Steamhouse India IPO
LISTEDMAINBOARDListing Performance
▲ 16.67%
Issue Price
₹81
Listing Price
₹95
Listed On
17 Sep 2026
- Price Band
- ₹77 – ₹81
- Lot Size
- 185
- Lot Value
- ₹14,985
- Open Date
- 09 Sep09 Sep 2026
- Close Date
- 11 Sep11 Sep 2026
- Min Investment
- ₹14,985
Steamhouse India — Stock Performance
About Steamhouse India
Steamhouse India is a steam and industrial gas generation and distribution company operating community boilers and nitrogen plants in Gujarat, India. The company generates and distributes steam to customers in industrial clusters and operates one nitrogen generation and distribution facility.
The company generates and distributes steam and industrial gases to nearby customers through fixed facilities, deriving 90.72% of revenue from repeat orders from industrial customers.
Use of IPO Proceeds
Promoters
Vishal Sanwarprasad Budhia
Chairman and Managing Director · age 49
Pre-issue: 86.97%
Ritu Budhia
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: Equity
Strengths (6)
- •Leading market position offering energy-efficient industrial gas solutions across high-growth sectors
- •High barriers to entry through established pipeline networks in exclusive industrial clusters
- •Strategically located facilities with 345 TPH combined capacity near ports and customer clusters
- •Marquee customer base of 202 customers with long-term relationships across diverse industrial sectors
- •Track record implementing eco-friendly solutions reducing emissions and promoting sustainable industrial development
- •Experienced promoters and management team with eleven years specialized community boiler industry expertise
Risk Factors (6)
- •Operations limited to customers near facilities; growth dependent on finding suitable land in industrial clusters
- •Yet to place orders for plant and machinery; quotations may not reflect final costs or vendor availability
- •Requires various permits and licenses; failure to obtain timely approvals may adversely affect operations
- •First public offering; no established market price; no assurance of active trading or sustained liquidity
- •Financial performance dependent on macro-economic factors, government policy changes, and market conditions beyond management control
- •Variations in Net Proceeds utilization require shareholder approval and compliance with regulatory requirements
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 17.89x (QIB 17.33x, NII 31.03x, Retail 12.58x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 185 | ₹14,985 |
| Retail (max) | 13 | 2,405 | ₹1,94,805 |
| S-HNI (min) | 14 | 2,590 | ₹2,09,790 |
| S-HNI (max) | 66 | 12,210 | ₹9,89,010 |
| B-HNI (min) | 67 | 12,395 | ₹10,03,995 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.00x | 0.01x | 17.33x |
| sNII (S-HNI) | 0.39x | 2.36x | 33.06x |
| bNII (B-HNI) | 0.13x | 1.02x | 30.02x |
| Retail | 0.52x | 1.93x | 12.58x |
| Total | 0.31x | 1.28x | 17.89x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
12.58x
Allotment Ratio
1 lot per 13 applicants
Allotment Probability
~7.9%
Non-Institutional Investors (NII / HNI)
Subscription
31.03x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
17.33x
Allotment Type
Discretionary allotment
Total Subscription
17.89x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
09 Sep 2026 · Wed
Issue Closes
11 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
11 Sep 2026 · 5:00 PM IST
Allotment
15 Sep 2026 · Tue
Listing
17 Sep 2026 · Thu
Issue Opens
09 Sep 2026 · Wed
Issue Closes
11 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
11 Sep 2026 · 5:00 PM IST
Allotment
15 Sep 2026 · Tue
Listing
17 Sep 2026 · Thu
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | Equity |
| ISIN | — |
| Face Value | ₹2 |
| Issue Size | ₹414.00 Cr |
| Fresh Issue | ₹353.00 Cr |
| OFS Size | ₹61.00 Cr |
| Lead Managers | Equirus Capital Limited |
3-Year Financial Summary
Revenue trend
↑ FY24→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 395.11 | 31.16 | 1.71 | — | 23.60% |
| FY24 | 291.71 | 27.19 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 |
|---|---|---|
| Total Income | 293.16 | 398.53 |
| EBITDA | 68.41 | 69.32 |
| Net Worth | 102.71 | 131 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
47.4x
Price ÷ EPS
EPS (FY25)
₹2
Earnings per share
RoNW
23.60%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
17.5%
EBITDA ÷ revenue
Price/NAV
11.17x
Price ÷ NAV (as reported)
Check the valuation yourself
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹45.20 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Steamhouse India offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Steamhouse India's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Steamhouse India's filing.
