SI
Steamhouse India Limited IPO
Industrial Gas · Centralised Steam & Nitrogen Distribution · Pipeline Infrastructure
📋 Mainline IPO
Fresh + OFS
NSE, BSE
₹81
Upper Price
₹414.00 Cr
Issue Size
Sep 17, 2026
Listing Date
₹1,885.89 Cr
Market Cap (Pre)
📅 IPO Timetable
All dates tentative🟢
IPO Opens
Wednesday, 9 September 2026
Bidding starts — apply before close
🔒
IPO Closes
Friday, 11 September 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Tuesday, 15 September 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Wednesday, 16 September 2026
Unallotted funds returned; shares credited to demat
🏷️
Thursday, 17 September 2026
Trading begins from 10:00 AM IST
📋 IPO Details
IPO Open Date9 September 2026 (Wed)
IPO Close Date11 September 2026 (Fri)
Listing Date17 September 2026 (Thu)
Face Value₹2 per share
Price Band₹77 to ₹81
Issue Price (Upper Band)₹81 per share
Issue TypeBook Build — Fresh + OFS
Lot Size185 shares
Total Issue Size5,11,11,110 shares (₹414.00 Cr)
Fresh Issue4,35,80,246 shares (₹353.00 Cr)
Offer for Sale (OFS)75,30,864 shares (₹61.00 Cr)
Pre-Issue Shares23,28,26,065
Post-Issue Shares27,64,06,311
Promoter Holding (Pre)96.59%
Market Cap (Pre-IPO)₹1,885.89 Cr
Listing ExchangeNSE, BSE
Lead ManagerEquirus Capital Ltd.
RegistrarKfin Technologies Ltd.
💰 Lot Size & Minimum Investment
At upper price ₹81| Investor Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail — Minimum | 1 | 185 | ₹14,985 |
| Retail — Maximum | 13 | 2,405 | ₹1,94,805 |
| S-HNI (sNII) — Min | 14 | 2,590 | ₹2,09,790 |
| S-HNI (sNII) — Max | 66 | 12,210 | ₹9,89,010 |
| B-HNI (bNII) — Min | 67 | 12,395 | ₹10,03,995 |
⚠️ Note: Investors can bid for a minimum of 185 shares and in multiples thereof. Retail individual investors can apply up to ₹2,00,000.
👥 Investor Reservation
Allocated portion of Net OfferNot more than 50%
QIB Portion
Not less than 35%
Retail Portion
Not less than 15%
NII Portion
📊 Subscription Status
Loading…
📈 Company Financials
Restated Consolidated · ₹ Crore| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 679.45 | 543.67 | 422.31 |
| Total Income | 494.97 | 398.53 | 293.16 |
| PAT | 38.64 | 31.16 | 27.19 |
| EBITDA | 83.49 | 69.32 | 68.41 |
| Net Worth | 163.76 | 131.00 | 102.71 |
| Reserves & Surplus | 127.57 | 87.25 | 58.35 |
| Total Borrowing | 281.62 | 222.95 | 202.71 |
Income Growth
FY 2023–24₹293.16 Cr
FY 2024–25₹398.53 Cr
FY 2025–26₹494.97 Cr
🎯 Key Performance Indicators
22.36%
ROE
FY 2025–26
1.57
Debt/Equity
FY 2025–26
16.06%
ROCE
FY 2025–26
7.81%
PAT Margin
FY 2025–26
16.99%
EBITDA Margin
FY 2025–26
23.60%
RoNW
FY 2025–26
11.17x
Price/Book
FY 2025–26
7.25
NAV
FY 2025–26
⚖️ Valuation & EPS
Pre-IPO EPS
₹1.66
FY26 earnings + pre-issue shares
P/E: 48.80xPost-IPO EPS
₹1.40
FY26 earnings + post-issue shares
P/E: 57.86xPrice to Book Value
11.17x
At upper price band ₹81
Market Cap (Pre-IPO)
₹1,885.89 Cr
At issue price ₹81
ℹ️
Pre-IPO EPS (₹1.66) based on pre-issue shares (23,28,26,065) and FY26 earnings. Post-IPO EPS (₹1.40) accounts for the dilution resulting from the issuance of 4,35,80,246 fresh equity shares extending the total post-issue equity to 27,64,06,311 shares. Post-IPO Market Cap expands to ₹2,238.89 Cr at the upper issue price of ₹81.
