- Issue price
- ₹81per share
- Issue size
- ₹414 Cr5,11,11,110 shares
- Face value
- ₹2per equity share
- Lot size
- 185 sharesMin. ₹14,985 at the upper price
- Anchor biddingTue, 2026
- OpensWed, 2026
- ClosesFri, 2026
- ListingThu, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 4,35,80,246 shares (₹353 Cr)
- Offer for sale
- 75,30,864 shares (₹61 Cr)
- Total issue
- 5,11,11,110 shares (₹414 Cr)
- Face value
- ₹2
- Listing at
- NSE, BSE
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail35.0%
- Anchor30.0%
- QIB ex-anchor20.0%
- NII15.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 1,78,88,889 | 35.00% | 35% |
| Non-institutional investors (NII) | 76,66,667 | 15.00% | 15% |
| Qualified institutional buyers (QIB) | 2,55,55,554 | 50.00% | 50% |
| QIB, excluding anchor | 1,02,22,222 | 20.00% | — |
| Anchor investors | 1,53,33,332 | 30.00% | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹81 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 185 | ₹14,985 |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2026, pre-issue- EPS (basic)
- ₹1.71
- EPS (diluted)
- ₹1.71
- P/E (At Offer Price, FY 2026)
- 47.37×
- RoNW
- 23.60%
- ROCE
- 16.06%
- NAV per share (As at March 31, 2026)
- ₹7.25
- NAV per share (At Cap Price)
- ₹5.92
- EBITDA margin
- 16.99%
- PAT margin
- 7.81%
- Debt to equity (FY 2026 (net debt to equity))
- 1.57×
Source: ProspectusUpdated
Financials
Standalone, restated · ₹ crore| Period ended | 31 Mar 2026FY 2026 | 31 Mar 2025FY 2025 | 31 Mar 2024FY 2024 |
|---|---|---|---|
| Revenue from operations | 491.51 | 395.11 | 291.71 |
| Total income | 494.97 | 398.53 | 293.16 |
| EBITDA | 83.49 | 69.32 | 68.41 |
| Profit after tax | 38.64 | 31.16 | 27.19 |
| Net worth | 172.77 | 132.45 | 103.55 |
| Reserves and surplus | 127.57 | 87.25 | 58.35 |
| Total assets | 679.45 | 543.67 | 422.31 |
FY 2026 vs FY 2025: revenue +24.4%, profit after tax +24.0%.
Source: ProspectusUpdated
About the company
The company generates steam at community boilers and distributes it, along with nitrogen, to industrial customers in Gujarat through its own pipeline network. It also buys steam from other producers for resale and trades in coal, which it uses as fuel. Its customers are mainly in pharmaceuticals, chemicals, textiles and agrochemicals.
- Incorporated
- 2015
- Industry
- Industrial gases (steam and nitrogen generation and pipeline distribution)
- CIN
- U40300GJ2015PLC083493
- Website
- steamhouse.in
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Ritu Budhia | Promoter | — | — | — |
| VSB Business Trust | Promoter | 3.44% | — | — |
| Budhia Business Trust | Promoter | 2.74% | — | — |
| VB Business Trust | Promoter | 1.83% | — | — |
| Vishal Sanwarprasad Budhia | Selling shareholder | 86.97% | — | 75,30,864 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Repayment or prepayment of certain outstanding borrowings | 180.00 |
| Capital expenditure for capacity expansion at the Ankleshwar (Phase 3) and Panoli (Phase 2) facilities | 75.95 |
| Capital expenditure for a new steam generation facility at Dahej GIDC (Phase 2) | 38.17 |
| General corporate purposes | 23.13 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Steamhouse India LimitedIssuer | ₹1.71 | 47.37× | 22.36% | ₹7.25 |
| Linde India Limited | ₹64.37 | 99.17× | 12.87% | ₹500.27 |
| Ellenbarrie Industrial Gases Limited | ₹7.54 | 42.74× | 10.68% | ₹69.33 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Generates and distributes steam and nitrogen through a pipeline network, which is an alternative to customers running their own gas infrastructure.
- Revenue is largely from repeat customers, at 90.72% in FY 2026.
- Operates seven community steam boilers in Gujarat with a stated combined installed capacity of 345 tonnes per hour.
- Works with a broad set of industrial customers in pharmaceuticals, chemicals, textiles and agrochemicals.
- Uses monitoring technology such as SCADA, flow meters and drone mapping for its pipeline and boiler operations.
Risks
- Customers are concentrated: the top ten customers made up 47.87% of FY 2026 revenue from operations.
- Operations depend on securing suitable land and rights of way for facilities and pipelines near industrial clusters.
- Promoter shares are pledged to debenture trustees for the company's non-convertible debentures.
- Borrowings are large relative to equity, with net debt to equity of 1.57 times in FY 2026.
- Related-party sales to group companies form part of revenue, including sales to Sanjoo Dyeing and Printing Mills Private Limited.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹81) appear here after the shares list on NSE and BSE.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Steamhouse India IPO open and close?
According to the Prospectus, the issue opens on Wednesday, 9 September 2026 and closes on Friday, 11 September 2026.
What is the Steamhouse India IPO price band?
The final issue price is ₹81 per share.
What is the lot size of the Steamhouse India IPO?
One lot is 185 shares, which is ₹14,985 at ₹81 per share.
Where will Steamhouse India shares list?
On NSE and BSE. The tentative listing date is Thursday, 17 September 2026.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the Steamhouse India IPO allotment status?
Search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹180 Cr for repayment or prepayment of certain outstanding borrowings, ₹75.95 Cr for capital expenditure for capacity expansion at the Ankleshwar (Phase 3) and Panoli (Phase 2) facilities, ₹38.17 Cr for capital expenditure for a new steam generation facility at Dahej GIDC (Phase 2), ₹23.13 Cr for general corporate purposes.
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