Source: Steamhouse India offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB50.00%
- NII / HNI15.00%
- Retail35.00%
OFS Selling Shareholders
- Vishal Sanwarprasad Budhia₹61.00 Cr
Source: Steamhouse India offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Vishal Sanwarprasad Budhia₹0.05 Cr p.a.
Chairman and Managing Director
Bachelor of Science from South Gujarat University
Over 30 years of experience in management; associated with the Company since its incorporation
- Yadav Lalankumar Dayanand₹0.01 Cr p.a.
Executive Director
Over 14 years of experience in management; associated with the Company since 2018
- Ramprakash B Sharma₹0.02 Cr p.a.
Executive Director
Bachelor of Commerce from University of Rajasthan; Associate Member of Institute of Company Secretaries of India
Over 22 years of experience in management; associated with the Company since 2020
- Richa Manoj Goyal₹0.01 Cr p.a.
Independent Director
Bachelor of Commerce and Bachelor of Law from Gujarat University; Associate Member and Fellow of Institute of Company Secretaries of India; Registered Trademarks Agent
Over 24 years of experience in corporate law, intellectual property law and insolvency law; associated with the Company since 2022
- Vinay Omprakash Sonthalia₹0.01 Cr p.a.
Independent Director
Master of Business Administration (International Business) from Indian Institute of Foreign Trade
Over 24 years of experience in management; associated with the Company since 2022
- Rathod Baldevsinh Yogendrasinh₹0.01 Cr p.a.
Independent Director
Bachelor of Science in Microbiology from Sardar Patel University
Over 37 years of experience; previously Senior Environment Scientist at Gujarat Pollution Control Board; associated with the Company since 2023
Key Managerial Personnel (2)
- Vaibhav Gattani₹0.06 Cr p.a.
Chief Financial Officer
Bachelor of Commerce from Jai Narain Vyas University, Jodhpur; Chartered Accountant (ICAI)
Associated with the Company since June 21, 2022; previously with Axis Bank Limited, Federal Bank Limited, Kotak Mahindra Bank, AU Small Finance Bank, and YES Bank Limited
- Shyam Bhadresh Kapadia₹0.01 Cr p.a.
Company Secretary and Compliance Officer
Bachelor of Commerce and Bachelor of Law (Special) from Veer Narmad South Gujarat University; Fellow Member of Institute of Company Secretaries of India
Associated with the Company since July 14, 2022; previously with Laxmi Diamond Private Limited and Bigbloc Construction Limited
Source: Steamhouse India offer document (DRHP/RHP).
Industry & Market
Per Industry Report on Community Industrial Gases Generation & Distribution in India by Frost & Sullivan, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Steamhouse India Limited | — | 1.71 | 22.36 | 7.25 |
| Linde India Limited | 99.17 | 64.37 | 12.87 | 500.27 |
| Ellenbarrie Industrial Gases Limited | 42.74 | 7.54 | 10.68 | 69.33 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Tax | Company | 5 | 0.107 |
| Tax | Directors | 2 | — |
The company faces material stamp duty assessments totaling ₹35.77 million (₹8.25 million and ₹27.52 million) relating to past amalgamation schemes, with appeals filed before the Chief Controlling Revenue Authority. Additionally, a provisional electricity assessment of ₹10.59 million was set aside in the company's favor, but DGVCL's petition before the High Court seeking reversal has resulted in a stay on the refund of ₹11.12 million deposited by the company.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Steamhouse India IPO opening?
The Steamhouse India IPO opens on 09 Sep 2026 and closes on 11 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Steamhouse India IPO?
The price band for the Steamhouse India IPO is ₹77 to ₹81. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Steamhouse India IPO?
The minimum lot size is 185 shares with a minimum investment of ₹14,985. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Steamhouse India IPO today?
The latest Grey Market Premium for Steamhouse India is ₹21 (+25.93%). GMP is unofficial data and is not a guarantee of listing price.
When will the Steamhouse India IPO list on NSE and BSE?
The Steamhouse India IPO is expected to list on 17 Sep 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the Steamhouse India IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Steamhouse India IPO a mainboard or SME issue?
Steamhouse India is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Steamhouse India IPO?
You can apply for the Steamhouse India IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Steamhouse India IPO?
The GMP-implied price (unofficial, not a forecast) is ₹102: the upper price band of ₹81 plus the latest grey market premium of ₹21, as of 28 Sep 2026, 01:01 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Steamhouse India IPO?
Based on the retail subscription of 12.58x, the estimated allotment ratio is 1 lot per 13 applicants (approximately 7.9% chance of allotment). This is an estimate and actual allotment may vary.
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