Indong Tea Company Limited IPO
Indong Tea Company Limited IPO
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The Initial Public Offering of Indong Tea Company Limited's culminated in its successful listing on 21-02-2023 at the BSE trading platform. The company secured 50,04,000 Shares through this capital market exercise, with 50,04,000 Shares allocated to new capital formation.
Investors participated within the price parameters of ₹26 to ₹26, with minimum investment requirements of 4000 shares. The subscription period from 09-02-2023 to 13-02-2023 witnessed active investor engagement across categories.
Following the subscription closure, share allotment was processed on 16-02-2023. The subsequent listing established a public market for the company's shares, enabling price discovery and secondary market trading for investors.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Indong Tea IPO About Company
Incorporated in 1990, Indong Tea Company Limited is engaged in tea plantation and manufacturing, operating its Indong Tea Estate under a government lease. The estate spans 740.38 hectares and includes plantation fields, a tea factory, withering trough house, staff and labor quarters, officer bungalows, pump house, general stores, and a dairy farm. Originally promoted by Devvrat Gupta, Shyam Saran Gupta, and Nagarmal Kanoria, ownership was transferred to Sri Hariram Garg of the Asian Group in 2014. The company specializes in CTC (Crush/Cut, Tear, Curl) tea, managing the entire manufacturing process including plucking, withering, rolling, fermentation, drying, grading, and packing. Indong Tea Company recorded revenues of Rs. 2,313 lakhs in 2021, Rs. 1,672.64 lakhs in 2020, and Rs. 1,481.57 lakhs in 2019.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Indong Tea IPO Strength Factors
NA
Indong Tea IPO Risk Factors
NA
Indong Tea IPO Lead Manager(s)
- Finshore Management Services Limited
Indong Tea IPO Promoter(s)
- Mr. Hariram Garg
- Mr. Madanlal Garg
- M/s. Asian Tea & Exports Limited
Indong Tea IPO FAQs
Indong Tea Company Limited IPO subscribed 4.97 times. The public issue subscribed -- times in the retail category,--times in QIB, and -- times in the HNI (10+) category byNovember 12, 2025 12:15:28 PM (Day 12).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Indong Tea IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Indong Tea IPO FAQs
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