
|---|
| 09 Feb 2023 - 13 Feb 2023 |
| Subscription |
|---|
| 4.96x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,04,000 | 1 | 1 | 4000 | 5.0 M | ₹26 | 66.64 % | ₹130.1 M | RHP DOC |
Indong Tea Company IPO SUBSCRIPTION STATUS
13 Feb '23Indong Tea Company IPO overall subscription rate was 4.96 times the total available shares
Indong Tea Company IPO retail subscription rate was 7.75 times in the retail segment
Indong Tea Company IPO non-institutional investor subscription rate was 2.17 times in the non-institutional investor category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 50% | 50% | - |
13 Feb 2023 (Day 3) | 7.75x | 2.17x | - |
10 Feb 2023 (Day 2) | 1.86x | 0.58x | - |
09 Feb 2023 (Day 1) | 0.79x | 0.32x | - |
Indong Tea Company FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| FY22 | 13.2 | 194.9 | 19.7 | -8.1 | 18.8% |
| FY21 | 12.8 | 230.7 | 40.7 | 33.9 | 18.3% |
| FY20 | -12.1 | 154.9 | -4.5 | -41.0 | 9.8% |
Indong Tea Company IPO SUBSCRIPTION STATUS DETAILS
Indong Tea Company had 5.0 M shares on offer
Indong Tea Company IPO offer price was ₹26
Indong Tea Company IPO minimum Investment was ₹104000
Indong Tea Company IPO issue size was ₹ 130.1 M
Indong Tea Company had a minimum lot size of 4000 Shares per application
Indong Tea Company NUMBER OF SHARES ON OFFER
Indong Tea Company IPO IMPORTANT DATES
| Issue Open Date | 09 Feb 2023 |
| Issue close Date | 13 Feb 2023 |
| Allotment Date | 16 Feb 2023 |
| Refund Date | 17 Feb 2023 |
| Demat Account Credit Date | 20 Feb 2023 |
| Listing Date | 21 Feb 2023 |
| Listing on Exchange(s) | BSE |
| Indong Tea Company Allotment Status | Exchange |
Indong Tea Company IPO subscription opened on 09 Feb 2023, and closed on 13 Feb 2023
IPO allotment for Indong Tea Company was finalized on Thursday, 16 Feb 2023
IPO listing for Indong Tea Company was on BSE on Tuesday, 21 Feb 2023
Indong Tea Company IPO LISTING GAINS
| Issue Price (adjusted) | 26.0 |
| Listing Open Price | 20.8 |
| Listing Close Price | 21.8 |
| Listing Gain% | -20.0% |
| Current Gain% | -65.0% |
Indong Tea Company Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Indong Tea Company Ltd. | 9.1 | 13.7 | -21.4 | 0.1 | 0.6 | -1.4 | -1 | 23.4 | -23.3 | -0.8 | -356.2 | -0.4 | -297.9 |
| Tata Consumer Products Ltd. | 1082.3 | 107114.1 | 65.5 | 2.8 | 5.1 | 7.1 | 4.5 | 20455.2 | 14.8 | 1542.3 | 20.6 | 16.5 | 23.7 |
| CCL Products India Ltd. | 1130 | 15088.7 | 34.9 | 0.9 | 3.3 | 16.6 | 9 | 4465.8 | 43.4 | 388.1 | 25.1 | 32.4 | 38.9 |
| Andrew Yule & Company Ltd. | 27.7 | 1353.9 | -70.5 | 0.1 | 4.6 | -5.9 | -2.6 | 382.9 | 2 | -19.2 | -576.2 | -0.4 | -576.1 |
| Shri Ahimsa Naturals Ltd. | 385.2 | 917.2 | 31.5 | 15 | 13.3 | 129.4 | 32.5 | 29.1 | 32.9 | 12.2 | |||
| McLeod Russel (India) Ltd. | 49 | 512.3 | -4.1 | -0.1 | 0.4 | 0 | -5.2 | 1161.7 | -2.4 | -123.5 | 37.6 | -11.8 | 37.6 |
Indong Tea Company INFORMATION ON IPO ISSUE
About Indong Tea Company
Indong Tea Company Limited, incorporated in 1990, owns and operates a tea garden under a government lease and is engaged in tea plantation & manufacturing of CTC Tea at Indong Tea Estate in the 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. Its main business is the manufacturing of tea.
Object 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
- To meet working capital requirements
- To meet issue expenses
- General corporate purposes
Indong Tea Company - PROMOTERS
| Name |
|---|
| Hariram Garg |
| Madanlal Garg |
| Asian Tea & Exports Limited |
Indong Tea Company Lead Manager of the Issue
Finshore Management Services Limited
ramakrishna@finshoregroup.com
Indong Tea Company Registrar to the issue
Cameo Corporate Services Limited
investor@cameoindia.com
Indong Tea Company Strengths
Organisational stability
The group has an established track record of approximately 35 years, which indicates the company’s ability to weather economic and business cycles
Smooth flow of operations
Over the years, the company has developed a wide client base with a value-based relationship approach
ISO certifications
ISO certificates show good strength and quality of services provided by the company
Indong Tea Company Risks
Parties to certain litigation and claims
The company, directors, promoters, promoters group and group company are parties to certain litigation and claims. These legal proceedings are pending at different levels of adjudication before various courts and regulatory authorities
Operations are sensitive to weather conditions
Rainfall during the initial few dry months of the year, when the cropping season is about to start, is essential. This immensely helps the tea bushes to regain health and vigour after the shock they suffered because of different types of pruning operations during winter
IPO FAQs
The promoters of the company are Hariram Garg, Madanlal Garg and Asian Tea & Exports Limited.
The category allocation of qualified institutional buyers is 0.0%, the category allocation of non individual investors or high networth individuals is 50.0% and for retail investors it is 50.0%.
The price band of the IPO is Rs 26.0 - 26.0.
The IPO application opens on Feb 09, 2023 and closes on Feb 13, 2023.
The minimum lot size for the IPO is 4000. The maximum lot size for the IPO is 4000.
For all category investors, the minimum application amount for this IPO is Rs. 104,000.0, the maximum value for this IPO is Rs 104,000.0.
This IPO will be allotted on Feb 16, 2023.
The refund will be credited to your account on Feb 17, 2023.
The allotted shares will be credited to your demat on Feb 20, 2023.
Indong Tea Company Ltd.’s shares listed on the stock exchanges on Feb 21, 2023.