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    Steamhouse India IPO

    Updated 15 Sept 2026, 8:00 pm.

    Open Demat Account
    GMP disclaimer: GMP is unofficial and unregulated. It is not a recommendation or a reliable estimate of listing price or returns. Consider the RHP and your own risk assessment before applying.

    Minimum investment (Retail)

    ₹14,985

    1 lot · 185 shares at the upper price band

    Price band

    ₹81

    Latest GMP

    ₹24

    +29.6% of the ₹81 upper band

    Est. listing price

    ₹105

    Issue size

    ₹414 Cr

    GMP history

    Each point is a recorded observation from the scheduled data sync.

    ObservedGMPEst. listing price
    15 Sept 2026, 8:00 pm₹24₹105
    15 Sept 2026, 2:12 pm₹24₹105
    15 Sept 2026, 2:10 pm₹24₹105
    15 Sept 2026, 12:09 am₹23₹103
    15 Sept 2026, 12:08 am₹22₹103
    14 Sept 2026, 2:27 pm₹22₹103
    14 Sept 2026, 2:25 pm₹22₹103
    12 Sept 2026, 9:50 pm₹22₹103
    12 Sept 2026, 9:49 pm₹22₹103
    12 Sept 2026, 5:41 pm₹22₹103
    12 Sept 2026, 5:40 pm₹22₹103
    12 Sept 2026, 1:26 pm₹22₹103
    12 Sept 2026, 1:25 pm₹22₹103
    11 Sept 2026, 10:33 pm₹22₹103
    11 Sept 2026, 10:31 pm₹22₹103
    11 Sept 2026, 6:20 pm₹22₹103
    11 Sept 2026, 6:19 pm₹22₹103
    11 Sept 2026, 1:35 pm₹22₹103
    11 Sept 2026, 1:33 pm₹22₹103
    11 Sept 2026, 12:30 pm₹22₹103
    11 Sept 2026, 12:25 pm₹22₹103
    11 Sept 2026, 12:20 pm₹22₹103
    11 Sept 2026, 11:58 am₹22₹103
    10 Sept 2026, 11:47 pm₹22₹101
    10 Sept 2026, 11:07 pm₹21₹101
    10 Sept 2026, 11:00 pm₹20₹101
    10 Sept 2026, 10:30 pm₹20₹101
    10 Sept 2026, 10:29 pm₹20₹101
    10 Sept 2026, 6:26 pm₹20₹101
    10 Sept 2026, 6:25 pm₹20₹101
    10 Sept 2026, 4:50 pm₹20₹101
    10 Sept 2026, 1:38 pm₹20₹101
    10 Sept 2026, 11:43 am₹20₹101
    10 Sept 2026, 11:40 am₹20₹101
    10 Sept 2026, 11:39 am₹20₹101
    9 Sept 2026, 10:39 pm₹18₹99

    GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.

    Issue details

    Board
    Mainboard
    Price band
    ₹81
    Issue size
    ₹414 Cr
    Lot size
    185
    Opens
    9 Sept 2026
    Closes
    11 Sept 2026
    Allotment
    15 Sept 2026
    Listing
    17 Sept 2026
    Est. listing price
    ₹105
    Listing price
    Awaited
    Listing gain
    Awaited
    Registrar
    Kfin Technologies Ltd.
    Minimum investment
    ₹14,985 (1 lot · 185 shares)
    Face value
    ₹2 per share
    Issue type
    Bookbuilding IPO
    Sale type
    Fresh capital cum OFS
    Fresh issue
    ₹353 Cr
    Offer for sale
    ₹61 Cr
    Listing at
    BSE, NSE
    Refunds
    16 Sept 2026
    Shares credited
    16 Sept 2026
    Promoter holding
    95.79% before · 77.96% after
    Lead managers
    Equirus Capital Ltd.

    Offer documents & links

    Red Herring Prospectus (RHP)Check allotment statusCompany website

    Subscription by category

    As of 11 Sept 2026, 6:53 pm.

    Total subscription

    32.07x

    Qualified Institutional46.19×
    Non Institutional46.60×
    Retail Individual17.78×

    Full issue details

    Details as published for this issue, read 14 Sept 2026, 2:45 pm. Verify against the RHP before applying.

    IPO Details

    IPO Date9 to 11 Sep, 2026
    Listing DateThu, Sep 17, 2026 T
    Face Value₹ 2 per share
    Price Band₹77 to ₹81
    Issue Price₹81 per share
    Lot Size185 Shares
    Sale TypeFresh capital cum OFS
    Issue TypeBookbuilding IPO
    Listing AtBSE, NSE
    Total Issue Size5,11,11,110 shares (agg. up to ₹ 414 Cr)
    Fresh Issue4,35,80,246 shares (agg. up to ₹ 353 Cr)
    Offer for Sale75,30,864 shares of ₹ 2 (agg. up to ₹ 61 Cr)
    Share Holding Pre Issue23,28,26,065 shares
    Share Holding Post Issue27,64,06,311 shares

    IPO Timetable (Tentative)