🎯 Objects of the Issue
Net proceeds utilisation1
Repayment or prepayment of all or a portion of certain outstanding borrowings availed by Company
₹180.00 Cr
2
Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 3)
₹37.98 Cr
3
Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Panoli Facility (Phase 2)
₹37.98 Cr
4
Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at Dahej SEZ
₹38.17 Cr
5
General Corporate Purposes
Balance
Total Fresh Issue Goal
₹353.00 Cr
🏢 About Steamhouse India Ltd.
Est. 2015 · Surat, Gujarat · Industrial Gas & Steam DistributionSteamhouse India Limited, incorporated in June 2015, is an innovative industrial utility and gas enterprise specializing in the generation and centralized distribution of process steam and nitrogen through a dedicated, proprietary pipeline grid.
The company replaces individual, inefficient industrial boiler systems with centralized, community-scale utility networks spanning over 45 km of pipelines across Gujarat’s prime industrial clusters, including Sachin, Vapi, Ankleshwar, Sarigram, Panoli, and Nadesari. Its integrated offerings cover the generation, purchase, and distribution of steam, atmospheric nitrogen separation and compression, and coal trading. The company serves marquee chemical and pharma manufacturers like Aether Industries, Anupam Rasayan, and Gujarat Polysol, supported by a workforce of 229 permanent employees and 276 contract personnel.
Brand Ecosystem
♨️
Centralized Steam Grids
Generation, purchase, and piped delivery of process steam replacing discrete captive boilers.
💨
Nitrogen Solutions
Separation of atmospheric air, compression, and delivery of purified industrial nitrogen.
🏗️
45+ km Pipeline Network
Underground and above-ground utility pipelines linking major GIDC industrial clusters.
🤝
Marquee Client Base
Long-term supply relationships with Aether Industries, Anupam Rasayan, and K. Patel Dye Chem.
Competitive Strengths
🏆Pioneering first-mover advantage and high barriers to entry via exclusive industrial pipeline concessions.
🌱Eco-friendly utility model reducing regional industrial carbon footprints and coal consumption.
🔌Strategically situated generation facilities across high-density Gujarat chemical manufacturing belts.
📈Steady top-line trajectory recording 24% revenue expansion and ₹38.64 Cr in PAT during FY26.
Company Promoters
VB
Vishal Sanwarprasad Budhia & Ritu Budhia
Promoters, Steamhouse India Ltd.
BT
V SB Business Trust, Budhia Business Trust & VB Business Trust
Promoter Entities, Steamhouse India Ltd.
📅 Key Dates
IPO Opens09 Sep 2026
IPO Closes11 Sep 2026
Allotment15 Sep 2026
Refund & Share Credit16 Sep 2026
Listing Day17 Sep 2026
💡 Quick Summary
Price Band₹77 – ₹81
Upper Price₹81 / share
Lot Size185 shares
Min. Investment (Retail)₹14,985
Issue Size₹414.00 Cr
ListingBSE, NSE
🏦 Registrar & Lead Manager
Lead Manager
Equirus Capital Ltd.
📍 Registered Address
Steamhouse India Ltd.
Office No. 324, Second Floor,
Four Point, V.I.P. Road, Vesu,
Surat, Gujarat — 395007
📞 0261 2998109
[email protected]
Office No. 324, Second Floor,
Four Point, V.I.P. Road, Vesu,
Surat, Gujarat — 395007
📞 0261 2998109
[email protected]
🛡️ Regulatory Note: Mainline IPO investments are subject to SEBI regulations. Always read the Prospectus/RHP before applying. Consult a SEBI-registered advisor before investing.
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Disclaimer: This page presents publicly available information from the Steamhouse India IPO RHP for informational purposes only. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
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