Steamhouse India
Steamhouse India is an industrial gas company specializing in the generation and distribution of steam and nitrogen gas through an extensive pipeline network. Operating in the industrial utility sector, it serves key industrial hubs in Gujarat including Vapi, Ankleshwar, and Dahej.
Price Band
₹77 - ₹81
Lot Size
185 Shares
Issue Size
₹414.00 Cr
Fresh Issue
₹353.00 Cr
OFS
₹61.00 Cr
Registrar
AI Sentiment Score
Current GMP
+₹20
Est. Listing: ₹101 (+24.7%)
📅 IPO Timeline
✓
Open
Sep 9
2
Close
Sep 11
3
Allotment
Sep 15
4
Refund
Sep 16
5
Demat
Sep 16
6
Listing
Sep 17
✨ AI Analysis & Prediction
+17.5%
predicted listing gain
The GMP baseline of 24.69% is adjusted upward due to exceptional QIB subscription (46.19x) and a very high fresh issue component (85.3%), indicating strong institutional appetite and growth capital. While the Debt-to-Equity ratio of 1.57 is a slight drag, the strong ROE (22.36%) and consistent revenue growth justify a premium over the current GMP.
💪 Strengths
- Strong revenue CAGR over 3 years
- High ROE of 22.36%
- Strategic pipeline network in key industrial hubs
⚠️ Weaknesses
- High Debt-to-Equity ratio (1.57)
- Concentration in Gujarat geography
🚀 Opportunities
- Capacity expansion in Ankleshwar and Panoli
- New steam generation facility at Dahej SEZ
🛡️ Threats
- Volatility in industrial gas demand
- High capital expenditure requirements for utility infrastructure
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Repayment or prepayment of all or a portion of certain outstanding borrowings availed by Company | ₹180.00 |
| 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 | ₹119.87 |
📊 Financial Overview
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 316.00 Cr | Rs 292.00 Cr | Rs 395.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs 33.00 Cr | Rs 27.00 Cr | Rs 31.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 58.00 Cr | Rs 68.00 Cr | Rs 69.00 Cr |
| Borrowings (₹ Cr) | Rs 126.00 Cr | Rs 230.00 Cr | Rs 271.00 Cr |
| Total Assets (₹ Cr) | Rs 247.00 Cr | Rs 422.00 Cr | Rs 544.00 Cr |
| ROCE % | 41.00% | 24.00% | 16.00% |
Debt/Equity
1.57
📋 Live Subscription Status
QIB
46.19x
NII
49.33x
Retail
17.78x
Total
32.07x
Updated: Sep 12, 2026 8:03 AM
💼 Reservation Quota
QIB
50.00%
Retail
35.00%
NII
15.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Founded in June 2015, Steamhouse India has evolved into a critical utility provider for the industrial sector. The company operates a specialized business model focusing on the distribution of industrial gases, specifically steam and nitrogen, through a pipeline network spanning over 45 kilometers across Gujarat's primary industrial clusters.
The company's core operations are divided into the generation and supply of steam, where it both produces its own steam and acquires it from third parties for onward distribution, and the production of nitrogen through air separation and compression. This integrated approach allows the company to maintain a steady supply chain for its clients.
Steamhouse India serves a prestigious client base comprising major chemical and industrial players such as Aether Industries Limited, Anupam Rasayan India Limited, Globe Enviro Care Limited, and K. Patel Chemo Pharma Private Limited. Its presence in hubs like Sachin, Vapi, Ankleshwar, Sarigram, Panoli, and Nadesari positions it at the center of India's chemical manufacturing belt.
The company's scale is evidenced by its aggressive expansion plans, with ongoing and planned infrastructure development across its Ankleshwar and Panoli facilities, as well as a new steam generation facility at Dahej SEZ. The business is promoted by Vishal Sanwarprasad Budhia, Ritu Budhia, and associated family business trusts, ensuring tight promoter control and strategic alignment.
Steamhouse India is launching a Mainboard IPO to raise approximately ₹414 crore, consisting of a significant fresh issue of ₹353 crore and an offer for sale (OFS) of approximately 75.30 lakh shares. The price band is set between ₹77 and ₹81 per share, with a minimum retail lot size of 185 shares. The issue is scheduled to list on both the BSE and NSE on September 17, 2026.
The proceeds from the fresh issue are strategically allocated toward reducing debt and expanding capacity. Specifically, ₹180 crore is earmarked for the repayment of outstanding borrowings, while approximately ₹114 crore is dedicated to capital expenditures for infrastructure development at the Ankleshwar, Panoli, and Dahej SEZ facilities.
Financial performance shows a strong upward trajectory. Revenue grew from ₹293.16 crore in FY24 to ₹494.97 crore in FY26, while Net Profit (PAT) increased from ₹27.19 crore to ₹38.64 crore over the same period. The company maintains a healthy ROE of 22.36% and an EBITDA margin of 16.99%.
From a valuation perspective, the company exhibits strong growth, though it carries a Debt-to-Equity ratio of 1.57. Investment strengths include its strategic pipeline assets and a blue-chip client list. However, the relatively high debt load remains a point of caution for conservative investors.
Overall, the IPO structure is favorable as the majority of the funds are staying within the company for growth rather than exiting via OFS. Investors may view this as a growth-oriented play in the industrial utility space, balanced against the capital-intensive nature of the business.