SteamHouse India IPO
SteamHouse India Limited is coming up with a mainboard book-building IPO of approximately ₹414 crore.
The issue includes a fresh issue of 4,35,80,246 equity shares worth up to ₹353 crore and an Offer for Sale of 75,30,864 shares aggregating to approximately ₹61 crore.
The SteamHouse India IPO will open for subscription on 9 September 2026 and close on 11 September 2026. The equity shares are proposed to be listed on both NSE and BSE.
SteamHouse India IPO Details
SteamHouse India Limited is launching a mainboard public issue with a total size of approximately ₹414 crore. The IPO consists of both a fresh issue and an offer for sale.
The fresh issue comprises 4,35,80,246 shares aggregating to around ₹353 crore, while existing shareholders will offer 75,30,864 shares worth approximately ₹61 crore.
The IPO price band has been fixed at ₹77 to ₹81 per share. Investors can apply for a minimum of 185 shares and thereafter in multiples of the specified lot size.
At the upper price band of ₹81, the minimum retail application requires an investment of ₹14,985.
SteamHouse India IPO subscription will remain open from 9 September to 11 September 2026. The tentative listing date is 17 September 2026 on NSE and BSE.
SteamHouse India IPO Key Details
| Particulars | Details |
|---|---|
| IPO Open Date | 9 September 2026 |
| IPO Close Date | 11 September 2026 |
| IPO Size | ₹414 Crore |
| Price Band | ₹77 to ₹81 per share |
| Face Value | ₹2 per share |
| Lot Size | 185 Shares |
| Issue Type | Book Building |
| Issue Structure | Fresh Issue + Offer for Sale |
| Listing Exchange | NSE and BSE |
| Market Cap at Upper Band | ₹2,238.89 Crore |
| Expected Allotment | 15 September 2026 |
| Refund / Unblocking | 16 September 2026 |
| Demat Credit | 16 September 2026 |
| Tentative Listing Date | 17 September 2026 |
| IPO Registrar | KFin Technologies Ltd. |
SteamHouse India IPO Issue Size
| Issue Component | Shares | Approx. Amount |
|---|---|---|
| Total Issue | 5,11,11,110 | Up to ₹414 Cr |
| Fresh Issue | 4,35,80,246 | Up to ₹353 Cr |
| Offer for Sale | 75,30,864 | Up to ₹61 Cr |
The SteamHouse India IPO combines a substantial fresh issue with an OFS component. The fresh capital raised through the IPO is proposed to be used primarily for debt reduction and expansion of the company’s infrastructure.
SteamHouse India IPO Timeline
| Event | Date |
|---|---|
| IPO Opens | Wednesday, 9 September 2026 |
| IPO Closes | Friday, 11 September 2026 |
| Allotment | Tuesday, 15 September 2026 |
| Refund / Unblocking | Wednesday, 16 September 2026 |
| Shares Credited to Demat | Wednesday, 16 September 2026 |
| Listing | Thursday, 17 September 2026 |
SteamHouse India IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of the Offer |
| Retail Investors | Not less than 35% of the Offer |
| Non-Institutional Investors (NII) | Not less than 15% of the Offer |
SteamHouse India IPO Lot Size
The minimum application size for the IPO is 185 shares. Investors can submit bids in multiples of 185 shares.
| Investor Category | Lots | Shares | Investment at ₹81 |
|---|---|---|---|
| Retail Minimum | 1 | 185 | ₹14,985 |
| Retail Maximum | 13 | 2,405 | ₹1,94,805 |
| S-HNI Minimum | 14 | 2,590 | ₹2,09,790 |
| S-HNI Maximum | 66 | 12,210 | ₹9,89,010 |
| B-HNI Minimum | 67 | 12,395 | ₹10,03,995 |
About SteamHouse India Ltd.
Incorporated in June 2015, SteamHouse India Limited operates in the industrial gas and utility infrastructure segment. The company specialises in the generation and centralised distribution of steam and nitrogen to industrial customers.
Instead of requiring individual industrial units to develop and operate their own steam and nitrogen infrastructure, SteamHouse provides centralised generation and distribution facilities through its pipeline network.
The company’s pipeline infrastructure extends for more than 45 kilometres across important industrial locations such as Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nadesari.
SteamHouse also purchases steam from other producers and distributes it to industrial customers through its pipeline network. Its nitrogen operations involve separation of nitrogen from atmospheric air, followed by compression and supply of purified nitrogen.
