Steamhouse India IPO
Updated 11 Sept 2026, 5:03 pm.
Minimum investment (Retail)
₹14,985
1 lot · 185 shares at the upper price band
Price band
₹81
Latest GMP
₹21.50
+26.5% of the ₹81 upper band
Est. listing price
₹103
Issue size
₹414 Cr
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 11 Sept 2026, 5:03 pm | ₹22 | ₹103 |
| 11 Sept 2026, 5:01 pm | ₹22 | ₹103 |
| 11 Sept 2026, 12:50 pm | ₹22 | ₹103 |
| 11 Sept 2026, 12:49 pm | ₹22 | ₹103 |
| 11 Sept 2026, 8:05 am | ₹22 | ₹103 |
| 11 Sept 2026, 8:03 am | ₹22 | ₹103 |
| 11 Sept 2026, 7:00 am | ₹22 | ₹103 |
| 11 Sept 2026, 6:55 am | ₹22 | ₹103 |
| 11 Sept 2026, 6:50 am | ₹22 | ₹103 |
| 11 Sept 2026, 6:28 am | ₹22 | ₹103 |
| 10 Sept 2026, 6:17 pm | ₹22 | ₹101 |
| 10 Sept 2026, 5:37 pm | ₹21 | ₹101 |
| 10 Sept 2026, 5:30 pm | ₹20 | ₹101 |
| 10 Sept 2026, 5:00 pm | ₹20 | ₹101 |
| 10 Sept 2026, 4:59 pm | ₹20 | ₹101 |
| 10 Sept 2026, 12:56 pm | ₹20 | ₹101 |
| 10 Sept 2026, 12:55 pm | ₹20 | ₹101 |
| 10 Sept 2026, 11:20 am | ₹20 | ₹101 |
| 10 Sept 2026, 8:08 am | ₹20 | ₹101 |
| 10 Sept 2026, 6:13 am | ₹20 | ₹101 |
| 10 Sept 2026, 6:10 am | ₹20 | ₹101 |
| 10 Sept 2026, 6:09 am | ₹20 | ₹101 |
| 9 Sept 2026, 5:09 pm | ₹18 | ₹99 |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- Mainboard
- Price band
- ₹81
- Issue size
- ₹414 Cr
- Lot size
- 185
- Opens
- 9 Sept 2026
- Closes
- 11 Sept 2026
- Allotment
- 15 Sept 2026
- Listing
- 17 Sept 2026
- Est. listing price
- ₹103
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- Kfin Technologies Ltd.
- Minimum investment
- ₹14,985 (1 lot · 185 shares)
- Face value
- ₹2 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital cum OFS
- Fresh issue
- ₹353 Cr
- Offer for sale
- ₹61 Cr
- Listing at
- BSE, NSE
- Refunds
- 16 Sept 2026
- Shares credited
- 16 Sept 2026
- Promoter holding
- 95.79% before · 77.96% after
- Lead managers
- Equirus Capital Ltd.
Offer documents & links
Subscription by category
As of 11 Sept 2026, 5:39 am.
Total subscription
4.62x
Full issue details
Details as published for this issue, read 11 Sept 2026, 8:17 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 9 to 11 Sep, 2026 |
|---|---|
| Listing Date | Thu, Sep 17, 2026 T |
| Face Value | ₹ 2 per share |
| Price Band | ₹77 to ₹81 |
| Issue Price | ₹81 per share |
| Lot Size | 185 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 5,11,11,110 shares (agg. up to ₹ 414 Cr) |
|---|---|
| Fresh Issue | 4,35,80,246 shares (agg. up to ₹ 353 Cr) |
| Offer for Sale | 75,30,864 shares of ₹ 2 (agg. up to ₹ 61 Cr) |
| Share Holding Pre Issue | 23,28,26,065 shares |
| Share Holding Post Issue | 27,64,06,311 shares |
IPO Timetable (Tentative)
- IPO Open
- Wed, Sep 9, 2026
- IPO Close
- Fri, Sep 11, 2026
- Allotment
- Tue, Sep 15, 2026
- Refund
- Wed, Sep 16, 2026
- Credit of Shares
- Wed, Sep 16, 2026
- Listing
- Thu, Sep 17, 2026
Issue Reservation
| Investor Category | Shares | % of Total Issue | Max Allottees |
|---|---|---|---|
| QIB | 2,55,55,555 | 50.00% | NA |
| − Anchor Investor | 1,53,33,332 | 30.00% | NA |
| − QIB (Ex. Anchor) | 1,02,22,223 | 20.00% | NA |
| NII (HNI) | 76,66,667 | 15.00% | NA |
| − bNII > ₹10L | 51,11,111 | 10.00% | 1,973 |
| − sNII < ₹10L | 25,55,556 | 5.00% | 986 |
| Retail | 1,78,88,889 | 35.00% | 96,696 |
| Total | 5,11,11,111 | 100.00% | — |
Steamhouse India IPO comprises a total issue size of 5,11,11,111 shares. Out of which, 2,55,55,555 (50.00%) are allocated to QIB , 76,66,667 (15.00%) allocated to NII 1,78,88,889 (35.00%) allocated to RII .
