Q1. What is the business of Steamhouse India Limited?

It provides centralised industrial steam and gas solutions through community boilers and pipeline distribution to pharma, chemicals, textiles and allied industries.

Q2. Why is the company raising funds via IPO?

Funds raised via the IPO will be used for debt repayment, capacity expansion at Ankleshwar and Panoli, a new Dahej SEZ facility.

Q3. What is the size of the issue and where will it list?

The issue size of the proposed IPO is around ₹425 Crore with a Fresh Issue of ₹345 Crore & an Offer for Sale of ₹80 Crore. It will be listed on the BSE & NSE platform.

Q4. What are the risks to an investor?

Risks to invest in the IPO include factors like capital intensity, execution delays, fuel cost volatility, and industry cyclicality.

Q5. What are the potential upsides?

Potential upsides to invest in the IPO include industrial utility outsourcing demand, cleaner energy solutions, strong client base, expanded steam & gas offerings, and growth via new facilities.

Q6. How to apply for the IPO?

You can apply for the IPO via ASBA through bank net banking, UPI on trading apps, or through your broker when the IPO is open for subscription.

Q 7. When is the tentative listing date?

Expected listing date is yet to be announced.

Steamhouse India Limited

Closed

Steamhouse India Limited

Market Cap

₹2,238.89 Cr

IPO Issue Size

~ ₹414 Cr

Expected Price by IPOCorner

₹72 to ₹76

IPO Score

*Score varies on actual price

Steamhouse India Limited is an industrial solutions company that provides centralised steam generation, steam distribution and allied industrial steam-gas services to sectors like textiles, chemicals, pharmaceuticals and tyres. It operates community boiler networks that deliver cost-efficient and cleaner steam solutions to large industrial clients across India.

The company has filed its draft red herring prospectus (DRHP) with SEBI for a proposed IPO of around ₹ 414 Crore chich includes a Fresh Issue of ₹ 353 Crore & on Offer for Sale of ₹ 61 Crore.

Steamhouse India Limited was incorporated in the year 2014 & currently Mr. Vishal S. Budhia serves as the Chairman & Managing Director of the company.

It provides centralised steam generation and distribution, steam purchase & pipeline supply, and industrial gas services including nitrogen supply via pipelines. It operates seven community steam boiler facilities in Gujarat and serves over ~170 industrial clients across sectors like pharmaceuticals, chemicals and textiles.

Subscription date to apply for Steamhouse India Limited is announced and opens on Wed, Sep 9, 2026. Price band for the IPO is ₹77 to ₹81.

Year	2025
Networth	₹ 131 Cr
Revenue	₹ 395.1 Cr
EBITDA	₹ 69.3 Cr
PAT	₹ 31.2 Cr
EBITDA Margin	~17.54%
PAT Margin	~7.82%
Face Value	Rs.02 per Equity Share

IPO Important Dates

#	Date
Open Date	Wed, Sep 9, 2026
Close Date	Fri, Sep 11, 2026
Anchor Investor Bidding	Tue, Sep 8, 2026
Allotment Date	Tue, Sep 15, 2026
Refunds& Demat Credit	Wed, Sep 16, 2026
Tentative Listing Date	Thu, Sep 17, 2026

Use Of Proceeds

Purpose	Amount
Borrowing payment	~ ₹ 150 Cr
Capital expenditure for expansion	~ ₹ 70.89 Cr
Setting up a new facility	~ ₹ 37.38 Cr
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	315.53	291.71	395.1
PAT (₹ Cr)	33.39	27.18	31.16
Asset (₹ Cr)	247.08	422.3	543.66
Net Worth (₹ Cr)	56.84	102.7	131

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
13 -Sep	₹77 to ₹81	₹ –	₹ –
12-Sep	₹77 to ₹81	₹ –	₹ –
11-Sep	₹77 to ₹81	₹ –	₹ –
10-Sep	₹77 to ₹81	₹ 20	₹ 3,700
09-Sep	₹77 to ₹81	₹ 18	₹ 3,330

Pros

Asset-light, annuity-style model with long-term steam supply contracts.
Strong demand driven by industrial outsourcing of utilities and energy efficiency needs.
Diverse industrial clientele across pharma, chemicals, textiles and FMCG.
Focus on cleaner energy solutions aligns with ESG and sustainability trends.
Scalable community boiler infrastructure with high entry barriers in clusters.

Cons

Geographic concentration with majority operations currently in Gujarat.
Dependence on industrial demand cycles and client capacity utilisation.
Exposure to fuel price volatility, impacting margins.
Capital-intensive expansion for new steam clusters.
Valuation risk remains until final price band and financial multiples are disclosed.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Vishal Sanwarprasad Budhia	~89.61%
VSB Business Trust	~3.54%
Budhia Business Trust	~2.83%
VB Business Trust	~1.89%
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	185	1	185	₹ 14,985
Retail (Max)	185	13	2,405	₹ 194,805
HNI (Min)	185	14	2,590	₹ 209,790
HNI (Max)	185	66	12,210	₹ 989,010
Big HNI (Min)	185	67	12,395	₹ 1,003,995

Key Performance Index (KPI)

ROE	22.36%
ROCE	16.06%
RoNW	23.60%

Lead / Book Running Lead Managers

Equirus Capital Private Limited

Registrar (RTA)

KFin Technologies Limited

Q1. What is the business of Steamhouse India Limited?
It provides centralised industrial steam and gas solutions through community boilers and pipeline distribution to pharma, chemicals, textiles and allied industries.
Q2. Why is the company raising funds via IPO?
Funds raised via the IPO will be used for debt repayment, capacity expansion at Ankleshwar and Panoli, a new Dahej SEZ facility.
Q3. What is the size of the issue and where will it list?
The issue size of the proposed IPO is around ₹425 Crore with a Fresh Issue of ₹345 Crore & an Offer for Sale of ₹80 Crore. It will be listed on the BSE & NSE platform.
Q4. What are the risks to an investor?
Risks to invest in the IPO include factors like capital intensity, execution delays, fuel cost volatility, and industry cyclicality.
Q5. What are the potential upsides?
Potential upsides to invest in the IPO include industrial utility outsourcing demand, cleaner energy solutions, strong client base, expanded steam & gas offerings, and growth via new facilities.
Q6. How to apply for the IPO?
You can apply for the IPO via ASBA through bank net banking, UPI on trading apps, or through your broker when the IPO is open for subscription.
Q 7. When is the tentative listing date?
Expected listing date is yet to be announced.