Steamhouse India IPO
Bookbuilding IPO | ₹414.00 Cr | Listing at BSE, NSE
Open
IPO Open
Wed, Sep 09, 2026
IPO Close
Fri, Sep 11, 2026
Price Band
₹77.00 to ₹81.00
Market Cap (Pre-IPO)
₹2,238.89 Cr
IPO Details
| IPO Date | Sep 09, 2026 to Sep 11, 2026 |
| Listing Date | Tentative: Sep 17, 2026 |
| Face Value | ₹2.00 per share |
| Price Band | ₹77.00 to ₹81.00 |
| Lot Size | 185 Shares (Minimum: ₹14,985.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹414.00 Crores |
| Total Shares Offered | 51,111,110 shares |
| Fresh Issue | 43,580,246 shares |
| Offer For Sale | 7,530,864 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 0.00x |
| NII | 0.21x |
| RII | 0.59x |
| Total | 0.34x |
Steamhouse India IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 50.00 |
| Retail Shares Offered | 35.00 |
| NII Shares Offered | 15.00 |
Steamhouse India IPO Lot Size
Investors can bid for a minimum of 185 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 185 | ₹14,985 |
| Retail (Max) | 13 | 2,405 | ₹194,805 |
| S-HNI (Min) | 14 | 2,590 | ₹209,790 |
| S-HNI (Max) | 66 | 12,210 | ₹989,010 |
| B-HNI (Min) | 67 | 12,395 | ₹1,003,995 |
Steamhouse India Financial Information (Restated Consolidated)
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.
| 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 ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 22.36% |
| ROCE (Return on Capital Employed) | 16.06% |
| Debt/Equity | 1.57 |
| RoNW (Return on Net Worth) | 23.60% |
| PAT Margin (Profit After Tax Margin) | 7.81% |
| EBITDA Margin | 16.99% |
| Price to Book Value | 11.17 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 1.66 | 1.40 |
| P/E (x) | 48.80 | 57.86 |
Company Overview
SteamHouse India – Company Overview
- SteamHouse India was incorporated in June 2015 and is an industrial gas company specialising in the generation and centralised distribution of steam and nitrogen through its pipeline network.
- The company operates community-based utility systems that provide industrial customers with an alternative to developing and maintaining their own individual infrastructure.
- The company has an extensive pipeline network spanning over 45 km across key industrial hubs, including Sachin, Vapi, Ankleshwar, Sarigram, Panoli, and Nadesari.
- Its industrial gas business operates across three key activities:
- Generation and distribution of steam
- Purchase and distribution of steam
- Separation, compression, and distribution of nitrogen
- The company also purchases steam from other generating entities and distributes it to industrial customers through its pipeline network.
- For nitrogen supply, the company separates nitrogen from atmospheric air, compresses it, and supplies purified nitrogen to industrial customers.
- In addition to its industrial gas business, the company is also engaged in coal trading.
- Its key customers 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 utilised the services of 276 contract labourers.
Company Strengths
- ) 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.
Use of Proceeds
| 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 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Steamhouse India IPO Peer Comparison
Steamhouse India peer comparison with similar listed entities. (As on March 31, 2026)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Steamhouse India Ltd. | 1.71 | 1.71 | 7.25 | - | - | - | - |
| Linde India Limited | 64.37 | 64.37 | 500.27 | 99.17 | 12.77 | - | - |
| Ellenbarrie Industrial Gases Limited | 7.54 | 7.54 | 69.33 | 42.74 | 4.67 | - | - |
Quick Info
| Sector | industrial gases and utilities |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹2,238.89 Cr |
Important Dates
| IPO Open | Sep 09, 2026 |
| IPO Close | Sep 11, 2026 |
| Allotment Date | Sep 15, 2026 |
| Credit to Demat | Sep 16, 2026 |
| Listing Date | Tentative: Sep 17, 2026 |
Lead Manager(s)
Equirus Capital Ltd.
Registrar
Description
- IPO Type: Book build issue aggregating to ₹414.00 crores.
- Issue Structure: The issue is a combination of a fresh issue of 4.36 crore shares aggregating to ₹353.00 crores and an offer for sale of 75.31 lakh shares aggregating to ₹61.00 crores.
- IPO Dates: The issue opens for subscription on September 9, 2026 and closes on September 11, 2026.
- Allotment Date: The allotment is expected to be finalized on September 15, 2026.
- Listing Details: The shares are proposed to be listed on NSE and BSE on September 17, 2026.
- Retail Investment Requirement: Minimum 1 lot (185 shares) amounting to approximately ₹14,985 at the upper price band.
- Issue Price Band: ₹77 to ₹81 per equity share.
- Lot Size: 185 shares per lot.
This IPO offers investors an opportunity to participate in the company through a combination of a fresh issue of shares and an offer for sale by existing shareholders.