Steamhouse IPO is set to hit the primary market on September 9, with the company fixing the price band at Rs 77 to Rs 81 per equity share. The Rs 414 crore public issue will remain open for subscription until September 11, 2026.
The IPO comprises a fresh issue of Rs 353 crore and an offer for sale (OFS) of Rs 61 crore. The entire OFS portion will be offered by promoter Vishal Sanwarprasad Budhia, who will sell shares worth approximately Rs 61 crore.
Shares are proposed to be listed on both the NSE and BSE, with the tentative listing date scheduled for September 17, 2026.
The subscription window will open on September 9, 2026, and close on September 11, 2026. The basis of allotment is expected to be finalised on September 15, followed by listing on the stock exchanges on September 17.
Equirus Capital Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. has been appointed as the registrar.
The company has fixed the IPO price band at Rs 77–Rs 81 per equity share, with each share carrying a face value of Rs 2.
At the lower end, the floor price represents 38.50 times the face value, while the cap price is 40.50 times the face value.
Investors can bid for a minimum of 185 equity shares, with subsequent bids required to be made in multiples of 185 shares.
At the upper price band of Rs 81, one minimum lot would require an investment of Rs 14,985, while bidding at the floor price of Rs 77 would require Rs 14,245, before applicable charges.
The IPO's valuation will be closely watched by investors. Based on diluted earnings per share for FY2026, the company's price-to-earnings (P/E) multiple stands at 35.03 times at the lower end of the price band and rises to 37.17 times at the upper end.
For comparison, the average industry P/E ratio is 70.96 times, indicating that Steamhouse's IPO valuation is below the stated industry average on this metric.
The company has also reported a weighted average return on net worth (RoNW) of 24.14% over the last three financial years.
With the Rs 414 crore issue offering a combination of fresh capital and an OFS, investors will now be watching subscription trends, valuation and the company's financial performance as the IPO window opens on September 9.
IPO Objects of the Issue
The company plans to use the IPO proceeds primarily to repay or prepay Rs 180 crore of its outstanding borrowings, helping reduce its debt burden. A portion of the funds will also be directed towards capacity expansion at its Ankleshwar and Panoli facilities, with Rs 37.98 crore earmarked for each project.
Another Rs 38.17 crore will be used to set up a manufacturing facility for steam generation at Dahej SEZ. This remaining proceeds will be utilised for general corporate purposes, taking the total estimated utilisation of the net proceeds to Rs 294.13 crore.
Steamhouse India Ltd. reported a 24% year-on-year increase in total income, rising from Rs 398.53 crore in FY25 to Rs 494.97 crore in FY26. The growth reflects a strong improvement in the company’s revenue during the latest financial year.
Profitability also moved in tandem, with profit after tax (PAT) climbing 24% from Rs 31.16 crore in FY25 to Rs 38.64 crore in FY26. The steady rise in both income and profit highlights the company’s improved financial performance in FY26.
About Steamhouse India Ltd.
Incorporated in June 2015, SteamHouse India Ltd. is an industrial gas company engaged in the generation and centralised distribution of steam and nitrogen through its pipeline network. Its systems offer industrial customers an alternative to setting up and maintaining their own infrastructure. The company operates a pipeline network spanning over 45 km across key industrial hubs such as Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nadesari.
Its business includes steam generation and distribution, steam procurement and distribution, and nitrogen separation, compression and supply, along with coal trading. SteamHouse serves clients including Aether Industries, Anupam Rasayan India, Globe Enviro Care, Gujarat Polysol Chemicals and other industrial customers. As of July 31, 2026, the company had 229 employees and 276 contract workers.