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 185 | ₹14,985 |
| Retail (Max) | 13 | 2405 | ₹1,94,805 |
| S-HNI (Min) | 14 | 2590 | ₹2,09,790 |
| S-HNI (Max) | 66 | 12210 | ₹9,89,010 |
| B-HNI (Min) | 67 | 12395 | ₹10,03,995 |
Investors can bid for a minimum of 185 shares and in multiples thereof.
IPO Subscription Details
IPO Anchor Investors
| Bid Date | Tue, Sep 8, 2026 |
|---|---|
| Shares Offered | 1,53,33,332 |
| Anchor Portion (₹ Cr.) | 124.20 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Oct 15, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Dec 14, 2026 |
Steamhouse India IPO raises ₹ 124.20 crore from anchor investors . Steamhouse India IPO Anchor bid date is September 8, 2026 .
📝 Anchor Investors Letter (PDF)
IPO Anchor Investors List
About Steamhouse India Ltd.
Incorporated in June 2015, SteamHouse India is an industrial gas company specialising in the generation and centralised distribution of steam and nitrogen through its pipeline network. Its community-based systems provide industrial customers with an alternative to developing and maintaining individual infrastructure. The company has an extensive pipeline network, spans over 45 kms in key industrial hubs including like Sachin, Vapi, Ankleshwar, Sarigram, Panoli and Nadesari.
Industrial Gas Business: The company's industrial gas business includes:
Generation and distribution of steam
Purchase and distribution of steam
Separation, compression and distribution of nitrogen
SteamHouse also purchases steam from other generating entities for distribution through its pipeline network. Additionally, it separates nitrogen from atmospheric air, compresses and supplies purified nitrogen to industrial customers, while also engaging in coal trading.
The company's clients 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.
As of July 31, 2026, the company had 229 employees and they utilised the services of 276 contract labourers.
Compettitve Strength:
Leading market position offering customers an energy efficient solution across industries with high growth potential.
High barriers to entry for competitors.
Strategically located facilities offering community gas generation and distribution.
Marquee customer base with long-term relationships driven by our value proposition.
Track-record of implementing eco-friendly solutions and promoting sustainable development.
Company Financials (Restated Consolidated)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| 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 Borrowing | 281.62 | 222.95 | 202.71 |
| Amount in ₹ Crore |
Steamhouse India Ltd.'s revenue increased by 24% and profit after tax (PAT) rose by 24% between the financial year ending with March 31, 2026 and March 31, 2025.
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment or prepayment of all or a portion of certain outstanding borrowings availed by Company | 180.00 |
| 2 | Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 3 | 37.98 |
| 3 | Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Panoli Facility (Phase 2 | 37.98 |
| 4 | Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at Dahej SEZ | 38.17 |
| 5 | General Corporate Purposes | — |
| Total | 294.13 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
| KPI | Mar 31, 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 | 11.17 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 1.66 | 1.40 |
| P/E (x) | 48.8 | 57.86 |
| Market Cap at Offer Price | ₹1,885.89 Cr. | ₹2,238.89 Cr |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 95.79% | 77.96% |
| Public | 4.21% | 22.04% |
| Total | 100% | 100% |
Company Promoters: Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust and VB Business Trust.
Offer For Sale - Selling Shareholder
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| Vishal Sanwarprasad Budhia | Promoter | 75,30,864 | 61.00 |
| Total | — | 75,30,864 | 61.00 |
Steamhouse India IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 8 | 0 | 2 | 1 |
| Members | 0 | 0 | 0 | 1 |
IPO Registrar
Kfin Technologies Ltd.
040-79615565
steamhouse.ipo@kfintech.com
IPO Lead Manager(s)
Equirus Capital Ltd.
Contact Details
Steamhouse India Ltd. Address
Office No. 324, Second Floor,
Four Point, V.I.P. Road,
Vesu
Surat, Gujarat , 395007
0261 2998109
compliance@steamhouse.in
Steamhouse India IPO in the news
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