Steamhouse IPO
Grey Market Premium (GMP)
Last updated: 4 Sept 2026, 9:40 am IST
GMP is an unofficial figure from grey market dealers and is not a guarantee of listing price.
Subscription Status
Subscription data appears once bidding opens.
IPO Details
- Open Date
- 9 Sept 2026
- Close Date
- 11 Sept 2026
- Listing Date
- 17 Sept 2026
- Face Value
- ₹2
- Fresh Issue
- ₹353 Cr
- OFS
- ₹61 Cr
- Listing On
- NSE, BSE
- Registrar
- —
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings |
|---|---|---|---|---|---|---|
| FY 2024 | 293.16 | 27.19 | 68.41 | 102.71 | 422.31 | 202.71 |
| FY 2025 | 398.53 | 31.16 | 69.32 | 131 | 543.67 | 222.95 |
| FY 2026 | 494.97 | 38.64 | 83.49 | 163.76 | 679.45 | 281.62 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 23.6%
- RoE
- 22.36%
- RoCE
- 16.06%
- Debt / Equity
- 1.57
- EBITDA Margin
- 16.99%
- PAT Margin
- 7.81%
- NAV / share
- ₹7.25
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Repayment or prepayment of all or a portion of certain outstanding borrowings availed by Company | ₹180 Cr |
| Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 3 | ₹37.98 Cr |
| Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Panoli Facility (Phase 2 | ₹37.98 Cr |
| Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at Dahej SEZ | ₹38.17 Cr |
| General Corporate Purposes | Not disclosed |
Net-proceeds utilisation as disclosed in the offer document.
Promoters & Shareholding
Promoters: <p>Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust, VB Business Trust</p>
- Holding (pre-issue)
- 96.59%
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Steamhouse | 1.71 | 7.25 | — | — | — |
| Ellenbarrie Industrial Gases Limited | 7.54 | 69.33 | 42.74x | — | 4.67x |
| Linde India Limited | 64.37 | 500.27 | 99.17x | — | 12.77x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
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About the Steamhouse IPO
The Steamhouse mainboard IPO opens for subscription on 9 Sept 2026 and closes on 11 Sept 2026, offered at a price band yet to be finalised, and is set to list on NSE and BSE. In total, the issue aims to mobilise ₹414 crore.
Issue structure
The offer combines a fresh issue of ₹353 crore with an offer for sale (OFS) of ₹61 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment or prepayment of all or a portion of certain outstanding borrowings availed by company (₹180 crore), alongside funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at dahej sez (₹38.17 crore). In all, 5 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Steamhouse reported revenue of ₹494.97 crore and a net profit of ₹38.64 crore. Revenue grew from ₹293.16 crore in FY2024 to ₹494.97 crore in FY2026 (+69.0%). Net worth stood at ₹163.76 crore at the end of FY2026.
Peer comparison
The offer document names listed peers including Ellenbarrie Industrial Gases Limited and Linde India Limited, with a median peer P/E of about 71×.
Promoters
The promoters of the company are <p>Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust, VB Business Trust</p>. Promoter holding is 96.59% before the issue.
Grey market premium (GMP)
In the unofficial grey market, Steamhouse shares are quoted at a premium of ₹0. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
What to weigh
When evaluating the Steamhouse IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Steamhouse
Incorporated in June 2015, Steamhouse India is a Surat-based industrial steam and gas supplier company. The company has an extensive pipeline network, spans over 45 kms in key industrial hubs including like Sachin, Vapi, Ankleshwar, Sarigram, Panoli and Nadesari. The company started nitrogen production and supply on February 1, 2025, with its first project at the Ankleshwar facility. In Fiscal 2025, they earned ₹0.90 million from nitrogen operations, increasing to ₹3.01 million in the stub period ending September 30, 2025. As of November 15, 2025, the seven boilers have a combined steam capacity of 345 tonnes per hour, equating to 2,185,920 tonnes per annum. As of November 15, 2025, the company owned, operated and maintained a 56,236 meters operational pipeline system connecting its facilities to its customers’ premises. With a strong focus on cutting-edge technology, the company provides energy-efficienct and eco-conscious steam solutions. The company's clients 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 September 30, 2025, the company's workforce comprised 213 employees, and it utilises the services of 292contract labourers (136 at Ankleshwar, 50 at Nandesari, 34at Sarigam, 38 at Vapiand 34at Panoli). Compettitve Strength: 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.
Steamhouse — Contact Details
- Registered office
- Office No. 324, Second Floor,, Four Point, V.I.P. Road,, Vesu, Surat, Gujarat, 395007
- Phone
- 0261 2998109
- Website
- steamhouse.in/
- Registrar (IPO queries)
- steamhouse.ipo@kfintech.com
Frequently asked questions
- What is the Steamhouse IPO GMP today?
- The latest grey market premium for the Steamhouse IPO is ₹0. GMP is an unofficial figure and not a guarantee of the listing price.
- When does the Steamhouse IPO open and close?
- The Steamhouse IPO opens on 9 Sept 2026 and closes on 11 Sept 2026.
- When is the Steamhouse IPO allotment and listing date?
- Allotment is expected on 15 Sept 2026. The shares are scheduled to list on 17 Sept 2026 on NSE and BSE.
- Who are the promoters of Steamhouse and what is their holding?
- The promoters are <p>Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust, VB Business Trust</p>. Promoter holding is 96.59% before the issue.
- What are the objects of the Steamhouse IPO?
- The net proceeds go primarily toward repayment or prepayment of all or a portion of certain outstanding borrowings availed by company, among 5 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Steamhouse IPO?
- The book-running lead manager is Equirus Capital Ltd..
- Is Steamhouse a Mainboard or SME IPO?
- Steamhouse is a Mainboard IPO, listing on NSE and BSE.