    IPO Open
    Wed, Sep 9, 2026
    IPO Close
    Fri, Sep 11, 2026
    Allotment
    Tue, Sep 15, 2026
    Refund
    Wed, Sep 16, 2026
    Credit of Shares
    Wed, Sep 16, 2026
    Listing
    Thu, Sep 17, 2026

    Issue Reservation

    • QIB50.00%
    • NII (HNI)15.00%
    • Retail35.00%
    Issue Reservation: Share of the issue reserved for each investor category. Figures as published in the table below.
    Investor CategoryShares% of Total IssueMax Allottees
    QIB2,55,55,55450.00%NA
    - Anchor Investor1,53,33,33230.00%NA
    - QIB (Ex. Anchor)1,02,22,22220.00%NA
    NII (HNI)76,66,66715.00%NA
    - bNII > ₹10L51,11,11210.00%1,973
    - sNII < ₹10L25,55,5555.00%986
    Retail1,78,88,88935.00%96,696
    Total5,11,11,110100.00%—

    Steamhouse India IPO comprises a total issue size of 5,11,11,110 shares. Out of which, 2,55,55,554 (50.00%) are allocated to QIB , 76,66,667 (15.00%) allocated to NII 1,78,88,889 (35.00%) allocated to RII .

    IPO Lot Size

    Retail (Min)₹14,985
    Retail (Max)₹1,94,805
    S-HNI (Min)₹2,09,790
    S-HNI (Max)₹9,89,010
    B-HNI (Min)₹10,03,995
    IPO Lot Size: What an application costs at the upper price band, by category. Figures as published in the table below.
    ApplicationLotsSharesAmount
    Retail (Min)1185₹14,985
    Retail (Max)132405₹1,94,805
    S-HNI (Min)142590₹2,09,790
    S-HNI (Max)6612210₹9,89,010
    B-HNI (Min)6712395₹10,03,995

    Investors can bid for a minimum of 185 shares and in multiples thereof.

    IPO Subscription Details

    IPO Anchor Investors

    Bid DateTue, Sep 8, 2026
    Shares Offered1,53,33,332
    Anchor Portion (₹ Cr.)124.20
    Anchor lock-in period end date for 50% shares (30 Days)Thu, Oct 15, 2026
    Anchor lock-in period end date for remaining shares (90 Days)Mon, Dec 14, 2026

    Steamhouse India IPO raises ₹ 124.20 crore from anchor investors . Steamhouse India IPO Anchor bid date is September 8, 2026 .

    📝 Anchor Investors Letter (PDF)

    IPO Anchor Investors List

    About Steamhouse India Ltd.

    Incorporated in June 2015, SteamHouse India is an industrial gas company specialising in the generation and centralised distribution of steam and nitrogen through its pipeline network. Its community-based systems provide industrial customers with an alternative to developing and maintaining individual infrastructure. The company has an extensive pipeline network, spans over 45 kms in key industrial hubs including like Sachin, Vapi, Ankleshwar, Sarigram, Panoli and Nadesari.

    Industrial Gas Business: The company's industrial gas business includes:

    Generation and distribution of steam

    Purchase and distribution of steam

    Separation, compression and distribution of nitrogen

    SteamHouse also purchases steam from other generating entities for distribution through its pipeline network. Additionally, it separates nitrogen from atmospheric air, compresses and supplies purified nitrogen to industrial customers, while also engaging in coal trading.

    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 July 31, 2026, the company had 229 employees and they utilised the services of 276 contract labourers.

    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.

    Company Financials (Restated Consolidated)

    Total Income

    31 Mar 2024293.16
    31 Mar 2025398.53
    31 Mar 2026494.97

    Profit After Tax

    31 Mar 202427.19
    31 Mar 202531.16
    31 Mar 202638.64

    EBITDA

    31 Mar 202468.41
    31 Mar 202569.32
    31 Mar 202683.49

    NET Worth

    31 Mar 2024102.71
    31 Mar 2025131.00
    31 Mar 2026163.76
    Company Financials (Restated Consolidated): Each line is scaled to its own largest period, ₹ crore - compare periods within a line, not one line against another. Figures as published in the table below.
    Period Ended31 Mar 202631 Mar 202531 Mar 2024
    Assets679.45543.67422.31
    Total Income494.97398.53293.16
    Profit After Tax38.6431.1627.19
    EBITDA83.4969.3268.41
    NET Worth163.76131.00102.71
    Reserves and Surplus127.5787.2558.35
    Total Borrowing281.62222.95202.71
    Amount in ₹ Crore

    Steamhouse India Ltd.'s revenue increased by 24% and profit after tax (PAT) rose by 24% between the financial year ending with March 31, 2026 and March 31, 2025.

