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Steamhouse India IPOLISTED
SteamHouse India is an industrial gas company engaged in the generation and centralised distribution of steam and nitrogen through its extensive pipeline network across key industrial hubs.
Listing price
₹94.5
Listing gain
+16.67%
Current
₹94.5
Listed
17 Sept 26
Opens
09 Sept 26Closes
11 Sept 26Allotment
15 Sept 26Refund
16 Sept 26Demat
16 Sept 26Listing
17 Sept 26Listed at
₹94.5
+16.67% on 17 Sept 26
Overview
Price band
₹77-81
Lot size
185 shares
Min. investment
₹14,985
Issue size
₹414.00 Cr
5.11 Cr shares
Fresh issue
₹353 Cr
4.36 Cr shares
Offer for sale
₹61 Cr
75.31 L shares
Face value
₹2 / share
Issue type
Book Built Issue
Listing at
NSE, BSE
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| Anchor Investor | 1,53,33,332 | 30% |
| QIB | 1,02,22,223 | 20% |
| NII (HNI) | 76,66,667 | 15% |
| B-HNI | 51,11,111 | 10% |
| S-HNI | 25,55,556 | 5% |
| Individual | 1,78,88,889 | 35% |
| Total | 5,11,11,111 | 100% |
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 185 | ₹14,985 |
| Retail (Max) | 13 | 2,405 | ₹1,94,805 |
| S-HNI (Min) | 14 | 2,590 | ₹2,09,790 |
| S-HNI (Max) | 66 | 12,210 | ₹9,89,010 |
| B-HNI (Min) | 67 | 12,395 | ₹10,03,995 |
Listing performance
NSE/BSE: STEAMHOUSEListing gain
+16.67%
Gain per retail lot
₹2,497.5
Latest vs issue
—
GMP was
₹13 (+16.05%)
Issue price
GMP estimate
Listing price
Latest price appears here during market hours.
Steamhouse India Live GMP
Latest GMP
₹13
All-time high
₹22.75
All-time low
₹10
Subscription
11 Sept, 11:00 pmOversubscribed 32.07 times · 16,57,586 applications
Total applications
16,57,586
Total bid amount
₹9,295 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | 1,02,22,223 | 47,21,23,700 | 46.19x | ₹3,824 Cr |
| NII (HNI) | 76,66,667 | 35,72,55,165 | 46.60x | ₹2,894 Cr |
| B-HNI | 51,11,111 | 23,11,93,760 | 45.23x | ₹1,873 Cr |
| S-HNI | 25,55,556 | 12,60,61,405 | 49.33x | ₹1,021 Cr |
| Retail | 1,78,88,889 | 31,81,05,465 | 17.78x | ₹2,577 Cr |
| Total | 3,57,77,779 | 1,14,74,84,330 | 32.07x | ₹9,295 Cr |
Application-wise breakup
| Category | Applications reserved | Applied | Times |
|---|---|---|---|
| B-HNI | 1,973 | 17,427 | 8.83x |
| S-HNI | 987 | 47,619 | 48.25x |
| Retail | 96,697 | 15,84,684 | 16.39x |
Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
22.36%
PAT Margin
7.81%
ROCE
16.06%
EBITDA Margin
16.99%
Debt to Equity Ratio
1.57
Price to Book Value
11.17
RoNW
23.6%
Valuation vs listed peers
EPS Pre IPO
₹1.66
EPS Post IPO
₹1.4
P/E Pre IPO
48.8
P/E Post IPO
57.86
Price-to-earnings
| Company | P/E | P/B | RoNW | Face value |
|---|---|---|---|---|
| Linde India Limited | 99.17 | — | — | — |
| Ellenbarrie Industrial Gases Limited | 42.74 | — | — | — |
Peer median P/E 71.0× · Ratios as disclosed in the offer document.
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+68.8%
Profit growth FY24 → FY26
+42.1%
P/E vs peer median
57.9× vs 71.0×
- PAT margin 7.8% and ROCE 16.1%.
- Priced below its listed-peer median P/E.
- Price-to-book of 11.2× leaves little room for an earnings miss.
Strengths & risks
- Strong Market Position with an established community boiler and pipeline network.
- High Entry Barriers due to its established presence across industrial clusters.
- Strategic Infrastructure with seven boilers and 345 TPH installed capacity.
- Diversified Gas Portfolio covering steam and nitrogen supply.
Buzz score · Neutral
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Repayment or prepayment of all or a portion of certain outstanding borrowings availed by the Company. | 180 |
| Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 3) and capacity expansion of the Panoli Facility (Phase 2). | 75.95 |
| Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at Dahej GIDC (Phase 2). | 38.17 |
| General corporate purposes. | - |
Company & documents
Steamhouse India Limited specializes in the generation and centralized distribution of industrial gases, primarily steam and nitrogen, through pipeline networks. The Company pioneered the community boiler system in India, introduced in 2014, offering industrial customers a centralized alternative to setting up their own infrastructure.
The Company's industrial gas business includes:
- Generation and distribution of steam through its community boiler systems and pipeline network.
- Purchase and distribution of steam procured from other steam-generating entities.
- Separation, compression and distribution of nitrogen through its pipeline network.
Steamhouse operates seven community steam boilers across Gujarat, with six owned and one leased facility. As of July 31, 2026, the boilers had a combined installed capacity of 345 tonnes per hour (TPH), or around 2.19 million tonnes annually, serving key industrial clusters near major ports.
The Company also purchases steam from other industrial entities and distributes it through its pipeline network. Its purchased steam operations currently cover Dahej GIDC and Sachin GIDC, with agreements also in place for Dahej SEZ and Haldia.
Steamhouse entered the nitrogen generation and distribution business in February 2025 with its first project at Ankleshwar. It uses PSA technology to extract, purify and compress nitrogen before supplying it through insulated pipelines. The Company also engages in coal trading on an invoice-only basis, primarily because coal is one of the key fuels used in its industrial gas operations.
Steamhouse caters to pharmaceutical, chemical, agrochemical, textile, tyre, paints and other industries. Some of its notable customers include Aether Industries Limited, Anupam Rasayan India Limited, Gujarat Polysol Chemicals Limited, Devanshi Dyestuff and Subhasri Pigments Limited. The Company served 202 customers in Fiscal 2026, with 90.72% of revenue coming from repeat customers.
As of July 31, 2026, Steamhouse India had 229 employees and utilised the services of 276 contract labourers across its operating locations.
Registrar
Company contact
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
Book running lead managers
- Equirus Capital Ltd.
Promoters
- Vishal Sanwarprasad Budhia
- Ritu Budhia
- V SB Business Trust
- Budhia Business Trust
- VB Business Trust