Fixed Price IPO | ₹14 Cr | Listed at BSE SME | Thu, Feb 9, 2023 - Mon, Feb 13, 2023
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 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) (based on upper price). The minimum lot size for investment in 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 Open
Thu, Feb 9, 2023
IPO Close
Mon, Feb 13, 2023
Issue Price
₹26 per share
Market Cap (Pre-IPO)
₹39.00 Cr
| IPO Date | 9 to 13 Feb, 2023 |
| Listed on | Tue, Feb 21, 2023 |
| Face Value | ₹10 per share |
| Issue Price | ₹26 per share |
| Lot Size | 4,000 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Total Issue Size | 52,56,000 shares (agg. up to ₹14 Cr) |
| Reserved for Market Maker | 5,04,000 shares Nikunj Stock Brokers Ltd. (agg. up to ₹1 Cr) |
| Fresh Issue (Ex Market Maker) | 47,52,000 shares (agg. up to ₹12 Cr) |
| Net Offered to Public | 47,52,000 shares (agg. up to ₹12 Cr) |
| Share Holding Pre Issue | 99,97,048 shares |
| Share Holding Post Issue | 1,50,01,048 shares |
| BSE Script Code | 543769 |
| ISIN | INE0KN201016 |
Indong Tea IPO comprises a total issue size of 52,56,000 shares. The net offer to the public is 47,52,000 shares, after excluding 5,04,000 shares allotted on a firm basis. Of the Net offer 23,76,000 (50.00%) allocated to NII 23,76,000 (50.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| NII (HNI) Shares Offered | 23,76,000 | 50.00% | 45.21% |
| Retail Shares Offered | 23,76,000 | 50.00% | 45.21% |
| Firm Reservations | |||
| Market Maker Shares Offered | 5,04,000 | 9.59% | |
| Total Shares Offered | 52,56,000 | 100.00% | 100.00% |
Investors can bid for a minimum of 4,000 shares and in multiples thereof.
| 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 |
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 | 30 Sep 2022 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|
| Assets | 46.90 | 43.25 | 40.60 | 41.36 |
| Total Income | 13.24 | 19.93 | 23.13 | 16.73 |
| Profit After Tax | 2.05 | 1.32 | 1.28 | -1.21 |
| NET Worth | 10.68 | 8.64 | -2.94 | -4.22 |
| Reserves and Surplus | 21.76 | 19.71 | 13.02 | 11.75 |
| Total Borrowing | 10.47 | 9.60 | 18.42 | 20.97 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding Capital Expenditure towards Extension, Uprooting, Infilling of Tea Plantation and Irrigation at Indong Tea Estate, Jalpaiguri, West Bengal | 6.32 |
| 2 | Funding Capital Expenditure towards installation of additional plant and machinery for Tea Processing Unit at Indong Tea Estate, Jalpaiguri, West Bengal | 2.94 |
| 3 | Working capital requirements | 2.25 |
| 4 | General corporate purposes | 1.00 |
| 5 | Issue related expenses | 0.50 |
| KPI | |
|---|---|
| RoNW | 15.24 |
| PAT Margin | 7.00% |
| EBITDA Margin | 18.83% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 2.12 | |
| P/E (x) | 9.52 | |
| Promoter Holding | 96.09% | 64.03% |
| Market Cap | ₹39.00 Cr. |
The Indong Tea Company IPO is subscribed 4.97 times on February 13, 2023 6:58:00 PM (Day 3). The public issue subscribed 7.76 times in the retail category, [.] times in the QIB category, and 2.17 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| NII* | 2.17 | 23,76,000 | 51,64,000 |
| Retail | 7.76 | 23,76,000 | 1,84,40,000 |
| Total | 4.97 | 47,52,000 | 2,36,04,000 |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Lead Manager Fees including other intermediaries Fees | 0.27 |
| 2 | Regulators Including Stock Exchanges | 0.15 |
| 3 | Advertising and Marketing Expenses | 0.05 |
| 4 | Printing and distribution of Issue Stationary | 0.03 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹26.00 |
| Open | ₹20.80 |
| Low | ₹19.80 |
| High | ₹21.80 |
| Last Trade | ₹21.80 |
Lead Manager Reports
Indong Tea IPO is a SME IPO of 52,56,000 equity shares of the face value of ₹10 aggregating up to ₹14 Crores. The issue is priced at ₹26 per share. The minimum order quantity is 4000.
The IPO opens on Thu, Feb 9, 2023, and closes on Mon, Feb 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 Thu, Feb 9, 2023 and closes on Mon, Feb 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 Mon, Feb 20, 2023. Check the Indong Tea IPO allotment status.
The Indong Tea IPO listing date is on Tue, Feb 21, 2023.