    IPO Objects of the Issue

    Repayment or prepayment of all or a portion of certain outstanding borrowings availed by Company180.00
    Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 375.95
    Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at Dahej SEZ38.17
    General Corporate Purposes23.13
    Issue Expenses35.75
    IPO Objects of the Issue: What the proceeds are earmarked for (₹ Cr.). Figures as published in the table below.
    #Issue ObjectsEst Amt (₹ Cr.)
    1Repayment or prepayment of all or a portion of certain outstanding borrowings availed by Company180.00
    2Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 375.95
    3Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at Dahej SEZ38.17
    4General Corporate Purposes23.13
    5Issue Expenses35.75
    Total353.00

    The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

    Key Performance Indicator (KPI)

    KPIMar 31, 2026
    ROE22.36%
    ROCE16.06%
    Debt/Equity1.57
    RoNW23.60%
    PAT Margin7.81%
    EBITDA Margin16.99%
    NAV7.25
    Price to Book Value11.17

    Check IPO Peer Comparison here.

    IPO Valuation

    Valuation MetricPre IPOPost IPO
    EPS (₹)1.661.40
    P/E (x)48.857.86
    Market Cap at Offer Price₹1,885.89 Cr.₹2,238.89 Cr

    Disclaimer

    The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue

    The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.

    The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

    Shareholding Structure

    Pre IPO

    • Promoter and Promoter Group95.79%
    • Public4.21%

    Post IPO

    • Promoter and Promoter Group77.96%
    • Public22.04%
    Shareholding Structure: Who holds the company before and after the issue. Figures as published in the table below.
    CategoryPre IPOPost IPO
    Promoter and Promoter Group95.79%77.96%
    Public4.21%22.04%
    Total100%100%

    Company Promoters: Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust and VB Business Trust.

    Offer For Sale - Selling Shareholder

    NameCategoryNo. of Shares OfferedAmount (₹ cr.)
    Vishal Sanwarprasad BudhiaPromoter75,30,86461.00
    Total—75,30,86461.00

    Steamhouse India IPO Recommendations

    Review BySubscribeMay ApplyNeutralAvoid
    Brokers8021
    Members0001

    IPO Subscription Status

    CategorySubscription (x)Shares OfferedShares bid for
    QIB (Ex Anchor)46.191,02,22,22347,21,23,700
    NII46.6076,66,66735,72,55,165
    bNII (> ₹10L)45.2351,11,11123,11,93,760
    sNII (< ₹10L)49.3325,55,55612,60,61,405
    Retail17.781,78,88,88931,81,05,465
    Total32.073,57,77,7791,14,74,84,330

    The Steamhouse India IPO is subscribed 32.07 times on September 11, 2026 6:53:18 PM (Day 3). The public issue subscribed 17.78 times in the retail category, 46.19 times in the QIB category, and 46.60 times in the NII category. Check Day by Day Subscription Details (Live Status)

    Reload

    Total Applications: 16,57,586

    IPO Expenses

    #Issue ExpensesEst Amt (₹ Cr.)
    1Book Running Lead Manager’s fees and commissions (including underwriting commission, brokerage and selling commission15.25
    2Commission/ processing fee for SCSBs and Bankers to the Offer and fees payable to the Sponsor Banks for Bids made by UPI Bidders. Brokerage, selling commission and bidding charges for Member of the Syndicate, Registered Brokers, RTAs and CDPs1.13
    3Fees payable to the Registrar to the Offer2.18
    4Statutory Auditors0.53
    5Industry expert0.68
    6Fee payable to legal counsels8.65
    7Fees payable to Independent Practicing Company Secretary0.02
    8Independent Chartered Engineer0.04
    9Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses1.92
    10Printing and stationery expenses0.25
    11Advertising and marketing expenses2.17
    12Miscellaneous2.94
    Total35.75

    IPO Registrar

    Kfin Technologies Ltd.

    040-79615565

    steamhouse.ipo@kfintech.com

    IPO Lead Manager(s)

    Equirus Capital Ltd.

    Contact Details

    Steamhouse India Ltd. Address

    Office No. 324, Second Floor,

    Four Point, V.I.P. Road,

    Vesu

    Surat, Gujarat , 395007

    0261 2998109

    compliance@steamhouse.in

    Steamhouse India IPO in the news

    Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.

    Steamhouse India's ₹414 Cr IPO Sees 12.19x Overall Subscription on Closing

    Motilal Oswal · 12 Sept 2026

    Steamhouse India IPO Subscription Status Day 3: Issue Subscribed 32.07 Times

    hdfcsky.com · 11 Sept 2026

    Steamhouse India IPO subscribed 30.49 times

    Business Standard · 11 Sept 2026

    Steamhouse India IPO closes bidding with over 30x subscription; NIIs lead demand

    Zee Business · 11 Sept 2026

    Steamhouse India ₹414 Crore IPO Closes With 12.19x Overall Subscription

    Trade Brains · 11 Sept 2026

    Steamhouse IPO Day 3: Subscription hit 8.36x, GMP signals 28% listing gain

    The Economic Times · 11 Sept 2026

    Steamhouse IPO subscribed 8.08 times so far on Day 3: Check allotment date and steps

    Upstox · 11 Sept 2026

    Steamhouse India IPO Closes at 3.35x Subscription

    Whalesbook · 11 Sept 2026