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Indong Tea IPO is a fixed price issue of ₹13.67 crores. The issue is entirely a fresh issue of 0.53 crore shares of ₹13.67 crore.
Indong Tea IPO bidding started from Feb 9, 2023 and ended on Feb 13, 2023. The allotment for Indong Tea IPO was finalized on Feb 16, 2023. The shares got listed on BSE SME on Feb 21, 2023.
Indong Tea IPO price is ₹26.00 per share . The lot size for an application is 4,000. The minimum amount of investment required by an individual investor (retail) is ₹1,04,000 (4000 shares). The minimum lot size investment for HNI is 2 lots (8,000 shares), amounting to ₹2,08,000.
Finshore Management Services Ltd. is the book running lead manager and Cameo Corporate Services Ltd. is the registrar of the issue. The market maker of the company is Nikunj Stock Brokers Ltd..
Refer to Indong Tea IPO RHP for detailed Information.
| IPO Date | February 9, 2023 to February 13, 2023 |
| Listing Date | February 21, 2023 |
| Face Value | ₹10 per share |
| Issue Price Band | |
| Issue Price Final | ₹26 per share |
| Lot Size | 4,000 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 52,56,000 shares (aggregating up to ₹13.67 Cr) |
| Reserved for Market Maker | 5,04,000 shares Nikunj Stock Brokers Ltd. (aggregating up to ₹1.31 Cr) |
| Net Offered to Public | 47,52,000 shares (aggregating up to ₹12.36 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 99,97,048 shares |
| Share Holding Post Issue | 1,50,01,048 shares |
Indong Tea Company IPO offers total 52,56,000 shares. Out of which 23,76,000 (45.21%) allocated to NII, 23,76,000 (45.21%) allocated to RII.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 5,04,000 (9.59%) |
| NII (HNI) Shares Offered | 23,76,000 (45.21%) |
| Retail Shares Offered | 23,76,000 (45.21%) |
| Total Shares Offered | 52,56,000 (100.00%) |
Indong Tea IPO opens on February 9, 2023, and closes on February 13, 2023.
| IPO Open Date | Thu, Feb 9, 2023 |
| IPO Close Date | Mon, Feb 13, 2023 |
| Tentative Allotment | Thu, Feb 16, 2023 |
| Initiation of Refunds | Fri, Feb 17, 2023 |
| Credit of Shares to Demat | Mon, Feb 20, 2023 |
| Tentative Listing Date | Tue, Feb 21, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, Feb 13, 2023 |
Investors can bid for a minimum of 4,000 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 4,000 | ₹1,04,000 |
| Retail (Max) | 1 | 4,000 | ₹1,04,000 |
| HNI (Min) | 2 | 8,000 | ₹2,08,000 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Incorporated in 1990, Indong Tea Company Limited is primarily in the manufacturing of Tea. The company runs a a Tea Garden under Government lease and is engaged in Tea Plantation & Manufacturing of CTC Tea.
Their Indong Tea Estate is spread over an area of 740.38 Hectares and consists of Tea Plantation, Tea Factory, Withering Trough House, Officer's Bunglows, Staff Quarters, Labour Quarters, Pump House, General Stores, Dairy Farm, etc.
The original promoters of the company were Devvrat Gupta, Shyam Saran Gupta, and Nagarmal Kanoria. The ownership was transferred to Sri Hariram Garg in 2014, a promoter of Asian Group under a scheme of takeover.
The products of Indong Tea Company are primarily categorized as:
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.
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31-Mar-20 | 4,136.26 | 1,672.64 | -121.29 | -421.85 | 1,174.94 | 2,097.43 |
| 31-Mar-21 | 4,059.79 | 2,313.00 | 127.56 | -294.30 | 1,302.49 | 1,841.74 |
| 31-Mar-22 | 4,324.96 | 1,992.97 | 131.62 | 863.68 | 1,971.48 | 960.09 |
| 30-Sep-22 | 4,689.74 | 1,324.22 | 204.61 | 1,068.29 | 2,176.09 | 1,047.42 |
| Amount in ₹ Lakhs | ||||||
The market capitalization of Indong Tea IPO is ₹39.00 Cr.
| Pre IPO | Post IPO | |
|---|---|---|
| P/E (x) | 9.52 |
The Objects of the Issue are:
[Dilip Davda] 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 H1-FY23 earnings while it is aggressively priced based on its FY22 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...
| Listing Date | February 21, 2023 |
| BSE Script Code | 543769 |
| NSE Symbol | |
| ISIN | INE0KN201016 |
| Final Issue Price | ₹26 per share |
| BSE Listing Group | M |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹26.00 |
| Open | ₹20.80 |
| Low | ₹19.80 |
| High | ₹21.80 |
| Last Trade | ₹21.80 |
Indong Tea Co.Ltd.
Sikkim Commerce House,
4/1, Middleton Street,
Kolkata – 700071
Kolkata, West Bengal
Phone: +91 33 4006 3601
Email: cs@indongteaco.com
Website: http://www.indongteaco.com/
Cameo Corporate Services Ltd.
Phone: +91-44-28460390
Email: investor@cameoindia.com
Website: https://ipo.cameoindia.com/
Indong Tea IPO is a SME IPO of 52,56,000 equity shares of the face value of ₹10 aggregating up to ₹13.67 Crores. The issue is priced at ₹26 per share. The minimum order quantity is 4000.
The IPO opens on February 9, 2023, and closes on February 13, 2023.
Cameo Corporate Services Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Indong Tea IPO using UPI as a payment gateway. Zerodha customers can apply in Indong Tea IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Indong Tea IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Indong Tea IPO opens on February 9, 2023 and closes on February 13, 2023.
Indong Tea IPO lot size is 4000, and the minimum amount required for application is ₹1,04,000.
You can apply in Indong Tea IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Indong Tea IPO will be done on Thursday, February 16, 2023, and the allotted shares will be credited to your demat account by Monday, February 20, 2023. Check the Indong Tea IPO allotment status.
The Indong Tea IPO listing date is on Tuesday, February 21, 2023.
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