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Steamhouse India
๐
Founded: 2015
๐ Surat, Gujarat
๐ฅ employees
๐ steamhouse.in
๐ Face Value: โน10
๐ฆ Market Cap: โน2,239 Cr
Price Band
โน77 โ โน81
Issue Size
โน414 Cr
Lot Size
0 shares
Min. Investment
โน0
GMP
+โน0 (+0%)
Est. Return
+0%
Listing Date
To be announced
Registrar
IPO Signal Analysis
๐ Based on Grey Market Premium (GMP) & Subscription Data โ not financial advice
GMP Signal
Moderate Interest
GMP: +0% above issue price
โญ Overall Signal
Moderate Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
10.37x subscribed
Issue Details
Fresh Issueโน353 Cr
Offer for Sale (OFS)โน61 Cr
Total Issue Sizeโน414 Cr
Face Valueโน10
Market Cap (at issue)โน2,239 Cr
Listing ExchangeBSE, NSE
๐
Open Date09 Sept 2026
๐ Close Date11 Sept 2026
โ๏ธ Cut-off Price Date11 Sept 2026
๐๏ธ Allotment DateTo be announced
๐ธ Refund InitiationTBA
๐ Demat CreditTBA
๐ Listing DateTo be announced
Objects of the Issue
- ๐ฐ Repayment/prepayment of borrowings
- ๐ฐ Expansion of two existing plants in Gujarat
- ๐ฐ Funding a new plant at Dahej, Gujarat
- ๐ฐ General corporate purposes
About the Company
Steamhouse India, incorporated in 2015 and based in Surat, builds and runs community boiler and steam-distribution networks for industrial clusters. The company generates steam centrally and pipes it underground to textile, chemical and process-manufacturing units across seven industrial estates in Gujarat โ Ankleshwar, Panoli, Vapi, Sarigam, Nandesari and Dahej โ and also trades coal and nitrogen used by its own and its customers' operations.
Strengths
- โ Underground steam pipelines are expensive to duplicate, which keeps connected customers locked in โ annual customer retention has stayed above 88%
- โ Pipeline network length has grown by roughly a third over two years, extending its reach across Gujarat's industrial belt
- โ Revenue has compounded at close to 30% a year between FY24 and FY26, with FY26 profit up around 24% year-on-year
- โ Steam supply revenue is supplemented by coal and nitrogen trading, spreading the business across more than one income stream
Risk Factors
- โ ๏ธ Coal makes up roughly three-quarters of raw material purchases, so margins move with coal prices outside the company's control
- โ ๏ธ The ten largest customers contribute close to half of FY26 revenue, and the single biggest โ a related-party group company โ accounts for around 18% on its own
- โ ๏ธ Debt-to-equity of about 1.6x is well above listed industrial-gas peers, and finance costs consumed close to 28% of adjusted EBITDA in FY26
- โ ๏ธ Plant utilisation slipped to around 42% in FY26 even as the company keeps investing in new capacity
- โ ๏ธ Operating margins trail larger listed industrial-gas peers
Subscription Status
10.37x Overall
QIB: 2.8x
NII: 21.6x
RII: 10.5x
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | โ | โ | โ | 0.00x |
| Day 2 | โ | โ | โ | 0.00x |
| Day 3 | โ | โ | โ | 0.00x |
Share Reservation
QIB
50%
NII
15%
RII
35%
Allocation as per SEBI regulations for Mainboard IPO
Anchor Investors
Anchor allotment details not yet available.
Promoter Holding
0%
Pre-IPO
โ -0.0%
0%
Post-IPO
Founders & Leadership
VB
Vishal Sanwarprasad Budhia
Promoter & Managing Director
Co-founded Steamhouse India in 2015 and has led its build-out of underground steam-distribution networks across Gujarat's industrial estates since inception
IPO Timeline
โ
Open Date
09 Sept 2026
โ
Close Date
11 Sept 2026
๐๏ธ
Allotment Date
To be announced
๐
Listing Date
To be announced
Key Financials
Revenueโน492 Cr
PATโน38.4 Cr
EPSโน1.71
P/E Ratio47.37x
ROEN/A
Market Capโน2,239 Cr
Company Financials (Restated Consolidated)
| Period Ended | FY26 | FY24 |
|---|---|---|
| Assets | โ | โ |
| Total Income | 492.00 | 292.00 |
| Profit After Tax | 38.40 | โ |
| EBITDA | 83.60 | โ |
| Net Worth | โ | โ |
| Reserves & Surplus | โ | โ |
| Total Borrowing | โ | โ |
Amount in โน Crore
Key Performance Indicators (KPI)
| KPI | FY26 | FY24 |
|---|---|---|
| ROE (%) | โ | โ |
| EBITDA Margin (%) | 16.99 | NaN |
| Debt / Equity | โ | โ |
| Net Worth (Rs. Cr) | โ | โ |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | โน1.71 | โ |
| P/E (x) | 47.37x | โ |
| ROE (%) | N/A | โ |
| Promoter Holding | 0% | 0% |
| Market Cap | โน2,239 Cr | |
IPO Registrar
IPO FAQs
Steamhouse India IPO is a mainboard IPO with an issue size of โน414 Cr at a price band of โน77 โ โน81. Minimum lot size is 0 shares (minimum investment ~โน0). Opens on 09 Sept 2026 and closes on 11 Sept 2026. Proposed listing on BSE, NSE. Registrar: .