The company is also involved in coal trading as part of its broader industrial energy-related activities.
SteamHouse India Business Model
- Steam Generation: The company generates steam for supply to industrial customers through its centralised distribution infrastructure.
- Steam Distribution: Steam can also be procured from external generating entities and supplied to customers through the company’s pipeline network.
- Nitrogen Production: Nitrogen is separated from atmospheric air, compressed and supplied to industrial users.
- Centralised Infrastructure: The company’s model allows customers to access utility supplies without developing equivalent individual infrastructure.
- Pipeline Network: Steam and nitrogen are distributed through a network covering more than 45 kilometres across industrial clusters.
- Coal Trading: SteamHouse also undertakes coal trading activities.
SteamHouse India Customer Base
SteamHouse India serves customers operating in sectors that require reliable supplies of steam and industrial gases. Its customer base includes companies from chemical, pharmaceutical and other industrial segments.
Customers mentioned by the company include 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.
SteamHouse India Operating Network
SteamHouse India has established its infrastructure in industrial clusters where demand for steam and nitrogen is concentrated. Its pipeline network extends for more than 45 kilometres.
The company’s operating locations include key industrial areas such as Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nadesari.
Strategically positioned facilities allow the company to serve multiple industrial customers through shared generation and distribution infrastructure.
As of 31 July 2026, SteamHouse India had 229 employees and also utilised the services of 276 contract labourers.
SteamHouse India Business Strengths
- Centralised steam and nitrogen supply model serving industrial customers.
- Pipeline network extending over 45 kilometres across important industrial clusters.
- Strategically located facilities close to major industrial customers.
- Established relationships with customers in chemical, pharmaceutical and allied industries.
- Infrastructure-based business model that can reduce the need for customers to establish individual utility facilities.
- High entry barriers associated with specialised infrastructure, pipeline networks and customer relationships.
- Focus on energy-efficient and environmentally conscious industrial utility solutions.
- Opportunity to expand capacity in existing industrial locations.
SteamHouse India Financial Performance
SteamHouse India reported improvement in its financial performance during FY2026. Total income increased from ₹398.53 crore in FY2025 to ₹494.97 crore in FY2026.
Profit after tax also increased from ₹31.16 crore in FY2025 to ₹38.64 crore in FY2026.
| Particulars (₹ Crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| 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 |
| Reserves and Surplus | 127.57 | 87.25 | 58.35 |
| Total Borrowings | 281.62 | 222.95 | 202.71 |
Amount in ₹ Crore.
SteamHouse India IPO Key Performance Indicators
| KPI | 31 Mar 2026 |
|---|---|
| ROE | 22.36% |
| ROCE | 16.06% |
| Debt / Equity | 1.57 |
| RoNW | 23.60% |
| PAT Margin | 7.81% |
| EBITDA Margin | 16.99% |
| NAV | ₹7.25 |
| Price to Book Value | 11.17x |
SteamHouse India IPO Valuation
At the upper price band of ₹81 per share, SteamHouse India is estimated to have a post-issue market capitalisation of approximately ₹2,238.89 crore.
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | ₹1.66 | ₹1.40 |
| P/E | 48.80x | 57.86x |
| Market Capitalisation | ₹1,886 Cr | ₹2,238.89 Cr |
Based on the upper price band of ₹81 and the post-issue EPS of ₹1.40, the indicated P/E multiple is approximately 57.86x.
SteamHouse India IPO Objects of the Issue
The fresh issue proceeds are proposed to be used for a combination of debt reduction, infrastructure expansion and general corporate requirements.
| No. | Purpose | Estimated Amount |
|---|---|---|
| 1 | Repayment or prepayment of certain outstanding borrowings | ₹180.00 Cr |
| 2 | Capital expenditure for expansion of the Ankleshwar Facility – Phase 3 | ₹37.98 Cr |
| 3 | Capital expenditure for expansion of the Panoli Facility – Phase 2 | ₹37.98 Cr |
| 4 | Setting up a steam-generation manufacturing facility at Dahej SEZ | ₹38.17 Cr |
| 5 | General Corporate Purposes | Balance Amount |
| Total Identified Amount | ₹294.13 Cr | |
A significant portion of the fresh capital is planned for repayment or prepayment of borrowings. The company also intends to invest in capacity expansion at Ankleshwar and Panoli and establish a steam-generation facility at Dahej SEZ.
