Steamhouse India

ListedListed 17 Sep 2026MainboardNSE: STEAMHOUSECheck allotment

Current price₹ 144.06+77.85% since issue

Listing day+16.67%

Issue price: ₹ 81
Issue size: ₹ 414 Cr.
Min. investment: ₹ 14,985
Listing price: ₹ 94.5
Subscribed: 30.49x
Lot size: 185 shares
P/E: 57.86
RoNW: 23.60%
RoCE: 16.06%
Debt / Equity: 1.57
PAT margin: 7.81%
EBITDA margin: 16.99%
RoE: 22.36%
EPS: ₹ 1.40
NAV: ₹ 7.25
Promoter stake: 77.96%

About

SteamHouse India was started in June 2015. It is an industrial gas company. Its work is to generate steam and nitrogen at a central place and supply it to factories through its own pipeline network, so that each factory does not have to build and run its own boiler or nitrogen plant. Its pipeline network runs over 45 kilometres across key industrial areas in Gujarat, including Sachin, Vapi, Ankleshwar, Sarigram, Panoli and Nadesari. This kind of shared or community system is what allows a customer to simply buy steam by the tonne instead of investing in equipment and staff of its own. The business has three parts. It generates and distributes steam, it also buys steam from other generating companies and distributes that through its pipelines, and it separates nitrogen from the air, compresses it and supplies purified nitrogen to industrial customers. It also does coal trading. Its customers are mainly chemical and dye companies, including Aether Industries, Anupam Rasayan India, Globe Enviro Care, Gujarat Polysol Chemicals, K. Patel Chemo Pharma, Mahavir Synthesis and Subhasri Pigments. As on 31 July 2026 it had 229 employees and used the services of 276 contract labourers.

Timeline

Opens
9 Sep
done
Closes
11 Sep
done
Allotment
15 Sep
done
Refunds
16 Sep
done
Demat credit
16 Sep
done
Listing
17 Sep
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 24 on 14 Sep 2026
Lowest: ₹ 13.5 on 16 Sep 2026
First quoted: ₹ 18 on 8 Sep 2026

Subscription

How many times each investor group bid for its share, as of 17 Sep 2026, 06:31 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	185	₹ 14,985
Retail (Max)	13	2,405	₹ 1,94,805
S-HNI (Min)	14	2,590	₹ 2,09,790
B-HNI (Min)	67	12,395	₹ 10,03,995

Company overview

Financials

Financials by year

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	102.71
Reserves and Surplus	127.57	87.25	58.35
Total Borrowing	281.62	222.95	202.71

Strengths

Profit has grown every year, from Rs 27.19 crore in FY2024 to Rs 31.16 crore in FY2025 and Rs 38.64 crore in FY2026.
Sales have grown strongly, from Rs 293.16 crore in FY2024 to Rs 398.53 crore in FY2025 and Rs 494.97 crore in FY2026, a rise of 24% in the last year.
The pipeline network of over 45 kilometres across six industrial hubs is a genuine entry barrier, because a competitor would have to lay its own pipelines to compete.
Once a factory connects to the pipeline and shuts its own boiler, it is difficult and costly to switch away, which makes the revenue sticky.
Return on net worth was 23.60% and EBITDA improved from Rs 68.41 crore in FY2024 to Rs 83.49 crore in FY2026.
The customer list includes established chemical names such as Aether Industries and Anupam Rasayan India.
Rs 180 crore of the issue money repays borrowings, which should cut the interest burden meaningfully.
About Rs 114 crore goes into capacity, covering Phase 3 at Ankleshwar, Phase 2 at Panoli and a new steam generation facility at Dahej SEZ.

Risks

The price band, lot size and face value have not been announced yet, so the valuation of this issue cannot be judged at this stage. The P/E and EPS are also not stated in the available data.
Promoter holding falls from 95.79% to 77.96% after the issue.
Debt is high. Total borrowing was Rs 281.62 crore against a net worth of Rs 163.76 crore as on 31 March 2026, which is close to twice the own funds, and it has risen every year.
The profit margin is thin at 7.81%, so the business needs volume to make the pipeline investment pay.
The whole network is in Gujarat industrial belts, so any slowdown or regulation affecting that region hits the entire business.
The customers are largely chemical and dye companies. A downturn in that one sector would reduce steam demand across the customer base at the same time.
Steam generation depends on coal and fuel costs, and the company also trades coal, so fuel price swings affect it on both sides.
It relies heavily on contract labour, with 276 contract labourers against 229 employees, which brings availability and compliance risk.
Three capacity projects are being built at the same time at Ankleshwar, Panoli and Dahej, which brings execution risk and the new capacity will take time to fill.

What the money is for

Objects of the issue

Repayment or prepayment of all or a portion of certain outstanding borrowings availed by Company	180
Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 3	37.98
Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Panoli Facility (Phase 2	37.98
Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at Dahej SEZ	38.17
General Corporate Purposes	—

Promoters

Vishal Sanwarprasad Budhia
Ritu Budhia
V SB Business Trust
Budhia Business Trust
VB Business Trust

Promoter holding95.79%→77.96%before → after the issue · down 17.83 points

Anchor investors

6 anchors put in ₹ 124.2 Cr..

Anchor investors

SINGULARITY LARGE VALUE FUND III	51,97,390	42.1	33.9%
CHARTERED FINANCE & LEASING LTD.	51,97,390	42.1	33.9%
ABAKKUS EMERGING OPPORTUNITIES FUND I	12,34,875	10	8.05%
NIVESHAAY SAMBHAV FUND	18,51,642	15	12.08%
EMERGE CAPITAL OPPORTUNITIES SCHEME	12,34,690	10	8.05%
31 Degrees North Fund I	6,17,345	5	4.03%

Registrar, lead managers and documents

Listing on: BSE, NSE
Face value: ₹ 2 a share
Registrar: KFin Technologies Limited
Lead managers: Equirus Capital Pvt.Ltd.
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.