Industrial gas producer Steamhouse India Ltd. is set to launch its Initial Public Offering (IPO) for public subscription on September 9, 2026. The company aims to raise up to ₹414 crore through the offering, which will close on September 11, 2026. Anchor investor bidding is scheduled to open one day prior, on September 8.
Key Details of the Steamhouse India IPO
The price band for the Steamhouse India IPO has been fixed between ₹77 and ₹81 per equity share. The total issue size of ₹414 crore comprises two main components: a fresh issue of shares aggregating up to ₹353 crore and an Offer-for-Sale (OFS) of shares worth approximately ₹61 crore. Promoter Vishal Sanwarraprasad Budhia will be offloading shares as part of the OFS.
Upon successful completion, the shares of Steamhouse India are slated for listing on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Purpose of the Public Offering
Steamhouse India plans to utilize the net proceeds from the fresh issue for several strategic initiatives. A significant portion will be allocated to repaying existing debt, strengthening the company's financial position. Additionally, funds will be directed towards expanding capacity at its facilities in Ankleshwar and Panoli, as well as establishing a new steam-generation unit within the Dahej Special Economic Zone (SEZ). The remaining capital will address general corporate requirements.
Earlier in June, the company successfully raised nearly ₹50 crore through a pre-IPO placement. This funding came from various funds, including those backed by prominent investor Madhusudhan Kela and the Niveshaay Sambhav Fund.
About Steamhouse India
Established in 2014, Steamhouse India specializes in supplying industrial steam to a diverse customer base. The company operates on a centralized utility model, leveraging dedicated pipeline infrastructure to deliver steam directly to clients. It serves over 167 industrial clients across various sectors, including chemicals, textiles, pharmaceuticals, food processing, paper, and manufacturing.
The company has developed an extensive network of over 45 kilometers of steam pipelines across key industrial clusters such as Sachin, Vapi, Ankleshwar, Sarigam, Panoli, and Nandesari. Steamhouse is also actively expanding its capacity in multiple locations, including Ahmedabad, Dahej, Jhagadia, and Vapi, to cater to growing demand.
Diversification and Future Growth
Beyond its core steam supply business, Steamhouse India is actively diversifying into new growth areas. These include nitrogen compression and distribution, developing waste-to-energy solutions, and venturing into aviation logistics. The company has already commissioned a waste-to-steam boiler at Vapi and secured a significant 5 MW waste-to-steam project from the Ahmedabad Municipal Corporation under a public-private partnership (PPP) model.
IPO Reservation Structure
The public issue has a defined allocation structure: not more than 50% of the total offer will be reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and not less than 35% for retail investors. This structure ensures broad participation across different investor categories.