Steamhouse IPO

The Steamhouse mainboard IPO opens for subscription on 9 Sept 2026 and closes on 11 Sept 2026, offered at a price band of ₹77–81 per share, and is set to list on NSE and BSE. In total, the issue aims to mobilise ₹414 crore. Retail investors bid in lots of 185 shares, a minimum application of ₹14,985.

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 requirements for augmenting infrastructure development of the company towards capacity expansion of the ankleshwar facility (phase 3 (₹75.95 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. At the upper band, that puts the issue at roughly 48.8× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 57.86× post-issue earnings and 11.17× book value, against a return on net worth of 23.6% and a debt-to-equity ratio of 1.57. These ratios come from the offer document and are for comparison, not a recommendation.

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×. The issue's own post-issue P/E works out to 57.86×.

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 stands at 95.79% before the issue and comes down to 77.96% after listing.

Grey market premium (GMP)

In the unofficial grey market, Steamhouse shares are quoted at a premium of ₹13.5 implying an expected listing around ₹94.5, about +16.7% over the upper band. 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.

Subscription

The Steamhouse IPO was subscribed 32.07 times overall. The strongest demand came from non-institutional investors (NII) at 46.6 times, with qualified institutional buyers (QIB) at 46.19× and retail investors at 17.78×.

Listing performance

Steamhouse listed on 17 Sept 2026 at ₹93, a premium of +14.8% over the issue price of ₹81.

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, subscription demand across investor categories 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&nbsp;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.