Steamhouse India IPO Details Details

Steamhouse India IPO is a book-built issue of ₹414.00 crore, comprising a fresh issue of approximately 4.36 crore shares aggregating to ₹353.00 crore and an offer for sale (OFS) of approximately 75.31 lakh shares aggregating to ₹61.00 crore. The IPO is scheduled to open for subscription on September 9, 2026, and close on September 11, 2026. The basis of allotment is expected to be finalized on September 15, 2026, while the shares are proposed to be listed on both BSE and NSE, with a tentative listing date of September 17, 2026. The price band for the Steamhouse India IPO has been fixed at ₹77 to ₹81 per share. The minimum application lot size is 185 shares, requiring a minimum investment of ₹14,985 for retail investors at the upper end of the price band. Equirus Capital Limited is acting as the Book Running Lead Manager (BRLM) to the issue, while KFin Technologies Limited is the registrar. Investors may refer to the company’s Red Herring Prospectus (RHP) for comprehensive information regarding the IPO, including the company’s business operations, financial performance, risk factors, objects of the issue, and other material details.

IPO Details

IPO Date 09 Sep 26
Listing Date 17 Sep 26
Face Value ₹2 per share
Price Band ₹77 to ₹81
Lot Size 185
Sale Type Fresh capital cum OFS
Issue Type Bookbuilding IPO
Listing At NSE, BSE
Total Issue Size ₹414 Cr
Fresh Issue
₹353 Cr
Offer for Sale
Share Holding Pre Issue 23,28,26,065 shares
Share Holding Post Issue 27,64,06,311 shares

IPO DRHP Status

Description Details

IPO Reservation

Investor Category Shares Offered
QIB Shares Offered Not more than 50% of the Offer
Retail Shares Offered Not less than 35% of the Offer
NII Shares Offered Not less than 15% of the Offer

About Steamhouse India IPO Details.


Incorporated in June 2015, **SteamHouse India Limited** is an industrial gas company engaged in the generation and centralized distribution of steam and nitrogen through an extensive pipeline network. The company operates a community-based utility model that provides industrial customers with an alternative to developing, operating, and maintaining individual steam and gas generation infrastructure. SteamHouse India has developed a pipeline network spanning **over 45 km** across key industrial hubs, including **Sachin, Vapi, Ankleshwar, Sarigam, Panoli, and Nandesari**. Through its strategically located facilities and centralized distribution infrastructure, the company caters to the energy and industrial gas requirements of customers across multiple industries. ### Industrial Gas Business The company’s industrial gas operations primarily comprise: * Generation and distribution of steam * Purchase and distribution of steam * Separation, compression, and distribution of nitrogen In addition to generating steam at its own facilities, SteamHouse India purchases steam from other generating entities and distributes it to customers through its pipeline network. The company also separates nitrogen from atmospheric air, compresses and purifies it, and supplies the processed nitrogen to industrial customers. Additionally, the company is engaged in **coal trading** as part of its business operations. SteamHouse India serves a diversified customer base that includes **Aether Industries Limited, Anupam Rasayan India Limited, Globe Enviro Care Limited, Gujarat Polysol Chemicals Private Limited, Devanshi Dyestuff, K. Patel Chemo Pharma Private Limited, K. Patel Dye Chem Industries Private Limited, Mahavir Synthesis Private Limited, Mangalam Intermediaries, Orgo Chem Gujarat Private Limited, and Subhasri Pigments Limited**, among others. As of **July 31, 2026**, the company had **229 employees** and also utilized the services of **276 contract labourers** to support its operations. ### Competitive Strengths 1. **Leading market position:** The company offers energy-efficient utility solutions to customers across industries with significant growth potential. 2. **High barriers to entry:** Its established pipeline infrastructure, capital requirements, operating capabilities, and customer relationships create significant entry barriers for new competitors. 3. **Strategically located facilities:** Its facilities are positioned across major industrial clusters, enabling an efficient community-based model for steam and industrial gas generation and distribution. 4. **Marquee customer base:** The company has established long-term relationships with several prominent industrial customers, supported by its value proposition and integrated utility infrastructure. 5. **Focus on sustainable solutions:** SteamHouse India has a track record of implementing environmentally responsible and energy-efficient solutions while promoting sustainable industrial development.

Company Financials (Restated)

Period Ended 31 Mar 2026 31 Mar 2025 31 Mar 2024
Assets 679.45 543.67 422.31
Total Income 494.97 398.53 293.16
Profit After Tax 38.64 31.16 27.19
EBITDA 83.49 69.32 68.41
Net Worth 163.76 131.00 102.71
Amount in ₹ Crore

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

# Issue Objects Est Amt (₹ Cr.)
1 Repayment or prepayment of all or a portion of certain outstanding borrowings availed by Company 180.00
2 Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 3 37.98
3 Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Panoli Facility (Phase 2 37.98
4 Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at Dahej SEZ 38.17
5 General Corporate Purposes 0.00

Key Performance Indicator (KPI)

KPI Mar 31, 2026 -
ROE 22.36%% -%
ROCE 16.06%% -%
Debt/Equity - -
RoNW 23.60%% -%
PAT Margin 7.81%% -%
EBITDA Margin 16.99%% -%

Key Performance Indicator (KPI)

Pre IPO Post IPO
EPS Rs 1.66 -
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP. The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

IPO Registrar

  • Kfin Technologies Ltd.
  • 040-79615565
  • steamhouse.ipo@kfintech.com
  • Visit Website

IPO Lead Manager(s)


Lead Manager Reports

Contact Details

Steamhouse India Ltd. Address
Office No. 324, Second Floor, Four Point, V.I.P. Road, Vesu Surat, Gujarat, 395007

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