SteamHouse India Shareholding Pattern
| Category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter and Promoter Group | 96.59% | 78.63% |
| Public | 3.41% | 21.37% |
| Total | 100% | 100% |
Company Promoters: Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust and VB Business Trust.
SteamHouse India IPO Offer for Sale
The IPO also contains an offer for sale through which an existing shareholder will sell part of its holding to public investors. The OFS component comprises 75,30,864 shares.
| Selling Shareholder | Category | Shares Offered | Amount (₹ Cr) |
|---|---|---|---|
| Vishal Sanwarprasad Budhia | Promoter | 75,30,864 | 61.00 |
| Total | — | 75,30,864 | 61.00 |
SteamHouse India IPO Share Capital
| Particulars | Shares |
|---|---|
| Shares Outstanding Before IPO | 23,28,26,065 |
| Fresh Issue Shares | 4,35,80,246 |
| Shares Offered Through OFS | 75,30,864 |
| Shares Outstanding After IPO | 27,64,06,311 |
SteamHouse India Competitive Strengths
- Established presence in the industrial steam and nitrogen distribution business.
- Extensive pipeline infrastructure serving industrial clusters.
- Strategically positioned facilities close to customers.
- Long-term customer relationships supporting recurring demand.
- Centralised utility supply can provide operational advantages to industrial customers.
- Infrastructure and location create meaningful entry barriers.
- Business model has a focus on efficient and sustainable industrial utility solutions.
- Planned expansion provides scope for increasing installed capacity.
SteamHouse India IPO Pros and Considerations
Potential Positives
- Growing revenue and profit reported in FY2026.
- Established pipeline network across industrial locations.
- Long-term relationships with industrial customers.
- Centralised steam and nitrogen supply model.
- Planned capacity expansion at Ankleshwar and Panoli.
- Proposed Dahej SEZ steam-generation facility.
- Part of the fresh IPO proceeds will be used to reduce debt.
Key Considerations
- The company has a relatively high debt-to-equity ratio of 1.57 as of March 2026.
- The business requires significant capital expenditure for infrastructure development.
- Industrial gas and steam demand can be influenced by conditions in customer industries.
- Operations are concentrated around selected industrial clusters.
- The IPO valuation implies a relatively high post-issue P/E multiple based on the reported EPS.
- Investors should assess debt levels, expansion execution and customer concentration before making an investment decision.
SteamHouse India IPO Registrar & Lead Manager
IPO Registrar: KFin Technologies Ltd.
Book Running Lead Manager: Equirus Capital Ltd.
SteamHouse India IPO Contact Details
SteamHouse India Ltd.
Office No. 324, Second Floor,
Four Point, V.I.P. Road,
Vesu,
Surat, Gujarat – 395007
Phone: 0261 2998109
Email: compliance@steamhouse.in
SteamHouse India IPO Quick Summary
SteamHouse India IPO is a mainboard public issue of approximately ₹414 crore. The IPO will open on 9 September 2026 and close on 11 September 2026.
The price band is fixed at ₹77 to ₹81 per share, while the minimum lot size is 185 shares. At the upper price band, one retail lot requires ₹14,985.
The issue consists of a fresh issue of 4,35,80,246 shares worth approximately ₹353 crore and an OFS of 75,30,864 shares worth approximately ₹61 crore.
SteamHouse India operates in the industrial utility segment, primarily generating and distributing steam and nitrogen through a centralised pipeline network.
Its network extends for more than 45 kilometres across industrial hubs including Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nadesari.
For FY2026, the company reported total income of ₹494.97 crore and profit after tax of ₹38.64 crore.
At the upper IPO price of ₹81, the estimated market capitalisation is approximately ₹2,238.89 crore.
The company proposes to use fresh issue proceeds for debt repayment, capacity expansion at Ankleshwar and Panoli, establishing a steam-generation facility at Dahej SEZ and general corporate purposes.
SteamHouse India shares are proposed to be listed on both NSE and BSE, with a tentative listing date of 17 September 2026.
SteamHouse India IPO FAQs
Disclaimer
This SteamHouse India IPO article is intended solely for educational and informational purposes. It should not be interpreted as investment, financial or trading advice. IPO investments involve market risks and investors should evaluate the company’s financial position, business model, valuation and risk factors before applying.
Investors should carefully read the company’s Red Herring Prospectus, financial statements and other official documents before making an investment decision. IPO dates, subscription information, allotment schedules and listing details may be changed by the company, exchanges or regulatory authorities.
